Question about billing

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lawschoolgrapedme
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Question about billing

Postby lawschoolgrapedme » Wed Oct 26, 2011 9:12 pm

Do summer associates bill? If so, what do we cost? Just curious and sorry if this is a stupid question. I just have a hard time thinking clients would pay for this.

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Big Shrimpin
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Re: Question about billing

Postby Big Shrimpin » Wed Oct 26, 2011 9:18 pm

Yes. Often nothing, since many clients refuse to pay for summers. Depends on the client, however, but in most cases your hours are just absorbed by the firm.

lawschoolgrapedme
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Re: Question about billing

Postby lawschoolgrapedme » Wed Oct 26, 2011 9:19 pm

Big Shrimpin wrote:Yes. Often nothing, since many clients refuse to pay for summers. Depends on the client, however, but in most cases your hours are just absorbed by the firm.


Any idea how much per hour? say for a v5?

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Big Shrimpin
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Re: Question about billing

Postby Big Shrimpin » Wed Oct 26, 2011 9:46 pm

lawschoolgrapedme wrote:
Big Shrimpin wrote:Yes. Often nothing, since many clients refuse to pay for summers. Depends on the client, however, but in most cases your hours are just absorbed by the firm.


Any idea how much per hour? say for a v5?


Ahhh probably firm specific, and I didn't work at a V5 last summer. Most firms, however, in situations where they're actually billing your time, will often just do so at the first-year's rate.

lawschoolgrapedme
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Re: Question about billing

Postby lawschoolgrapedme » Wed Oct 26, 2011 9:52 pm

Big Shrimpin wrote:
lawschoolgrapedme wrote:
Big Shrimpin wrote:Yes. Often nothing, since many clients refuse to pay for summers. Depends on the client, however, but in most cases your hours are just absorbed by the firm.


Any idea how much per hour? say for a v5?


Ahhh probably firm specific, and I didn't work at a V5 last summer. Most firms, however, in situations where they're actually billing your time, will often just do so at the first-year's rate.


interested in anon posting v rank and per hour rate? just curious

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Re: Question about billing

Postby Anonymous User » Wed Oct 26, 2011 10:28 pm

lawschoolgrapedme wrote:
Big Shrimpin wrote:
lawschoolgrapedme wrote:
Big Shrimpin wrote:Yes. Often nothing, since many clients refuse to pay for summers. Depends on the client, however, but in most cases your hours are just absorbed by the firm.


Any idea how much per hour? say for a v5?


Ahhh probably firm specific, and I didn't work at a V5 last summer. Most firms, however, in situations where they're actually billing your time, will often just do so at the first-year's rate.


interested in anon posting v rank and per hour rate? just curious


V50, $260/hr. But my partners wrote off all my hours.

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Re: Question about billing

Postby Anonymous User » Wed Oct 26, 2011 10:58 pm

V30, not sure of the exact rate but it was just below $300/hour I believe. Almost all of it was absorbed by the firm, except for a couple instances when I was doing due diligence with a bunch of first-years.

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Re: Question about billing

Postby Anonymous User » Thu Oct 27, 2011 8:33 am

lawschoolgrapedme wrote:
Big Shrimpin wrote:
lawschoolgrapedme wrote:
Big Shrimpin wrote:Yes. Often nothing, since many clients refuse to pay for summers. Depends on the client, however, but in most cases your hours are just absorbed by the firm.


Any idea how much per hour? say for a v5?


Ahhh probably firm specific, and I didn't work at a V5 last summer. Most firms, however, in situations where they're actually billing your time, will often just do so at the first-year's rate.


interested in anon posting v rank and per hour rate? just curious


Non-V lit boutique @ (I think) ~300/hr. Like someone else said, partners probably wrote-off most (if not all) of my time.

FWIW, it feels good to know your time finally comes with a price tag. For me, working is so much better than lawl skool.

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Re: Question about billing

Postby Anonymous User » Thu Oct 27, 2011 9:19 am

what do you think firms like cravath and wachtell bill at? anyone have any ideas?

I worked at a mid-law in a secondary market, and first year billed at 150.

03121202698008
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Re: Question about billing

Postby 03121202698008 » Thu Oct 27, 2011 9:29 am

Don't most BigLaw firms basically match billing rates? Wouldn't the market drive this?




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