Law School

[shiframeir]

NYLJ had an article today that the raise didnt even outpace inflation, let alone inflated student loans from inflated tuition and real costs of living in NY. So it makes life a bit more tolerable, but at what cost? What are the average minimum billable hours at the AM 100? Was it even a $15 an hour bump after 9 years? This is what they are proud of??? I just dont get the allure.

15 an hour is a lot, and in some cases its as much as 25 an hour raise. most americans make less than 15 an hour...

[AJK]

Yes, real adjusted income to keep pace would be more like $185, but I'm not sure what your question is -- you're asking why associates are happy at all over getting a as much as a 12.5% raise out of the blue? And should be upset because it's not 15.6%? 

[Ergel]

You don't get the allure of $180K?
Not saying it's worth it, but you don't see the allure?

[AJK]

Class Year            New Base Compensation
2016                       $180,000
2015                       $180,000
2014                       $190,000
2013                       $210,000
2012                       $235,000
2011                       $260,000
2010                       $280,000
2009                       $300,000
2008+                     $315,000


Allure? What allure?

Not to mention that many firms are paying these rates to associates in secondary, and even tertiary markets (Providence, RI, Tyson's Corner, VA, Armonk, NY  ).  Considering a biglaw associate in Houston need only make $69K to have same buying power as a NY associate making $160k, that extra $20-$35K is huge.

[hvaces42]

At year 3, as a solo, i was doing better than year 9. So yes, I dont see the allure. That's just my opinion and experience. Not pipe dreams, real dollars. Touro Law grad, solo 12 months after admission.  Oh, and at less than half the hours.

[henche]

At year 3, as a solo, i was doing better than year 9. So yes, I dont see the allure. That's just my opinion and experience. Not pipe dreams, real dollars. Touro Law grad, solo 12 months after admission.  Oh, and at less than half the hours.

That's very impressive. Is it representative of other solos?

[EJB]

At year 3, as a solo, i was doing better than year 9. So yes, I dont see the allure. That's just my opinion and experience. Not pipe dreams, real dollars. Touro Law grad, solo 12 months after admission.  Oh, and at less than half the hours.

Then you're the exception

[shiframeir]

At year 3, as a solo, i was doing better than year 9. So yes, I dont see the allure. That's just my opinion and experience. Not pipe dreams, real dollars. Touro Law grad, solo 12 months after admission.  Oh, and at less than half the hours.

sorry, kinda hard to believe unless one big case. were you consistently averaging these level numbers over your solo years?

[Aaaron]

Then you're the exception

As I mentioned upthread, I do not think he's the exception everyone makes him out to be.  A decent sized portion of my class hung up shingles at graduation and are doing better than big law associates with comparable experience while working fewer hours.

If you go in with the notion of "big law or bust," you won't have time for the internships, jobs, externships, clerkships, networking activities, and other extra curricular activities that make going solo feasible.     

[AJK]

$315K+ and billing less than a 1000 hours per year? Where do you practice?

Very impressive, indeed. And, I'd submit, an outlier, notwithstanding the previous post.

[Aaaron]

$315K+ and billing less than a 1000 hours per year?

Very impressive, indeed. And, I'd submit, an outlier, notwithstanding the previous post.

You're focusing on billables.  A lot of these guys do real estate/bankruptcy/PI/tax resolution, where everything is either flat fee or contingency based. 

[hvaces42]

You're focusing on billables.  A lot of these guys do real estate/bankruptcy/PI/tax resolution, where everything is either flat fee or contingency based.

Flat fee real estate,. Trust and estates admin and litigation. Court appointed Guardianships. And when your getting to keep your full billable as opposed to the firm billing it helps. Probably billed 150 hours on guardianships at $300 an hour so that helps.

[reed]

sorry AJK

[henche]

Probably billed 150 hours on guardianships at $300 an hour so that helps.

That gives you 45000.  You're claiming to make almost $400,000.  So you're about 11% of the way there.

[churnbabychurn]

Is this a debate about whether it's better to be a business owner/entrepreneur lawyer, vs someone who gets paid for his time - with a secure bi weekly paycheck?

The risk of going on your own is rewarding...

[henche]

Is this a debate about whether it's better to be a business owner/entrepreneur lawyer, vs someone who gets paid for his time - with a secure bi weekly paycheck?

The risk of going on your own is rewarding...

I'm paid monthly.

[churnbabychurn]

I'm paid monthly.

Well i hope its enough to get you through the month. 

[hvaces42]

That gives you 45000.  You're claiming to make almost $400,000.  So you're about 11% of the way there.

That was just extra, besides the real estate deals and other work. You figure 50 commercial deals (one a week is not a lot) gets you to about $200-250k. The balance residential deals, leases, agreements and other stuff easily gets you there.

[henche]

That was just extra, besides the real estate deals and other work. You figure 50 commercial deals (one a week is not a lot) gets you to about $200-250k. The balance residential deals, leases, agreements and other stuff easily gets you there.

Well, I'm highly impressed that you're able to drum up a commercial deal per week.  I have no idea how I'd even start attracting that type of steady work if I hung my shingle. 

[churnbabychurn]

Well, I'm highly impressed that you're able to drum up a commercial deal per week.  I have no idea how I'd even start attracting that type of steady work if I hung my shingle.

I guess it's back to your cube then