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For reference
I have the same experience you have, similar size firm (we have 30 or so lawyers), big city, but not high HCOL, and I bill 1800-1900 per hour
Compensation is around 250k per year which is average I think based on the revenue the firm generates on my work.
Rate is 400-500 per hour - varies some per client.
230k
Likely 35k bonus for this year
Take your hourly rate, multiply it by your minimum hours, then divide by 3 ( 1/3 for the firm, 1/3 for expenses, 1/3 for you).
As an example, 1,800 hours x 500 =900,000, divided by 3 is 300,000. Rates will vary a bit as to whether they actually collect all of the money (they won't), but you probably will exceed your hours. This leftover amount should be a bonus.
That is what I was always told was the general rule of thumb. That being said, my minimum is 1,800 and I bill at $600 and I make $245,000. So take it with a grain of salt.
But the 1/3rd also has to account for your compensation overall. Assuming 80% collection rate and a net cost of 15% above salary for payroll taxes, benefits, etc. 245 sounds spot on. Not perfect science, but the additional factors are part of the 1/3rd.
I work at a similar firm. Senior Associates are at 275k.
I’m in Miami-fort lauderdale area, same field
I left a firm because I thought I was being underpaid. Salary was 190k for 1800 hours at 6 YOE in a HCOL big city. Firm had 130 lawyers.
Damn. I make $190k for 1800-2k hours at 11 YOE in HCOL/big city
I just left a small firm partially because of the low salary. My data point matches your question exactly except I was only at five YOE. $115k salary and normal hourly rate of $325, but with lots of individual clients/cases where we would bill me out at a lower rate than that.
At least 250 base.