Compensation for IP/Patent Lawyer

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anom217
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Compensation for IP/Patent Lawyer

Postby anom217 » Tue Feb 07, 2012 12:46 pm

What is the average compensation for someone coming out of a T14 in the IP/patent field at starting level, mid-career, partner...that kind of thing? Is there a bit difference between comp at a general biglaw firm and at an IP boutique?

anom217
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Re: Compensation for IP/Patent Lawyer

Postby anom217 » Wed Feb 08, 2012 4:30 pm

bump...no IP guys here?

r6_philly
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Re: Compensation for IP/Patent Lawyer

Postby r6_philly » Sat Feb 11, 2012 10:53 pm

Biglaw IP groups generally get paid the same salary as other groups. There are different levels of boutiques. Some pay above market and some pay way below. These are starting salaries. I don't know if they change for mid-career. There are also profit sharing models but I am not familiar. I think the profit margin for smaller client IP matters are not very high, so I wouldn't expect the smaller/less competitive boutiques to pay the same as biglaw firms. I could be wrong though.

GTSkillz
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Re: Compensation for IP/Patent Lawyer

Postby GTSkillz » Sun Feb 12, 2012 12:54 pm

Big Law market is 160k for first years and typically goes to 250+ for senior associates. Smaller firms are less, typically about $115 to $125 for first years. Some big general practice firms that have lower salaries for smaller markets, e.g., in the southeast, pay patent attorneys the 160k market rate in those smaller markets and other attorneys the lower rate.

CanadianWolf
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Re: Compensation for IP/Patent Lawyer

Postby CanadianWolf » Sun Feb 12, 2012 12:55 pm

So you guys are in this for the money ? :D

GTSkillz
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Re: Compensation for IP/Patent Lawyer

Postby GTSkillz » Sun Feb 12, 2012 7:16 pm

The money is a nice perk. :D

anom217
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Re: Compensation for IP/Patent Lawyer

Postby anom217 » Mon Feb 13, 2012 2:36 pm

Thanks for the replies.

What about the hours for IP? I've heard the hours are somewhat less than other biglaw attorneys. Is that just the case in situations where you're being paid significantly less (smaller IP boutiques, as mentioned above)?

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dood
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Re: Compensation for IP/Patent Lawyer

Postby dood » Mon Feb 13, 2012 4:05 pm

anom217 wrote:Thanks for the replies.

What about the hours for IP? I've heard the hours are somewhat less than other biglaw attorneys. Is that just the case in situations where you're being paid significantly less (smaller IP boutiques, as mentioned above)?


Patent prosecution steadier hours than litigation but u'll have to work enough to bill approx 2000 hours a year at any firm.

r6_philly
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Re: Compensation for IP/Patent Lawyer

Postby r6_philly » Mon Feb 13, 2012 5:24 pm

dood wrote:
Patent prosecution steadier hours than litigation but u'll have to work enough to bill approx 2000 hours a year at any firm.


Some firms advertise their <1900 billable requirements, but I suppose you still want to bill 2000 just to be in line?

GTSkillz
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Re: Compensation for IP/Patent Lawyer

Postby GTSkillz » Mon Feb 13, 2012 9:23 pm

Patent prosecution can have less billable requirements, but the hours can also be more difficult as a lot of the work is fixed fee and partners don't like for associates to blow budgets.

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J-e-L-L-o
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Re: Compensation for IP/Patent Lawyer

Postby J-e-L-L-o » Tue Feb 14, 2012 3:33 am

I've browsed around looking at San Diego and Orange County firms and I have seen hours as low as 1800 for IP. Don't know if it was lit or prosecution though.

r6_philly
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Re: Compensation for IP/Patent Lawyer

Postby r6_philly » Tue Feb 14, 2012 10:48 am

J-e-L-L-o wrote:I've browsed around looking at San Diego and Orange County firms and I have seen hours as low as 1800 for IP. Don't know if it was lit or prosecution though.


I have seen some 1800 requirements, but I think the expectation may be billing 2000 to meet bonus requirements and partnership-track. Also look into if pro bono hours count for requirement and bonus.

anom217
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Re: Compensation for IP/Patent Lawyer

Postby anom217 » Tue Feb 14, 2012 12:56 pm

since i'm a 0L noob, how many hours a week does 2000 billable hours equate to? I know it is dependent on how efficient you are, but I've heard that 2000 billables is often like 3000 hours total, which is say about ~60 hours/week. Is that a reasonable number? Also, for those wanting to be on the partnership track, are your hours more likely to be higher around 80+ hours a week?

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chem
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Re: Compensation for IP/Patent Lawyer

Postby chem » Tue Feb 14, 2012 1:03 pm

anom217 wrote:since i'm a 0L noob, how many hours a week does 2000 billable hours equate to? I know it is dependent on how efficient you are, but I've heard that 2000 billables is often like 3000 hours total, which is say about ~60 hours/week. Is that a reasonable number? Also, for those wanting to be on the partnership track, are your hours more likely to be higher around 80+ hours a week?


Search function brah. I'd explain but there are different theories/formulas that people use. So i doubt I'd give a concise or necessarily accurate synopsis

GTSkillz
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Re: Compensation for IP/Patent Lawyer

Postby GTSkillz » Tue Feb 14, 2012 10:38 pm

Some say work 3 to bill 2, but I don't see it. 2000 hours is a lot for patent prosecution, but not that bad. 2200+ is no fun.

anom217 wrote:since i'm a 0L noob, how many hours a week does 2000 billable hours equate to? I know it is dependent on how efficient you are, but I've heard that 2000 billables is often like 3000 hours total, which is say about ~60 hours/week. Is that a reasonable number? Also, for those wanting to be on the partnership track, are your hours more likely to be higher around 80+ hours a week?

GTSkillz
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Re: Compensation for IP/Patent Lawyer

Postby GTSkillz » Tue Feb 14, 2012 10:40 pm

Also, your bonus typically depends on hours, so if you bill a lot, at least you get paid. :D

bernard97
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Re: Compensation for IP/Patent Lawyer

Postby bernard97 » Tue Feb 14, 2012 10:51 pm

Patent prosecution boutique I'm summering averages 50 hours a week as far as I was told. So yes, much less than biglaw hours. Anecdotal though, so take it for what it's worth

anom217
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Re: Compensation for IP/Patent Lawyer

Postby anom217 » Wed Feb 15, 2012 2:04 pm

GTSkillz wrote:Also, your bonus typically depends on hours, so if you bill a lot, at least you get paid. :D


How much does a bonus typically range in patent law? I know in i-banking it can be much greater than your base salary, but I doubt that's the case in law.


bernard97 wrote:Patent prosecution boutique I'm summering averages 50 hours a week as far as I was told. So yes, much less than biglaw hours. Anecdotal though, so take it for what it's worth


Thanks for the info. Since the hours are much less than biglaw is the average pay there much less as well? 50 hours isn't very much, but if they're still paying a lot I have no problem with that.

UzerName
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Re: Compensation for IP/Patent Lawyer

Postby UzerName » Fri Feb 17, 2012 2:02 am

Patent lawyer w/hard science may not necessarily make more, but the jobs are way easier to get. Should be $80k+ to start.

Have heard that those in something specialized like patents have a different level of required work in firms that are confused by anyone dealing with science. For example, a non-IP based firm won't understand a damn thing about patentability (my lord, can't imagine a biotech question... and I imagine most are bored as hell from Myriad) and seem to allow some leeway. Same reason there is a federal circuit court for patent causes... no one else knows what the hell they are talking about.

GTSkillz
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Re: Compensation for IP/Patent Lawyer

Postby GTSkillz » Mon Feb 27, 2012 9:32 pm

siouxfan45 wrote:Make friends with every engineering student and computer geek you can find... you'll make billions 8)


Only if you can pull stock options. At $300+/hour, probably looking at millions at most. :P




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