Yeah I don't know the typical numbers for lawyers, but in my field hourly charge out rates are 2.5 to 3 times what someone makes. The rest has to cover non-billable hours, vacation, benefits, building lease, computers and other equipment, insurance, taxes, legal/accounting fees, and non-billable staff (HR, receptionist, finance,, IT, etc.), as well as hopefully a bit of profit. Of course 1/3 of $700/hour would still be a lot, but maybe their ratio is higher.
|