We recently were sent this pay raise announcement, which we reprint with the permission of the sender:
I will pay my first year associate $175,000.
I just need to generate the income to hire someone at that pay level.
Frank M. Feibelman
Attorney at Law
5206 Markel Road
Richmond, VA 23230
Okay, here’s Mr. Feibelman’s real point, which is a fair one: “Bear in mind that not all of your readers are Big Law lawyers; some are sole practitioners.”
And here is one other thing to keep in mind. Biglaw attorneys, be thankful for your deep-pocketed clients, who allow you to practice law without too many cost considerations.
To be sure, even big corporate clients are becoming more cost-conscious — and complaining about high fees. But they’re still not as
cheap cost-conscious as small businesses and individuals, the typical clients of sole practitioners, who freak out over legal bills when they reach into the five figures.
P.S. Speaking of solo practitioners — how much does the typical one earn? Their incomes can vary widely, but we’d be interested in a random sampling. If you’re a sole practitioner, please describe the nature of your practice and how much you earn, by posting in the comments. Thanks.
Frank M. Feibelman: Attorney at Law [official website]
Associate Salary Wars: The GCs Strike Back [WSJ Law Blog]