Above the Law wrote:Class of 2009 – $7,500
Class of 2008 — $10,000
Class of 2007 — $15,000
Class of 2006 — $20,000
Class of 2005 — $25,000
Class of 2004 — $30,000
Class of 2003 — $35,000
So, how does everyone feel?
My personal take:
So you're going to bill 2400 this year. Add 25% on to that for non-billable hours, you're up to 3000 hours worked for the year.
So, a first year's take-home is $100,500 (after 40% taxes).
$25,200 for loan payments, assuming about $180k in loans and that you pay the minimum (admittedly not the smartest move).
That's still $25.10 in TAKE HOME, AFTER-TAX, AFTER-LOAN money, on 3,000 hours. It's still far, far more than the vast majority of people in this country make. It doesn't account for the fact that the benefits in Biglaw are top-notch.
Could you make more per-hour in other jobs? Well, that depends on what your job options were pre-law-school, but most people would not have made $25.10 after accounting for educational debt and taxes. And almost no one would have a job where they made anything near $25.10/hour for 3,000 hours.