Dude
JohannDeMann wrote:timbs4339 wrote:JohannDeMann wrote:If you can't save from making 70k a year then you are doing something bizarre.
Prolly says something about his business skills too
He lives on LI and we don't know his family situation. 70K is solidly middle-class there.
Your 300K estimate is wildly off. There is absolutely no way the median salary for solos 3 years out is 300K- the median salary for all lawyers is 112K and 51% of lawyers are solos. I just don't even know where you come up with these numbers. Stop lying to OP.
I never said the median salary for solos 3 years out is 300k. I told you where I came up with my numbers earlier in the thread. Multiple $200-$250 by 1500 hours of work in a year (low estimate that includes discounted hours etc). Thats where I got 300k. I also know this to be the case from solos I and other close friends have worked for. I havent seen a successful solo that was in at least their 3rd year of practice not making $200k a year. Most of the solos Ive worked or close friends have worked for bundle around the $300k figure.
Now to get back to your shitty math. Median salaries at $112k is easiyl explained (vast majority (95%) of govt attorneys make less than that median, all new private sector attorneys not in big law make less than median (100%), you also have unsuccessful solos that are in the midst of failing making less than 112k. It's not a mean, it's a median. The ones who are successful are very successful, and the ones who fail, fail. Plus plenty of solos in rural America will make less than what OP does if successful because hes in a higher COL place. The first 2 years will be a grind and it could lead to failure, but if OP survives, I see no reason why he wouldnt far exceed hsi goal of $125k.
No, it's not quite that "easily explained." Let's go through your shitty logic, then we'll talk about your shitty math.
You said that solos either burn out or make it. You then said that you know a bunch of solos and small shops that "cluster around 300K per partner." Thus, implying that if you make it, you make 300K. Then you go on about how easy it is to make it billing hours that come in from the hour fairy at rates nobody can pay except for people who can afford to pay an experienced lawyer. Thus, if there are a lot of solos and small firms, then a lot of those firms have, by your estimation "made it" into that 300K camp.
Well, the BLS reports that the median salary for
all lawyers is 114K, the 75th% is 170K, and the 90th is some amount greater than 190K. Let's be generous and say that you really meant 170K, which is a pretty good salary for OP to hope for after 10 years in practice, not three. 48% of all attorneys work in firms of 1-5 lawyers. Of those, how many do you think are more than three years out? You are really telling me that if you add up most of the biglawyers (about 11% of all lawyers, minus discovery attnys), law professors, federal government GS-15 attorneys, judges, in-house counsel, and midlawyers, there's room in your 170K+ bracket to fit even a quarter of the 48% solo and small firm attorneys? I want whatever you are smoking.
http://www.americanbar.org/content/dam/ ... eckdam.pdfhttp://www.bls.gov/oes/current/oes231011.htm