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Rising Star
I'm a trusts and estates attorney going into my 6th year in the Midwest (educated in NY), MCOL, no billable requirement, 40-45 hours a week. I made 162k last year, my 5th year. I'd say you're underpaid. Where in NY is important though.
Rising Star
Assuming 40-45 hours meant billable only is crazy work based on the previous statement. Assumptions are deadly in this profession 😉 ask if you're confused and need clarification.
I think that’s really low for New York and you should probably move to a firm that can afford to pay you more. I made more than you as a 1st year for 1750 hours. As a 5th year I made $191k with a $38k bonus working maybe 35 hours per week.
Chief
What’s your hourly rate and do you typically bill right around the 1600 hour expectation?
Chief
A2, if it was 1/4 then OP would actually be overpaid by about $10k. The general rule of thumb is 1/3, but it’s just a generalization and there are lots of people on both sides of that number.
$350/hour and 1600 hours are both low for NYC, so it makes sense that comp would be low too (but I do think OP’s comp still sounds low for what they’re probably generating). Outside of biglaw, comp is tied much more closely for associates to what they generate than just what year they are. Smaller firms can’t necessarily afford to pay for seniority alone.
Do you like your job and practice area and are you learning and receiving mentoring?
I am at a boutique tax firm on the east cost that does a significant amount of T&E and my billable requirement is 1,400 and I make 165,000 plus bonuses up to $20,000.
2019 grad but considered a 6th year
I’m thinking 150-175 is probably right.
Old school law firm comp was calculated, based on what you are expected to earn for the firm, roughly a third for salary, a third for overhead, and a third for profit.