What are the main components of paralegal compensation? What are some of the factors affecting paralegal compensation??

Question

What will be an ideal response?

Answer 1

The main components of paralegal compensation are salary (which may include bonus or overtime pay) and benefits (which may include paid holidays; sick leave; group insurance coverage for medical, dental, life, and disability insurance; pension plans; and other benefits).  Paralegal compensation is affected by a number of factors, including the size of the firm or legal department and the specialty area in which the paralegal practices. Another income-determining factor is the paralegal's years of experience. Typically, more experienced paralegals enjoy higher rates of compensation. This is particularly noticeable when a paralegal has worked for the same employer for a long period of time. Another major factor that affects paralegal compensation is geographic location. Currently, paralegals who work in the West enjoy higher levels of compensation than paralegals in other regions of the country. However, salary figures represent averages and can therefore be deceptive. For example, a paralegal working in a rural area of Washington State may not earn as much as a paralegal who works in Chicago. Also, salary statistics do not tell the whole story. Although paralegals earn more in California than in Nebraska, the cost of living is higher in California than in Nebraska. This means that a paralegal's real income-the amount that can be purchased with a particular salary-may, in fact, be the same in both states despite the differences in salary.?