Is there a rule of thumb for setting of counsel/IC hourly pay? If they are billing out at $300 (4th year small town), what would appropriate hourly pay be? This associate is transitioning from FT earning $140k annual with 1400 min billables.

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1/3 for the Lawyer, 1/3 for the Firm (overhead), and 1/3 for the Owners is about a rule of thumb as it gets but that depends on a ton.

Yes - but the firm/owners are making more because your overhead should be lower - no benefits, maybe no office, etc.

If you follow the 1/3 rule, that would be $140K annually at a substantially reduced schedule—seems like a good deal!

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