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re: Life as a Lawyer Advice Needed
Posted on 4/1/24 at 6:05 am to JerseyJohn
Posted on 4/1/24 at 6:05 am to JerseyJohn
I own a law firm and net 400k+/yr. Know a ton of lawyers. Lawyers making 300k+/yr in the southeast are in the top 1% salary wise. Louisiana's economy is shite, so 300k+/yr net (or gross) in LA is probably like SFP said: 0.5%. Any way you shake it, practicing law is a pretty terrible way to make a living
This post was edited on 4/1/24 at 6:06 am
2
Posted on 4/1/24 at 6:32 am to TheOcean
I never said 300k was average at year 10 in Louisiana. The example I was given was 100-150. I have no idea what a Bucees manager makes. Just looked it up and it said 75k. Who knows.
In any event, Yes, most lawyers I deal with are partners in a law firm by year 10 and make 200-300k. I am not including government lawyers and I assume (but do not know ) that plaintiffs lawyers make this or more.
I am sure there are lawyers that struggle, but that is the exception not the rule. If you are billing 1800-2000 hours a year- do the math.
Practicing law is a great way to make a living in Louisiana if you are smart and willing to work hard.
In any event, Yes, most lawyers I deal with are partners in a law firm by year 10 and make 200-300k. I am not including government lawyers and I assume (but do not know ) that plaintiffs lawyers make this or more.
I am sure there are lawyers that struggle, but that is the exception not the rule. If you are billing 1800-2000 hours a year- do the math.
Practicing law is a great way to make a living in Louisiana if you are smart and willing to work hard.
Posted on 4/1/24 at 7:14 am to TheOcean
quote:
I own a law firm and net 400k+/yr.
quote:
. Any way you shake it, practicing law is a pretty terrible way to make a living
These 2 don't really work together
Not to sound all law school application essay-y, but it is a rare industry where once you get footing you can run a business with incredibly high-margin services to sell where you can control your volume like a spigot. You can have incredibly flexibility in your lifestyle and opening up other non-lawyer revenue streams pretty easily.
This just requires being smart, educating yourself on the right aspects of the business, and figuring out efficiencies and arbitrage opportunities in your market. The problem with lawyers is they're often terrible at the above and would rather be a worker bee and have most of their output value extracted.
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