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Started By
Message
re: Outlook for lawyers growing more grim
Posted on 7/15/14 at 2:06 pm to Mariner
Posted on 7/15/14 at 2:06 pm to Mariner
quote:
What do established lawyers generally make?
250 - 350 K sound pretty accurate?
I find this hard to believe.
That's a lot of freaking money.
As a point of reference, my buddy just finished grad school and is working for one of the larger firms in Columbia (medium size market) and is making around 90k, good money...but not the average 160k everyone talks about.
0
Posted on 7/15/14 at 2:06 pm to Mariner
quote:That is an impossible question.
What do established lawyers generally make?
250 - 350 K sound pretty accurate?
Posted on 7/15/14 at 2:08 pm to LoveThatMoney
Nope, Real Estate.
Plus I conditioned the bar.
Let the butthurt flow.
Plus I conditioned the bar.
Let the butthurt flow.
Posted on 7/15/14 at 2:10 pm to lsupride87
yeah it is pretty vague.
I was thinking partners make anywhere from 500K to infinity.
But it sounds like a staff attorney makes less than decent income for the education.
But for a guy with ten years experience working for a firm?
Just curious....
I was thinking partners make anywhere from 500K to infinity.
But it sounds like a staff attorney makes less than decent income for the education.
But for a guy with ten years experience working for a firm?
Just curious....
Posted on 7/15/14 at 2:11 pm to Mariner
quote:
What do established lawyers generally make?
250 - 350 K sound pretty accurate?
Define make?
If you are a plaintiff attorney you could hit a multi million case
Posted on 7/15/14 at 2:11 pm to TejasHorn
I'm an unpaid intern at a law firm. Trust me, they're doing okay around here
Posted on 7/15/14 at 2:12 pm to Mariner
quote:
But for a guy with ten years experience working for a firm?
Illustrates a range as vast as an ocean.
Posted on 7/15/14 at 2:14 pm to Old Money
quote:
I'm an unpaid intern at a law firm. Trust me, they're doing okay around here
I trust you.
Posted on 7/15/14 at 2:15 pm to HailToTheChiz
quote:
If you are a plaintiff attorney you could hit a multi million case
Unlikely. You would have to feed them, buy them a car, pay their medical bills, etc. you'd be into the case $250,000 before you would know it. Plus, they would be offered cash by every lawyer that they came in contact with to switch.
Defense lawyers basically sell their life in little bits called billable hours. Yes, one guy might be older - but the younger guy will be willing to work all weekend whereas the old guy has a family. Advantage young guy. And they don't have to pay the young guy much.
Posted on 7/15/14 at 2:21 pm to Mariner
quote:
What do established lawyers generally make?
250 - 350 K sound pretty accurate?
Lulz. Maybe in NYC. We just interviewed about a dozen kids. This is not a big firm, we are kind of boutique, but we are also not just some scrappy arse general practice. Kids with 2-3 yrs experience were all asking for about 65-70K. Now, Detroit isn't Chicago, but it's also not buttfrick Egypt, either.
It all depends on the type of law. The only guy in law who I am somewhat jealous of is a patent attorney. He has the best case scenario because the firm has consistent income by billing for patent applications, but then the attorneys take cuts of multimillion dollar plaintiff's cases.
Posted on 7/15/14 at 2:28 pm to CidCock
quote:
I trust you.
Thanks mayne.
Posted on 7/15/14 at 2:30 pm to Bunk Moreland
quote:
Lulz. Maybe in NYC.
250-350 is not unreasonable for a partner in a decent market. Partners at decent firms in NYC are making a hell of a lot more than that.
Posted on 7/15/14 at 2:33 pm to Bunk Moreland
quote:
Lulz. Maybe in NYC. We just interviewed about a dozen kids. This is not a big firm, we are kind of boutique, but we are also not just some scrappy arse general practice. Kids with 2-3 yrs experience were all asking for about 65-70K. Now, Detroit isn't Chicago, but it's also not buttfrick Egypt, either.
Makes me appreciate my career choice that much more
Posted on 7/15/14 at 2:33 pm to Bunk Moreland
Here. Houston Chronicle.
Median is $70k per year out of school in a large market (Houston). Top 5% make the big bucks, $120k - $160k, lower end makes $30k and starves.
Most eventually make over $100k, but not a lot over $100k on average according to the article.
LINK
Median is $70k per year out of school in a large market (Houston). Top 5% make the big bucks, $120k - $160k, lower end makes $30k and starves.
Most eventually make over $100k, but not a lot over $100k on average according to the article.
quote:
Feeling the curve
The top salaries go to law students from the prestige schools or those who have the very best grades at other schools.
Others, even some who have enjoyed earlier academic success, might need to lower their expectations.
"These students have done well their whole life. This is the first time for a lot of them that they feel a forced curve," said Rhonda Beassie, assistant dean of career development at the University of Houston Law Center. "A healthy percentage of the students don't get the message until they go bid for a job."
The law students who go to the top-tier firms will make $120,000 to $165,000 annually, but that will be the top 10 percent or less, according to the local law school career offices. Those in midsize firms will make roughly $55,000 to $80,000. At small firms or government jobs, they get $40,000 to $60,000. Solo practitioners may make $30,000 or even live off loans when they start out.
Certainly with experience, these lawyers should increase their income and eventually most of them will get past $100,000, but not that far past it. The median income or 50th percentile, for all attorneys in Texas was $113,300 in 2005, the last time the State Bar of Texas conducted its survey.
In the Houston area, the Bar found the median income for probate and estate attorneys was $78,333, for real estate lawyers it was $88,750, and for civil trial lawyers it was $187,500.
The price of going solo
"Students who go out and get a first-year salary of $45,000 are blown away. Their expectations were glamorized," said Reginald Green, the assistant dean of career resources at South Texas College of Law.
The median income for members of the South Texas class of 2006 is $70,000, and the average is $82,000, he said their survey shows.
LINK
This post was edited on 7/15/14 at 2:34 pm
Posted on 7/15/14 at 2:34 pm to UpToPar
quote:
250-350 is not unreasonable for a partner in a decent market. Partners at decent firms in NYC are making a hell of a lot more than that.
Yes. The quoted article is full of bullshite. Lawyers are so good. I have seen what happens on TV. The make a lot of money. I want to be a lawyer too. I will have a big desk and free innocent people and make a million dollars a year. Just wait.
Posted on 7/15/14 at 2:37 pm to Traffic Circle
I'm not making shite up. There's plenty of information on this out there.
Posted on 7/15/14 at 2:37 pm to Mung
quote:
Med Schools aren't smarter or more benevolent than Law Schools, they are just WAYYYYY more expensive to run
Plus they produce graduates that are actually in demand, unlike law schools.
I think this is a misunderstanding of cause and effect. If Medical Schools were profitable, they would put out a gagillion doctors a year. Doctors are in demand because programs are expensive to produce graduates and the doctor's lobbying arm accredits US schools. As John Oliver said, like hiring a Dingo to babysit your child.
Posted on 7/15/14 at 2:38 pm to UpToPar
quote:
I'm not making shite up. There's plenty of information on this out there.
I know. I'm with you. Let's go get the big bucks and show them all!
Posted on 7/15/14 at 2:39 pm to Mariner
quote:
What do established lawyers generally make?
250 - 350 K sound pretty accurate?
Bahahahahaha! I'd wager less than 5% make that.
Posted on 7/15/14 at 2:46 pm to Mariner
quote:
Posted by Mariner What do established lawyers generally make? 250 - 350 K sound pretty accurate?
If you really want to know, google Robert half legal salary guide. It lists estimated salaries by firm size and attorney experience and then provides an adjustment ratio depending on the market.
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