Lawyer Salaries - Help me (2 Viewers)

[Omnidragon]

75k is probably the bare minimum:

tax man takes 1/3
rent 20k
day to day expenses 15k
holidays/random stuff 15k

= zero

im not sure if this means australian living is overpriced or law is underpaying

Well as I said, would be getting this awesome $8k ring at 34.

Am actually looking at engagement ring in HK - need to fly there to have a look. Should catch up for a drink. I tried an awesome long island at Otto de Mezzo last time.

 

[theism]

I've been lurking for quite some time and decided to make an account to ask this question.

I was talking to some friends from school and they said that lawyer salaries start at 35k a year and slowly increase from there. This girl even told me that this was at a mid-tier firm. Is this true?

I'm doing my HSC this year, well on track for a 99.8+ and will be going comm/law at usyd

Don't go all crazy and think that I'm basing my career choice purely on the salary because that's not true at all. I have great passion for law but if I'm making less than a person at coles does, then I wont go at all. I'm not going to waste 5 years at uni, rack up a bunch of debt and have no job in a field that lawyers, in my opinion, are earning much less than they should.

Someone knowledgeable on this topic or if you have anything to say, please reply.

Oh and If someone with some kind of authority can move this thread to its right place, it will be great. I'm not sure as to where it would go.

put it this way, some of the law graduates working in firms aren't even getting paid.
anyway, at a top tier commercial, you'd be looking at around 50-65k first year. mid tier would be around 45-55, and suburban would be around 35-45k...
put it this way, i worked at a specialist suburban personal injury firm for a few weeks and a solicitor there who had been working there for 5 years was only on $45k..

 

[izzy88]

put it this way, some of the law graduates working in firms aren't even getting paid.
anyway, at a top tier commercial, you'd be looking at around 50-65k first year. mid tier would be around 45-55, and suburban would be around 35-45k...
put it this way, i worked at a specialist suburban personal injury firm for a few weeks and a solicitor there who had been working there for 5 years was only on $45k..

Those figures look a little low for top tier commercial law firms - the package (including super etc) are more in the range omnipotence gave earlier in the thread (around $70-80k). That's what I've heard anyway.

 

[seremify007]

Agreed. I confirm with the above from speaking with some friends from the top tiers; KWM, FH, etc that starting is between $68k and $75k. Firmspy did an article on it which is linked to somewhere above.

 

[Omnidragon]

Those figures look a little low for top tier commercial law firms - the package (including super etc) are more in the range omnipotence gave earlier in the thread (around $70-80k). That's what I've heard anyway.

The moment one starts caring about whether the salary is actually $55k or $75k, your life is probably capped any way. $20k? Seriously...

 

[Dr_Fresh]

dayum, mine is only 56k (excluding overtime). shouldve done law...jk

 

[izzy88]

The moment one starts caring about whether the salary is actually $55k or $75k, your life is probably capped any way. $20k? Seriously...

I was just trying to correct information.

In any case, it all looks great to me after 6 years on a student budget. That $20k (taxed etc) could equal a holiday!

 

[theism]

Those figures look a little low for top tier commercial law firms - the package (including super etc) are more in the range omnipotence gave earlier in the thread (around $70-80k). That's what I've heard anyway.

sorry the figures were base, not including super..

i wonder how many grad jobs there are at the top tier firms at the moment... with so many redundancies these past years, along with the numbers of law graduates.

 

[Omnidragon]

How many? Lots in every city

If you can't get in you're a failure anyway.

 

[Proteus]

I was just trying to correct information.

In any case, it all looks great to me after 6 years on a student budget. That $20k (taxed etc) could equal a holiday!

Or a new car!!

 

[seremify007]

I was just trying to correct information.

In any case, it all looks great to me after 6 years on a student budget. That $20k (taxed etc) could equal a holiday!

Agreed with this- when you're coming off a student budget of $0 then any dollar is better. I still remember my first paycheck of circa $1900 after tax and boy was it sweet.

 

[Omnidragon]

In my second job and my second career mistake in life - which was going to a top tier law firm (ps I had one interview and was hired in 10 minutes by the head decision maker), I saw a pay cheque of I think $3800 come in for the month.

I nearly spewed blood when I got it. While I knew what the dismal pay was, seeing it actually in my hands (while my colleagues had a big **** eating grin on their face like they've hit jackpot getting that pay cheque) just made me want to cringe. After that (my first day at work), I billed collectively 15 hours over 4 months and spent all the time on a side business which me an extra $30k or $40k in 4 months post tax (can't remember now), before resigning in the 5th month.

Gee how far I've come. The other day a hot shot Asian country government official's son got admitted to practise and invited me to dinner. I felt like lol'ing when I got the invitation, but went anyway since this guy could make me disappear if I ever went to his city, and disappear legally I mean (like being arrested for drugs or something and sent to prison and beaten up 50 times every day).

 

[Aspielawyer]

Many law grads have to volunteer for a few months or even years to get some experience. My brother who tried to talk me out of Law and his class mates are not clearing $80,000 to $90,000 after 6 or 7 years work experience. The average income for a solicitor in Sydney in say Family Law or Wills and Estates is only around $70K after many years of experience. If you want money consider Geology. Every man and his dog has a law degree so it pushes wages down. Law grads are also their own worst enemies because they do not have a union the same way nurses or other professions do so they are at the mercy of these firms. Also it is important to know that most of the people who were academically brilliant often do not have any of the street smarts that is required to practice in some areas. Some of our lecturers are advising us to consider alternatives to some of the top tier firms for Graduate roles. Many of the the grads at these firms who give 110% are burned out and leave the practice of law altogether within 24 months. Only 5 per cent of these Graduates at these firms will eventually make partner. Most of these academically brilliant Grads end up as journeymen solicitors. Sometimes its better to consider a graduate position which is going to give you experience and a better lifestyle compared with photocopying millions of pages of discovered documents for 15 hours a day.

 

[OzKo]

Many law grads have to volunteer for a few months or even years to get some experience. My brother who tried to talk me out of Law and his class mates are not clearing $80,000 to $90,000 after 6 or 7 years work experience. The average income for a solicitor in Sydney in say Family Law or Wills and Estates is only around $70K after many years of experience. If you want money consider Geology. Every man and his dog has a law degree so it pushes wages down. Law grads are also their own worst enemies because they do not have a union the same way nurses or other professions do so they are at the mercy of these firms. Also it is important to know that most of the people who were academically brilliant often do not have any of the street smarts that is required to practice in some areas. Some of our lecturers are advising us to consider alternatives to some of the top tier firms for Graduate roles. Many of the the grads at these firms who give 110% are burned out and leave the practice of law altogether within 24 months. Only 5 per cent of these Graduates at these firms will eventually make partner. Most of these academically brilliant Grads end up as journeymen solicitors. Sometimes its better to consider a graduate position which is going to give you experience and a better lifestyle compared with photocopying millions of pages of discovered documents for 15 hours a day.

Top post.

 

[seremify007]

Many law grads have to volunteer for a few months or even years to get some experience. My brother who tried to talk me out of Law and his class mates are not clearing $80,000 to $90,000 after 6 or 7 years work experience. The average income for a solicitor in Sydney in say Family Law or Wills and Estates is only around $70K after many years of experience.

I'd say that's true for the 90% of law grads who don't actually get into a clerkship/graduate role in a law firm (with a proper graduate program). But if you're really in the upper range (read: HD WAMs) then I wouldn't be too worried.

 

[seremify007]

For those interested in how much the partners make in law firms.... refer to: http://www.afr.com/p/national/legal_affairs/how_much_do_lawyers_earn_KkoqBp7dPh1OihDcVGrn5M

Or just to cut to the chase;

 

[OzKo]

For those interested in how much the partners make in law firms.... refer to: http://www.afr.com/p/national/legal_affairs/how_much_do_lawyers_earn_KkoqBp7dPh1OihDcVGrn5M

Or just to cut to the chase;

Probably worth mentioning how many people get the opportunity to work within those firms.

 

[wannaspoon]

Probably worth mentioning how many people get the opportunity to work within those firms.

probably 0.01% of all law graduates...

 

[alstah]

Don't worry too much about the starting salary. The real opportunities with law is how much $$$ you can make down the track.

http://afr.com/p/national/legal_affairs/law_firm_profit_survey_pay_hits_ZDlK7zEXWaISbNy1QCtIUO

The average partner in a top tier law firm makes $2m+.

In Sydney, salaried partners can make around $300K+ and equity partners can make up to $2m (base + superannuation + profit drawing + [perhaps] bonuses). It can take around 10+ years to make salaried partner and around 15+ years to make equity partner. Generally, top-tier firms have a moderate leverage ratio, so, roughly, 4:1 lawyers per partner (remember most of this people are the best of the best from USyd/UNSW Law...)

In a nutshell: You're an associate for 5 years ($75k-$100k), senior associate for another 5 ($150k-$200k), salaried partner for 5 more ($300k-$750k - depending on how long you stay a salaried partner) and eventually equity partner is $2m, but 20 years down the track it could well be much more.

 

[Omnidragon]

Pretty tedious way to make money. 20 years? Haha