Is there anyway to get a bead on what an associate at a firm makes based on what they bill per hour? Is there like a standard percentage of the rate that they get?
I am trying to figure out what starting associates make at a firm that has offered me for this summer...they are not on NALP or anything...
1) first year salay = 160k
2) first year billable rate = 350 / hr (biglaw first yer billables fluctuates 280-350, but 350 is "top of the market" and thus we'll go with it)
3) first year minimum = 2050 (granted, you'll almsot invariably end up billing more than this # but at least it's something to work with)
2050x350 = $717,500
$160,000 / $717,500 x 100 = ~23%
or, more simply, $160,000 / 2050 = $78.00 per hour billed
granted, billable req is not an accurate representation of the amount of time you spend in the office so the per hour payment is actually significantly lower than figure of $78 / hr. it's hard to put a precise sum ont his fig as it's a person-dependent. i guess that it prob (for first years) fluctuates between 55 and 70 an hour.