Thursday, March 27, 2008

Income

In response to an email I got based on my last blog I think maybe there is some misunderstanding about what I charge vs. what I make.

To use simple basic numbers, lets say for the sake of arguement I charge all o fmy clients $200 an hour across the board. ( I don’t -some case are billed hourly at various rates, some a flat fee, so based on a % of judgement). AND I can actually charge for 5 hours a day and everyone pays on time(if you want to see how hard it is - I challenge you to keep track of the time you actually work. Can’t count office chit chat, smoke/bathroom/walking around. And not every one pays, much less on time)

Out of that $200 an hour I pay/help pay:

1. the salary of 5-7 other attorneys if they do not cover thier own salary
2. the salary of 5-9 support staff
3. the debt service on the building
4. office expenses (the last copier cost us $22k on the 5 year lease plus per copy expense)
5. legal books/updates/web based research
6. advanced moneys on contengent fee cases
7. my law license fees
8. continuing education fees
9. diet coke/sprite my clients drink while meeting with me
10. malpractice insurance
11. debt service on $80k in student loans

My unpaid accounts recievable would give a true business man a stroke. I personally wrote off $150K in unpaid bills last year and still have about the same carried over.

Those who know me in person know I would not charge a dime if I could afford it. I love what I do, but I do have to eat, pay rent and child support. In fact i tend to give too much time away which is my own fault.

To the asshole who questioned my ethics and morals for wanting to charge $2000 for 4 criminal charges - go fuck yourself. Until you have done what I do you have no fucking clue about what it costs - money and emotion/stress.

Yeah I am rolling in money and getting rich - I never have had a debt collector call me about an unpaid bill. I live in a one bedroom apartment and wonder if I can afford to buy my little girl a bike to ride this summer or pay all the fees for her soccer/gym/karate.

3 comments:

RB said...

I feel your pain. I don't think any small firm or solo practitioner is questioning you.

Redgoddessupreme said...
This comment has been removed by the author.
Anonymous said...

You're right on, dude.