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Rising Star
You can’t measure whether your comp is reasonable just by YOE and hours in a profession like ours. $103k is pretty good if the firm is billing you out really cheap and only collecting $150k for your work (because you’re keeping 69% of what you generated). But if clients pay the firm $1M for your work in a year, then $103k is unreasonably low because that’s only 10%. You should take your hourly rate x 2200 hours/year, and if that’s meaningfully more than $300k, then your pay is probably low. General rule of thumb is that your all in-comp should be about 1/3 of collections.
I personally would not want to work 2200 hours for $103k, but that doesn’t mean it’s unreasonable pay. Just means you should probably take this in-house offer or find a firm with higher rates.
Also, the grass is not always greener on the other side. Be very careful before leaving. My firm is not known for paying out astronomical salaries but at the end of the day, I have no fear of being laid off because there is no work. I will take job security over salary any day.
Wow. So now I know just how much lawyers earn even just starting out. Next time one tells me he/she is barely scraping by I can light them up. Thanks!
?
I am expected to bill 40 hours per week. There is no yearly requirement at my firm.
I’d move but be careful of in-house ID. Sounds like you are talking about Progressive Ins, but same is true for all in house insurance companies, you will get stuck in a specific field, no trial experience and your raise is only 2-3% a year. Your bump in salary will not be much of a bump in a year or two and even with profit share, others at your current pay scale at your current firm will significantly out earn you in a few years.
That’s way too high
What is this.
I think your salary is low considering the billable requirement. But, it would help to know the state you are in or the general regional area and what type of law you practice.