holy cow.. maybe I should've went to law school

[gopunk]

Originally posted by: Chebago
I actually think $150,000 a year is becoming the norm this year. I remember reading an article not too long ago talking about how some NYC law firm found out that its first year associates were living paycheck to paycheck on $135,000 because of the high price of rent compounded by the huge debt of law school. So they chose to raise salaries to 150 grand a year to cope, forcing other firms to do the same to stay within "market" rate. In order to do that however I think they are cutting the bonuses quite a bit...

the number you are thinking about is 145, nobody is at 150 in NYC

 

[gopunk]

Originally posted by: erub

Originally posted by: CptObvious
Most BIGLAW firms paying $120K+ a year raised their minimum billables requirements to 2200 hours/year. That probably works out to 75-80 hours a week (factoring in that one can't bill for every hour at the office). It's no wonder people work in BIGLAW for 5 years max to pay off their loans and build a nest egg, then leave for a smaller firm with a significant paycut, but with reasonable hours.

2200/48 weeks (lets give yourself a nice vacation/sick time amt) = 46 hrs/week

do you really have to spend almost double that amount of time unbillable?

as a first year, maybe... though its probably closer to 1/3 your time being unbillable... but also keep in mind this is just the minimum. if you want certain bonuses, or are going for partner, you probably will be doing more.

 

[nj]

My wife just graduated from a tier 1 law school here in New York and in the IP field. Believe me, she's not going to make $150k anytime soon. However, she will be able to work a 40 hour week.

Starting wages for corporate attorneys around here, IF they are in the top 10% of their class, start at $140k ... That's fairly rare though.

 

[teddyv]

Most BIGLAW firms paying $120K+ a year raised their minimum billables requirements to 2200 hours/year. That probably works out to 75-80 hours a week (factoring in that one can't bill for every hour at the office).

My first year out we were encouraged to exceed 2140/year. There was really no minimum but we were reminded quite often that this number would be a major factor in our continued employment (firms have a habit of over-hiring first year associates and paring the number down over the following five or so years to a sizeable class for the partnership consideration.)

The partner I worked under had a bad habit of striking my billables to keep clients happy. It is a wonder I lasted in that life as long as I did. Of course I went right back into politics so that isn't saying much

And to clear a few other things up...

1. In my experience just attending a top-25 school is absolutely no guarantee of finding a sweet gig - firms are a lot more likely to take a Coif from a top-50 then a bottom feeder from a top-10.

2. Very few people graduate from law school before 25. For the most part the class will be split between those heading directly from college and those who have taken a year or more off to work. I have noticed though for the very top schools there are a lot more folks coming directly from college or from other advanced degree programs.

3. Salaries upwards of $150k for first year associates are the very top-end, but $110k+ salaries are becoming more and more common. Here is a good article that examines salaries for first year associates.

I probably work as hard as I would have had I stayed. And although I definitely make less than I could have been making, I am having much more fun

 

[Joemonkey]

I'm in IT for a law firm and I think they start their associates out at <$50k a year

this is in KY though

 

[Nerva]

"should've went"???

and oh, read this

 

[Aharami]

i feel so poor now