Too few lawyers actually take the time to calculate how much they’re earning per hour, writes Sam Burrett.
Most people think of lawyers as high-flying, high-income professionals. If you’re a lawyer, you’ve made it to the big time. But few people actually stop to calculate how much lawyers really make per hour. If they did, they’d be shocked at the results.
It’s not that lawyers don’t get paid well. In fact, lawyers earn almost double the median Australian salary. The problem is that being a lawyer costs much more time and money than people think. It is expensive to achieve and maintain the typical lawyer lifestyle.
On the flip side, this challenge presents an opportunity. By calculating your real hourly rate (i.e. what you make minus all the costs associated), you can take charge of your career and align your hard work with appropriate financial rewards.
Now is the time to do that. COVID-19 presents a unique opportunity for lawyers to decrease the costs and hours required to do their work.