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ID will always underpay and expect high hours due to low rates paid by carriers. I get that you’re in FL where ID is big, but 185 hours per month for $140k as a 5th year is rough.
L&E at big 4
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$140k is actually generous given the $175 hourly rate even for 2,200 hours. Using the general rule of 1/3 … 2,200 x $175 / 3 =$128,333.
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I don’t disagree but you can only make so much if the hourly rates are so low
Do you have any kind of book of your own at this point?
Think you should look elsewhere. If you have enough Trials under your belt, maybe shoot for a bigger firm. If not at least apply to a bigger ID firm that will pay more, or flip sides.
Follow the money…long term. If your book is in ID go to a bigger ID shop and leverage better work. As much as they get crapped on here, there is a lot of opportunity with the path you’re on at the bigger firms so that you can leverage what you have while working to grow out of it into higher rate stuff.
140k as a sixth year at a tampa-based ID firm at those rates sounds pretty fair. If you want to make more, try to transition to commercial lit or employment lit. You should have some transferable skills. I’d transition practices sooner than later to avoid being pigeonholed.
I agree it’s fair pay for the rate in this world. But realistically, who wants to bill 200 hours a month. This is what I needed to hear. It’s time to use the skills I’ve gained to make the switch into another area.
Are you replaceable (ie, no book of business)? Most ID firm partners will just replace you with someone that is fine making what you currently make because they're not going to take money out of their own pockets. If you truly are a go-getter and can grind files, you should be going to the Plaintiff side. If you actually give a damn and are good at your job, you'll pay more in taxes than you make on the ID side in a few years.
Do you know what your hourly rate will be once you become a partner?
You’ll always be underpaid at these rates. My rate as a 1st year at a small (50 attorney) boutique was $300/hr.
Heck, at this point, you might want to check out DoJ or State Dept options. They’ve lost so many lawyers in this administration that they’re actually advertising positions…and not getting a lot of applicants (compared to historical levels, anyway). Heck, a former insurance lawyer was (illegally) appointed US Attorney because no one else was willing to indict Comey. Might not be comfortable, depending on your political views, but once you’re in you make a lot of contacts and it still looks good on the resume. You’d be working a lot less too.