Reply to Big Law spouses - give me your tips and tricks

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[quote=Anonymous][quote]Guys, if OP’s husband is billing 1800-2K hours as a *new* partner, his job is very secure. He’s making the firm a s**t ton of money.[/quote]

Billable hours do not always equate to a "s**t ton of money."

First, the attorney's rate per hour (i.e., the hourly rate the attorney can bill and collect) matters a great deal. To wit, if Attorney A can bill 1500 hours at an hourly rate of $1250 per hour and Attorney B can bill 2000 hours at a rate of $750, Attorney A is making the firm more money than Attorney B even though B is billing 500 more hours than A.

Second, contingent fee work (e.g., the attorney's fee equals 33% of a settlement) can create vast amounts of revenue even when the actual hours spent on the case are small.

My firm has several non-equity partners who work in specialized areas of the law and can earn more than senior partners via a combination of the first two factors I listed above. For example, we have a partner who is a sales tax expert. When he wins a big case, his contingent fee take will outstrip many senior partners' earnings in other fields.[/quote]

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