2) Billing for 1st years is over 350 dollars at the big NY firms. If you bill 1800 per year on average, that's $630,000. Subtract 210,000 for salary plus bonus for a 1st year (the high water mark) and you are left with 420,000.
Factor in taxes, unemployment insurance, workman's comp coverage, and office space and materials.
Dunno if it all adds up to a loss. The "new lawyer loss" paradigm is brought up almost every time a discussion on new associate salaries comes up. If new associates aren't net losses, then I doubt they bring much value to the firm.