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Job Offer Question for Lawyers
Posted on 3/4/13 at 2:15 pm
Posted on 3/4/13 at 2:15 pm
I am entertaining an offer right now from a south Mississippi firm that primarily handles civil defense work. The offer is $50K starting salary plus bonuses (Merit and Production).
My question is how does this offer sound for to some of you more experienced folks? I was hoping to secure a net yearly pay of $70K+, as I was making $52K a year with the Army prior to getting out and going to law school. Will the bonuses make up that middle ground, or am I way off base? Thanks for any advice...
My question is how does this offer sound for to some of you more experienced folks? I was hoping to secure a net yearly pay of $70K+, as I was making $52K a year with the Army prior to getting out and going to law school. Will the bonuses make up that middle ground, or am I way off base? Thanks for any advice...
4
Posted on 3/4/13 at 2:29 pm to 10MTNTiger
It's low, but its better than nothing. Also, if you get a lot of experience in civil litigation, switching sides to a plaintiffs work can be lucrative. I know some people who have done nothing but insurance defense work their entire life and love it. Someone who is in it may be able to give you a better idea of what the bonuses are like. I imagine it is tied to your billables.
Posted on 3/4/13 at 2:31 pm to 10MTNTiger
What have they told you about the bonus structure? I'd want to see specific obtainable goals, especially if the practice is billable-hours based, and how those goals being met/exceeded equates to more money. ON PAPER.
Also, how have other attorneys' income progressed over time? I.E., How long before you get a raise? How is attorney turnover? What sort of hours do they expect from you for 50k base salary?
How's the benefits package? I'd just encourage you to ask a lot of questions. Especially before you accept.
Also, how have other attorneys' income progressed over time? I.E., How long before you get a raise? How is attorney turnover? What sort of hours do they expect from you for 50k base salary?
How's the benefits package? I'd just encourage you to ask a lot of questions. Especially before you accept.
This post was edited on 3/4/13 at 2:33 pm
Posted on 3/4/13 at 2:44 pm to 10MTNTiger
quote:
The offer is $50K starting salary plus bonuses (Merit and Production).
They are going to want to pay you beteen 30% and 40% (give or take, some are cheap, some a little more generous) of your receipts. If you bill about 2200 hours, at $125 an hour, they'll end up paying you the $70 to $75k within a couple of years and $100k or so, plus bonuses at around the 5 to 6 year mark, assuming you do your part. (ETA: I echo Costanza, here, though - you want to ask specific questions and see the plan in writing.)
You are selling your soul though and will have to make lots of moral and ethical compromises to get that level of billing and that level of receipts - but, although the start is low, it probably hops up a nice chunk the second year, to $65k or so, then more incremental after that.
This post was edited on 3/4/13 at 2:48 pm
Posted on 3/4/13 at 2:56 pm to Ace Midnight
Thanks for the insight so far guys. I am going to go back and ask specific questions as to the bonus structure and anticipated yearly progression.
I am not from a law-oriented family, so this is all pretty new to me and I appreciate the tips. I just did not know what to make of the bonuses, I suppose I should have asked first but I was distracted by the salary number, thinking it was a low offer.
I am not from a law-oriented family, so this is all pretty new to me and I appreciate the tips. I just did not know what to make of the bonuses, I suppose I should have asked first but I was distracted by the salary number, thinking it was a low offer.
Posted on 3/4/13 at 3:06 pm to 10MTNTiger
quote:
I am not from a law-oriented family, so this is all pretty new to me and I appreciate the tips. I just did not know what to make of the bonuses, I suppose I should have asked first but I was distracted by the salary number, thinking it was a low offer.
Defense firms with high turnover rates (and I guess even if they don't) treat the first year like a 'training' wage in many places. They know you're going to have to bank time, have time cut (because they've got you as the second or third lawyer at depo, trial, etc.), you're not going to be as efficient until you learn the defense biz and that you're not even going to get a full receipt report before the end of that first year because the pump won't be primed for several months.
I would say the offer is a little low, but not all out of whack for the region - it is a buyer's market for lawyers and legal services.
Posted on 3/4/13 at 3:10 pm to Ace Midnight
thread bookmarked
Posted on 3/4/13 at 3:46 pm to 10MTNTiger
quote:
The offer is $50K starting salary plus bonuses (Merit and Production).
Damn, I'm glad I graduated law school in the good old days (2004). That's a shitty salary for a defense firm.
Did you at least graduate without law school debt?
As for the bonuses, I wouldn't expect more than 10% unless you or the firm freaking kill it, which isn't likely because clients right now have a lot of leverage and are making firm cut their fees and some clients just flat out don't pay bills they don't think they should pay.
Good luck!
This post was edited on 3/4/13 at 3:52 pm
Posted on 3/4/13 at 6:02 pm to elposter
Yeah the good news is that my wife and I are completely debt-free. I paid for law school with the GI Bill and some cash I saved up from deployments. We both have paid off vehicles...
I'm not worried, I am just trying to figure out how to best proceed. The market is freaking sucking right now so I don't really have a ton of alternatives. JAG is always an alternative, but we are both pretty worn out from the military life and would like to settle down and actually buy a home and live somewhere for longer than 3 years.
I'm not worried, I am just trying to figure out how to best proceed. The market is freaking sucking right now so I don't really have a ton of alternatives. JAG is always an alternative, but we are both pretty worn out from the military life and would like to settle down and actually buy a home and live somewhere for longer than 3 years.
Posted on 3/5/13 at 12:15 am to 10MTNTiger
My dad was a senior army officer and talked a lot about reserve JAG if I was intetedted in law school. They can find themselves with sweet deals. Met a guy on a plane that works reserve JAG and he said he supplements when needed works 2-3 days a month tops and good additio al income
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