I always find myself wondering why do anything other than work where you can take a 1/3 to 40% contingency fee? No matter what your hourly rate is it seems almost impossible to keep up with a contingency fee model. What am I missing here?

like
Posting as :
works at
You are currently posting as works at

Pretty simple. Contingency is risk/reward. You can invest 200 hours on a matter and lose. 0% investment return on your time. Whereas the $500 an hour attorney makes $100,000 on that 200 every single time.

Boils down to personality type.

like

The real problem with contingency fee models is the lack of consistent income to cover overhead and operating expenses; cases can take years to get to trial and nearly as long to settle for any significant value. Not to mention it can be very expensive to bring a case to trial, even if it’s some bullshit pi case you can easily incur $10k in filing fees, experts, costs, depositions, travel etc so you could be out $10k - lose maybe incur some monetary sanctions cause your a crappy plaintiffs attorney. Then your clients will sue you for malpractice.

So you likely have to grind out a bunch of bottom feeder insurance settlements to scrape by and cover your operating expenses, bus stop adds and radio jingles. All the while getting more and more disgusted at your very existence.

likefunny

The only time I ever considered ditching business law for personal injury was after I saw him somehow squeeze like $350,000 out of a fender bender an unretained expert said has no chance to go anywhere. Small firm, so we also had virtually zero expense on that case against the low overhead. With his cut, that was a six figure payday for him for only a few months work it felt like. I didn’t always agree with him and felt he was a bit boomery but damn did he know how to get insurance to dance.

Granted we got lucky. Had it gone to trial it’d likely have been a sunk cost, but after seeing that I started questioning my options on how to pay off my student loans faster.

like

Most first years out of law school won’t bring in $600k of business in order to get a contingency fee...so getting that $190k + bonus is a safer option.

like

When a case settles for $2k after you’ve put in 20 hours of work, you’ve made $40 an hour.

like

Contingency means litigation, and some people are just not made for litigation. I’d rather work for minimum wage doing transactional work from home than ever step foot in a courthouse.

We settled a case for 125k on a mixed fee (we got 30% plus 15k flat fee and client paid all expenses in real time win or lose). I liked the arrangement, as everyone had skin in the game. But if we had billed hourly, we would have been paid over 250k. I don't even want to know what our hourly rate was when we worked every weekend on that case for over a month. In the end, we made money and it was a fun case with a great client but definitely didn't come close to getting our hours back.

Because there are not a lot of good cases. Many are taken purely to bluff to get a modest settlement and sometimes the hours to fee ratio is nonsense. Only the big high value cases are gonna make it worth it and they don’t come every day

Related Posts

I’ve been in house my entire career (6 years) and I am thinking about transferring to big law. I feel the experience would sharpen key skills and compensation wise would work out better. Has anyone made this transition before? Is it too late?

like

732 applications the last 11 months that doesn’t include since the start of the pandemic looking for work. Out of that only 117 have been viewed that’s 6% viewed! the hiring process is completely broken, human resources, managers, and hiring managers are not capable! The same jobs open for 2 1/2 yrs reposting salaries after interviewing 100 then cutting the salary by up to $50k They say can’t find people but they fire you in 90 days when your working 80 hours a week or people are walking!

like

Is there an opportunity for Cloud Solution Architect in Google as an IAAS part and what would be the salary can someone expect?

I am currently working in Microsoft as a Partner Technical Consultant on IAAS from last 4 yrs with 10+ yrs of experience

like

I am currently applying for new grad positions and would like some advice. any suggestions on how to negotiate pay, and get the position that I want. any other advice is accepted for anything else that I should watch out for. thank you

like

Hi i have given interview in lti and previous week wedneday i gave hr round and salary discussion happened. Yesterday i got a mail from lti that i have cleared all the round and will be informed for next steps. I asked the hr and she told me that the approval of my offer in in process. May i know how much time will it take for the offer to be released

like

How often do UMM/MF PE Portfolio Ops roles come available?

Have a VP-level offer at a MF but initial offer was below my target comp. Took significant amount of effort and working networks to get the offer. Think im going to reiterate my target but now worried this might turn into a 1+ year search to find another similar role.

like

Lazard PCA: Anybody know what culture and Associate comp is like?

like

Hi Fishes ,
I got an opportunity from Axtria as a Senior Associate/ Lead - BIM. BIM is one of the Axtria's business vertical.

I've cleared all rounds of interviews including final HR round and salary discussion and at last HR told me that he will get back to me with next steps. It's been over a week, I did not get any response. I have called HR and he said he is checking with internal team and getback to me.

Anyone from Axtria or past employees have any idea for this kind of situation?

Thanks

like

What’s the best way to switch into private equity (VP/Associate GC) from big law and what is the expected salary/career trajectory in this role?

like

☝️What's your best hard-earned advice for someone interviewing, job seeking, or negotiating a salary?

Drop it below! 👇

like

On a local project through the end of the year and will be 10k MQM short of renewing Delta gold. Delta Platinum Amex no longer gives you a 10k sign up MQM bonus. What to do? Settle for Silver 😱?

like

Hi fishes. NEED URGENT guidance
YOE 18.2
Tech stack - sap data migration ( sap bods)
CCTC 56.5(49 fixed)
I completed all the 4 rounds with KPMG for Associate Director role.

How much I can ask for ?

like
like

Hi Fishes,

Received offer from PWC india. Let me know how's the WLB, Bonus and Hikes over here.
Any suggestions ...

Thanks,

like
like

Do we have professionals from Brisbane, or other Australian cities here?

I wanted to know what do you guys think I should ask for expected compensation - my profile is :

3 Years into InfoSec compliance around ISO27001; SSAE-18; CIS

1 Year into Identity and Access Management (PAM focussed)

Holding ISO27001LA, CompTIA Security+, AZ900.

In next 4 months I target to achieve AZ500, and CISSP.

Can someone please evaluate and tell me what can I ask in AUD ? Pre and Post CISSP

Thanks in Advance

like

What are experienced tax SM's getting for their comp these days? Started at one firm as a new SM around 140 in 2018. New offer is 200 at mid-size firm with the same title. HCOL area east coast (not NYC).

like

How is the new Partner promotion list looking like for PwC India ? Heard that their overall compensation has been slightly reduced. Is this true ?

like

How much salary does entry level consultant get at Deloitte?

like

Hi fam, quick question pls. What is the min/max salary of a BI, Data Analyst or Data Engineer with 2-3 YOE in Toronto, Canada pls? Thanks in advance

likehelpful

More Posts

For those of you with an unsuccessful IVF attempt, what were some of your telling symptoms leading up to your pregnancy test?

like

What's up ppls

Is FIS a good company to join ? @

like

Has anybody broken employee contact specifically for HCA?
On my contract, it states that I need to stay for 2 years with HCA. If I don't I will have to pay back 4K for the Nurse Residency Program.

Does anyone have experience with not paying them back?

P.S. I have been with HCA for one year, and I can not do it anymore.

like

I have been feeling so unmotivated, unengaged and just plan tired with everything lately and don’t know why

like

So I have my CPA and currently working as an assurance manager. My goal is to switch to private in couple of years. What is the best to consider now? Master’s in taxation, MBA or another certificate? Which would have more value for controller/ CFO position?

like

I feel like my track record of saying "yes" to everything is coming back to bite me. I'm glad pp recognize me as a team player & know they can lean on me, but I'm now swamped with side projects w/ quick TATs, ON TOP of my reg work for clients. How do u say "I physically can't do all of this" without disappointing some1? Something's gotta give, at this point, as I'm burning weekend hrs to keep up. But I fear losing my rep as a hard worker.

like

Some companies say if you buy 3 or more you get a free gift. If I return one or all of them do I usually get to keep the gift? Or will they charge me for the gift? Curious how this plays out

like
like

I’m currently leasing an apartment in Philly. A new company just bought my building and now we owe payments to them.

Are we supposed to be given a new lease when this happens? No where in my current lease does it say, if someone buys our company that we’ll automatically have agreements transferred

likefunny

Nike out here using January and February to dump trash sneakers like they’re a movie studio with a Liam Neeson thriller they gotta unload

Post Photo
funny

How’s R/GA NYC?

like

Can anyone give recommendations for best places to sell watches? Looking to trim down on my collection and wanted to find ways to sell without having to pay heavy transaction fees like on eBay

like

OFF Topic

Who is going to win the T20 title.

I think england is going to win it.

What is the chance od india here 😌.

likefunny
likefunny

Favorite book and why?

likehelpful

Anyone live or tour milieu in the west loop? Looks super nice but I’d love some input!

like

How can i switch from BPS to IT.. I have been working in tcs last 5years.

like

Additional Posts in Law

175 billables a month - exhausting or manageable?

funnylike

Any advice for dealing with repeated job rejections (after several rounds of interviews)? I try not to take it personally but it’s really been a blow to my ego.

like

Is anybody else a bipolar lawyer? I’m type 1. I feel like a unicorn.

like

Any other humble public servants here? How’s life?

like

Looking to make a move. Working with two different recruiters (I reached out to 1, the other reached out to me). Each ask what else I have in the pipeline? Do I tell them abt other firms Ive met with?

like

Anyone know the compensation structure for associates at Benesch?

like

Has anyone made the switch from firm life (specifically, ID) to a government role and regretted it? It’ll be less pay, but better benefits, more fulfillment, and obviously no billable hours which sounds amazing right now.. I’m just really nervous that I’ll miss the paychecks!

like

What is the lateral hire process like?

like

What are average billable hours for L&E attorneys? TIA!

like

For the litigators...do your state courts use electronic filing similar to ECF or do only some counties/parishes use electronic while others are stuck in the olden times. If not, what do you think the refusal to adapt comes from?

like

For small firms - What was your billable rate in 2015 and what is it today in 2022. Please provide your practice area too, if possible!

like

I'm a student but I got an offer at a top 3 firm (by revenue). Trying to decide between that and a small firm in my hometown. I'm not sure what I should do at this point.

like

When do I break it to my boss that he’s a monster for using two spaces after periods?

likefunny

When you’re about to give notice but they are bringing you on new client project’s…. Sorry…

like

After you’ve pulled an all-nighter, how do you get through the next day? Caffeine? Exercise? Take a nap? Quit early?

like

Is is just me or it seems that all M&A and contracts in general will be dead by the end of the month? However unclear MAE clauses seem to be, this seems to be one? Cont’d...

like

My current job does not give me opportunities to write legal memos or briefs. I am applying for a different job and do not have a current writing sample because of this. Any recommendations on what to do?

like

Leadership advice for young associates?

like

I’ve gotten great reviews and great work from my firm. One partner I just hate working for, though. She micromanages and sometimes it feels like she’s trying to embarrass me. Any advice?

like

Thoughts on Paul Weiss - corporate?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal