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I am planning a switch so was going through some salary data for a software engineer. My ex-senior manager recommended me a website: Growceed.com which helped me a lot in getting clarification about a lot of things but I am in doubt whether the average salaries of software engineer mentioned on Growceed.com really that much in top MNC companies.
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I’ve settled $7.5M ($2.5M in fees) through September on pre-litigation only and expect to settle between $9-10M this year($3-3.3M in fees). It all depends on what kind of case load you have.
Conversation Starter
Thanks! Maybe it is doable then. I’m coming from the defense world so I don’t know what’s reasonable. They said I’d have around 100 cases at any given time. They take any level of case so it would totally vary. The good thing about being only one of two PI attorneys is that I wouldn’t just be given the low value cases.
That's a joke if you're not coming in as a partner and taking a cut of what everyone else is bringing in too. If you could bring in ~3.5M in gross settlements a year, why TF would you be working for them? You'd have your own office.
I don't HAVE to bring in anything. If I do, it's gravy for me and the office, and I have brought in some good cases (and some lousy ones too) that have significantly bolstered my compensation. But to be REQUIRED to bring in that kind of work? That's crazy talk.
If that’s the case, then that makes a lot more sense, with them feeding you the files and you just needing to get that fee out of them. But it will largely depend on the quality of the cases you get. That’s still an average of 30-35k per file. If you’re getting fed a steady diet if 15k geico policies, that may not be realistic
Rising Star
Assuming you mean cases that are given to you by the firm, and not cases you personally bring in yourself, $1mil in fees should not be too bad with a caseload of 100. However, though, it’s all relative. If I’m given 7 figure labor law cases to work up, it’ll be a joke. But if you’re given minimal policy auto cases it’ll be more difficult. I would ask what type of cases you’ll be given to work up
Conversation Starter
Yes that’s what I meant. It’s all types of cases, large and small. I’m just trying to figure out of $1M in fees of assigned cases is reasonable/average bc I have no frame of reference.
Not too hard. I have 4 to 6 people do this out if a firm of 11 case managers and attorneys.
This is doable with 100 cases in varying complexity- last year I settled about 100 cases and made 1.4 in fees, this year I was already at 1.4 in July and I don’t remember how many actually settled, but then I quit to start my own firm so I prob would have been at least at 1.6-1.75 by end of year
Out of curiosity A8, what does your firm’s support staff look like? We’re a 6-attorney boutique, doing mostly med-mal and catastrophic injury work, but have a decent smattering of low value MVA cases. My docket is about 20 cases and I’m having a tough time picturing handling 5x that amount!
Conversation Starter
Firm does workers comp, social security and PI. I’d be one of two PI attorneys, so getting all levels of cases, good and bad.
3 million dollar settlements? All you need is 3 cases
Conversation Starter
Yeah mostly lower level cases I assume. Although I was told $1M was the “goal” but not the expectation
There’s a lot of factors to be considered; number of cases your firm is signing up a week/month, how long treatment is going to take, the policy limits, what your rate is for pre-litigation, how long does your average case take to settle, etc.
For example, if you’re in CA & all of the cases you sign up and settle are minimum policies, then you’d need around 191 cases a year to hit the million mark. Let’s assume your rate is 35%, and you’re only getting minimum policy cases in CA: that’s $5,250.00 in fees and you’d need at least 191 settlements/year to “safely” hit that minimum.
It honestly just depends. Like small shops have different standards on cases and what they want to see happen vs big shops vs big advertisers vs toxic torts vs whatever else.
PI is like a cow's tail, sometimes it's up and sometimes it's down. Also depends where you are. Like upstate NY not the best PI area vs the city
Conversation Starter
I’m in Ohio. Small firm that advertises a lot and seems to get a lot of cases.
Conversation Starter
Would you make the move from ID to a small, but well-known PI firm? I like the idea of the commission component and not needing to bill my time. I’ve done a few plaintiffs cases and enjoy the freedom I have, vs the claims rep always being up my ass.
Conversation Starter
I’m an extrovert who used to do sales. I’m more of a risk taker and not conservative. This makes me think I’m more cut out for plaintiffs work.