Why go to BigLaw?

Graduate School Law School
1

<p>I have been reading some articles, biographies and visiting several law office websites to find out about being a plaintiff trial lawyer.</p>

<p>It seems to me that it is well worth it working off of contingency fees, especially because one can choose which cases to accept and which to decline.</p>

<p>If the money in trial lawyering far exceeds (for the most part) BigLaw salaries, why do so many stay at BigLaw?</p>

<p>And what’s the path for becoming a lawyer like the one I mentioned?</p>

<p>I’m not really sure what they’re called. . .personal injury lawyers?</p>

<p>If anyone could offer more insight, I’d appreciate it.</p>

<p>Thanks!</p>

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<p>What do you mean by “far exceeds?” Can the very best personal injury lawyers make more than entry level corporate lawyers? Yes. Will they make more than the top corporate lawyers? That depends. That area of law tends to be more risky because your payment can rely on the outcome of a case. If you’re an excellent personal injury lawyer then you can become very wealthy. You can also become very wealthy as a corporate lawyer. It depends on which area of the law you are best suited for.
This site seems to suggest that the “median” for corporate lawyers is higher than personal injury lawyers.
<a href=“http://www.payscale.com/research/US/Job=Attorney_%2F_Lawyer/Salary/by_Practice_Area[/url]”>http://www.payscale.com/research/US/Job=Attorney_%2F_Lawyer/Salary/by_Practice_Area&lt;/a&gt;
Once again, if you’re a great personal-injury lawyer then you can make more than most corporate lawyers. However, personal injury lawyers make less on average when compared to corporate lawyers. The path in law school is likely to involve clinics you take on civil law.</p>

3

<p>The vast majority of plaintiffs’ lawyers do not make big money, just as the vast majoity of attorneys generally do not make huge amounts of money. Many really have no choice but to take what walks in the door and many of those cases aren’t worth much. They have to be in a position to cover expenses until either a settlement is paid or a judgment is paid, and even small cases can drag on and on. Hitting it big with a large products case or a class action or other action can in some ways be like hitting the lottery, but it doesn’t happen with most.</p>

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<p>This is akin to saying “why not be a day trader” because some day traders make millions/yr. The truth is the vast majority of PI lawyers, I’m talking about waaaay less then 1%, are making huge sums of money. Biglaw, if you can get it, is a pretty big salary that is guaranteed.</p>

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<p>I am a plaintiff’s contingency fee attorney. I used to work at BIG(f?)LAW. </p>

<p>Basically, what other posters have said is correct. On average, you will make a lot more at BIG(f?)LAW than as a plaintiff’s contingency fee attorney. Also, as a plaintiff’s attorney, your income is more irregular. And it takes a few years to get going.</p>

<p>In Jay Foonberg’s classic book, How to Start and Build a Law Practice, he claims that he makes more money - both year-to-year and cumulatively – than his classmates from law school who went to law firms. But this book was written many years ago.</p>

<p>In the past 10 or 20 years, BIG(f?)LAW salaries have climbed dramatically. </p>

<p>To give an example, last year my gross revenue was about $165k and my net was (obviously) less. If I were still at BIG(f?)LAW, I would be making well over $300k. This year, I have not even cracked $100k yet and there’s not much time left in the year.</p>

<p>Yes, it’s possible that I will get lucky in the next few years and score a big hit. On the other hand, it’s possible to get lucky (?) at BIG(f?)LAW and make partner, resulting in yearly income of $500k or even $1 million.</p>

<p>The real advantage to plaintiff’s side contingency fee litigation is that the quality of life is a lot better. You get a lot of autonomy and flexibility. For example, at the moment I am spending an hour or two surfing the internet without worrying about how I will hit 8.5 hours in billing for the day. Nobody ever dumps a last minute emergency assignment on me to ruin my weekend. Nobody can make me do a pointless research project. Or draft and re-draft a paper 20 times.</p>

<p>JMHO.</p>

6

<p>Thanks for your post lskinner.</p>

<p>Your perspective is the one at which I’m looking at becoming a PI lawyer. The autonomy, the flexibility, and an average good salary.</p>

<p>What do you think are the ups and downs? Besides financial insecurity, are you faced with other predicaments? Do you work alone or with others?</p>

<p>Although most don’t make as much as BigLaw attorneys, isn’t the salary comparable? And the hours vs. pay?</p>

<p>Can you realistically take time off when you want? What’s the best way to go your route?</p>

<p>I was thinking of working as a prosecutor and attain trial advocacy and litigation skills, and then move on to starting my own practice-- is this feasible?</p>

<p>Thanks!</p>

7

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<p>yes, yes, and yes.</p>

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<p>Besides cash flow (which is really the main problem), you also have to deal with running a business. Personally, I don’t mind dealing with my landlord, the phone company, Verizon, the Yellow Pages, my insurance carrier, etc. Nor do I mind managing my trust and operating accounts. Some people don’t like this though.</p>

<p>Another issue is that you can’t really take an extended vacation where you leave your work behind you – unless you have a partner who you really really trust.</p>

<p>On the other hand, you can take a day or two off here and there very easily. For example, yesterday morning I decided that I didn’t feel like going into work. So I rescheduled my one appointment for the day, and that was that.</p>

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<p>Personally, I work alone. I don’t want the hassle of having employees or partners.</p>

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<p>No, the salary is not comparable. In terms of dollars per hour, it’s kind of hard to say, since not all hours are the same. And since I have the option of turning down less profitable cases. </p>

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<p>Absolutely, although you can’t take 2 weeks off. </p>

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<p>That’s an interesting question. Ideally, one would work for a couple years for someone else to gain experience and a little money. But the problem is that it’s very easy to get stuck in a sem-comfortable rut. As your life goes on and you get a mortgage, a spouse, children, etc., it may get harder and harder to break away. So there’s something to be said for just hanging a shingle straight out of law school.</p>

<p>If I had it to do again, I would have started my practice while in law school. Although you need to be admitted as an attorney to represent people in court, you often don’t need to be an attorney to appear before administrative agencies. </p>

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<p>Sure it is, particularly if you are interested in doing criminal defense work.</p>

8

<p>I second everything Lskinner said.</p>

<p>With personal injury or other plaintiff attorney work, there is much room for fluctuation - especially for those who work on their own as lskinner said. One month you have several clients and are able to bill for lots of money, and the next month maybe not so much.</p>

<p>Biglaw associates work for a firm doing defense work for big corporations - these attorneys have a much more rigorous work week but they also have a set annual salary. </p>

<p>So its a trade off. When you’re working on your own, you set the hours, but there are no guarantees when it comes to pay. When you work for a firm, your freedom is severely limited, but you are guaranteed a salary (and usually bonuses as well).</p>