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re: Life as a Lawyer Advice Needed
Posted on 4/1/24 at 3:40 pm to Ace Midnight
Posted on 4/1/24 at 3:40 pm to Ace Midnight
quote:
works. Assume a non-BR or New Orleans defense firm.
I would assume an insurance defense firm would be billing more than $150. I used that number for a rural law office.
$150 is a shite rate for a lawyer in Louisiana when diesel mechanics charge almost as much.
3
Posted on 4/1/24 at 4:03 pm to Athanatos
This is not my area of expertise but I think a lot of firms actually bid less than that rate for insurance defense in exchange for guaranteed volume. I had to do some research for conflict council hourly rates a few months ago. It would not shock me if there are some insurance defense firms who are billing around $125 an hour in exchange for guaranteed volume.
That's 250k for 2k billable hours for an associate being paid 75-90k and a shared paralegal making probably 11/hour (billed around 25-30).
50-70k pure profit per associate. 2 associates per partner and that 100k-140k each just in associate profit. You should have more of a 1.5-4 associate per partner ratio.
*ETA: that's for the hourly-based, volume cases that won't get a ton of oversight (aka cutting). Insurance firms aren't paying huge hourly rates if they can help it. They'll just start one of those fake law firms that's really employees of the insurance company directly.
*ETA2: LA doesn't have real industry/business b/c our economy is shite, so "big law" is primarily insurance defense. That firm charging the insurance company $150/hour on a volume contract in Nola will charge a local business $450-500/hour, if they can get it.
That's 250k for 2k billable hours for an associate being paid 75-90k and a shared paralegal making probably 11/hour (billed around 25-30).
50-70k pure profit per associate. 2 associates per partner and that 100k-140k each just in associate profit. You should have more of a 1.5-4 associate per partner ratio.
*ETA: that's for the hourly-based, volume cases that won't get a ton of oversight (aka cutting). Insurance firms aren't paying huge hourly rates if they can help it. They'll just start one of those fake law firms that's really employees of the insurance company directly.
*ETA2: LA doesn't have real industry/business b/c our economy is shite, so "big law" is primarily insurance defense. That firm charging the insurance company $150/hour on a volume contract in Nola will charge a local business $450-500/hour, if they can get it.
This post was edited on 4/1/24 at 4:09 pm
Posted on 4/1/24 at 4:50 pm to Athanatos
quote:
I would assume an insurance defense firm would be billing more than $150.
I'm sure some will, especially partner rate. Insurance companies are notoriously frugal, my guy. I haven't been in private practice for quite some time, so Jake or others might have better insight on what the going rates are.
ETA: I have nothing to disagree with in the above response -
This post was edited on 4/1/24 at 4:52 pm
Posted on 4/1/24 at 4:55 pm to Athanatos
Lot of ID firms are in the 125/150 range.
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