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The differences between economists and lawyers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a lawyer has an average salary of $115,808, which is higher than the $109,102 average annual salary of an economist.
The top three skills for an economist include economic research, research findings and economic analysis. The most important skills for a lawyer are litigation, law firm, and legal issues.
| Economist | Lawyer | |
| Yearly salary | $109,102 | $115,808 |
| Hourly rate | $52.45 | $55.68 |
| Growth rate | 6% | 10% |
| Number of jobs | 1,029 | 2,897 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 51% |
| Average age | 45 | 46 |
| Years of experience | - | 4 |
The primary role of economists is to study how society distributes resources, including raw materials, land, and labor, to create goods and services. They perform various tasks, including conducting research, monitoring economic trends, and devising forecasts on a wide range of issues such as inflation, interest rates, and employment. Additionally, they are responsible for preparing reports and presentations and advising individuals, businesses, and governments on economic issues. Economists are also responsible for designing policies or making recommendations for resolving economic problems.
A lawyer is a legal practitioner who specializes in understanding and interpreting laws and other legal matters. Their responsibilities revolve around providing legal counseling and advice, representing clients in different kinds of court proceedings, conducting research, collecting evidence, and coordinating with various experts. A lawyer must also manage and oversee the performance of assistants, paralegals, and other team members. Furthermore, there are instances when a lawyer must draft or manage documents such as contracts, trusts, deeds, and wills, assisting clients as needed.
Economists and lawyers have different pay scales, as shown below.
| Economist | Lawyer | |
| Average salary | $109,102 | $115,808 |
| Salary range | Between $73,000 And $162,000 | Between $64,000 And $208,000 |
| Highest paying City | Washington, DC | Washington, DC |
| Highest paying state | Montana | New York |
| Best paying company | Cornerstone Research | Nelson Mullins Riley & Scarborough |
| Best paying industry | Professional | - |
There are a few differences between an economist and a lawyer in terms of educational background:
| Economist | Lawyer | |
| Most common degree | Bachelor's Degree, 58% | Bachelor's Degree, 51% |
| Most common major | Economics | Law |
| Most common college | Harvard University | Stanford University |
Here are the differences between economists' and lawyers' demographics:
| Economist | Lawyer | |
| Average age | 45 | 46 |
| Gender ratio | Male, 59.2% Female, 40.8% | Male, 48.5% Female, 51.5% |
| Race ratio | Black or African American, 6.4% Unknown, 5.7% Hispanic or Latino, 12.1% Asian, 13.1% White, 62.4% American Indian and Alaska Native, 0.2% | Black or African American, 5.4% Unknown, 4.4% Hispanic or Latino, 7.7% Asian, 6.3% White, 76.0% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 8% | 10% |