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Boston Law Firm $10,000 a Year Salary

D

dmcowen674

No Lifer
6-2-2012

http://finance.yahoo.com/blogs/the-exchange/attention-lawyers-10-000-salary-190253092.html

Boston Law Firm $10,000 a Year Salary


The job is for a full-time associate at Gilbert & O'Bryan LLP, a Boston law firm specializing in domestic relations, estate planning, bankruptcy and civil service law.

If the associate works a typical 40-hour week, the salary works out to about $4.80 an hour. The minimum wage in Massachusetts is $8 an hour, while the federal minimum wage is $7.25 an hour.

"We're a small firm, and we don't have a huge amount of business. The economy is tight, and we'd love to have more business to pay our associates more," O'Bryan says. He added that the firm has hired about 20 associates at the same salary level in the past five years
 
dmcowen674 said:
So how do they get away with paying well below minimum wage at $4.80 hr?
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I would imagine based on this
"We're a small firm, and we don't have a huge amount of business. The economy is tight, and we'd love to have more business to pay our associates more," O'Bryan says. He added that the firm has hired about 20 associates at the same salary level in the past five years
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That they are not working 40 hours a week.

What do you think would happen if you did not pay an attorney minimum wage? :hmm:
 
Atomic Playboy said:
Because attorneys get paid based on billable hours and most don't work 2,000 billable hours a year?
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Lol, it takes about 3 actual hours of work to produce 2 billable hours, so 2000 billable hours/year is at least 2500 hours of work/year.

Basically, the legal profession is severely over-glutted and anyone who goes to law school today either has a daddy who own's the city's biggest personal injury firm (and he's going to inherit it) or has a hole in the head. Our nation has about 200 accredited law schools right now when what we need is more like 40 or 50.
 
WhipperSnapper said:
Lol, it takes about 3 actual hours of work to produce 2 billable hours, so 2000 billable hours/year is at least 2500 hours of work/year.

Basically, the legal profession is severely over-glutted and anyone who goes to law school today either has a daddy who own's the city's biggest personal injury firm (and he's going to inherit it) or has a hole in the head. Our nation has about 200 accredited law schools right now when what we need is more like 40 or 50.
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This.
I have one friend that went to Case and graduated pretty high in his class and now has a bomb ass job as a lawyer.
Everyone else I know that went to law school are pretty much fucked.
The one girl works at Applebees. A few are just now graduating. They are pretty much fucked.
 
Many positions arent payed hourly. Most management positions are payed non hourly. When business is good and you meet or exceed quotas you get nice big bonuses. If quotas arent met and your store is below expectations you make less then the stock boy. Given the position of working at a law firm many people work as interns and that means your working for free. Im sure anyone who went to law school is able to judge whether or not this is worth while or not.
 
A dirty little secret is that the legal profession is overcrowded, second only to dentists in underemployed professionals IMO.
 
Thump553 said:
A dirty little secret is that the legal profession is overcrowded, second only to dentists in underemployed professionals IMO.
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There are too many dentists? Really? Because the Army's biggest pro-pay (payment to professionals to compensate them for the difference in income between military service and civilian service) is the highest amount, ahead of neurosurgeons, cardiologists, etc. Something like $60k additional a year. Which leads me to believe that the Army can't keep dentists.
 
Nebor said:
There are too many dentists? Really? Because the Army's biggest pro-pay (payment to professionals to compensate them for the difference in income between military service and civilian service) is the highest amount, ahead of neurosurgeons, cardiologists, etc. Something like $60k additional a year. Which leads me to believe that the Army can't keep dentists.
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Anesthesiologist was 120k last time I checked. And yeah, dentists are so overpaid its stupid. There are more dentists in the Bay Area than EVERY OTHER type of doctor combined. And they make a higher average salary too.
 
Slew Foot said:
Anesthesiologist was 120k last time I checked. And yeah, dentists are so overpaid its stupid. There are more dentists in the Bay Area than EVERY OTHER type of doctor combined. And they make a higher average salary too.
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No special pay or pro-pay is an additional 120k a year... Maybe if you combine monthly special pay, board certified pay and annual incentive pay. 😀
 
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You'd have to be an idiot to go to a non Top-14 law school nowadays. Legal education is a laughable scam.
 
WhipperSnapper said:
Lol, it takes about 3 actual hours of work to produce 2 billable hours, so 2000 billable hours/year is at least 2500 hours of work/year.

Basically, the legal profession is severely over-glutted and anyone who goes to law school today either has a daddy who own's the city's biggest personal injury firm (and he's going to inherit it) or has a hole in the head. Our nation has about 200 accredited law schools right now when what we need is more like 40 or 50.
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This.
 
This is an outlier. For the most part lawyers have returned to the models and bottles club pre-recession.
 
PokerGuy said:
If there are so many dentists and lawyers, why does their price not drop? What am I missing here?
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They create significant enough barriers to entry in their markets that the low-performers and undesirables can't enter. So they end up working outside of their field under a mountain of debt.
 
PokerGuy said:
If there are so many dentists and lawyers, why does their price not drop? What am I missing here?
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I would hypothesize that at a certain point there is a floor to how much the services can go for. For dentists, you have to buy space, equipment, and at least some staff. For lawyers who serve the general public, they can only do so many cases at a time.
 
PokerGuy said:
If there are so many dentists and lawyers, why does their price not drop? What am I missing here?
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How many people with a serious dental or legal problem are going to price shop? Next to none. Plus the barriers another poster talked about-I was talking with a dental hygenist who told me that only a very few states allow them to set up practice on their own. The vast number of times I've been to the dentist, the dentist has only put in a brief appearance at the end of the ordeal.
 
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