Quote of the Day - No matter how rich you become, how famous or powerful, when you die the size of your funeral will still pretty much depend on the weather.
Impressive, in a word.
But are they really? Americans are wrapped up with the fastest, the highest (jumping), the biggest, and, well you get the idea. It's unclear how it all got started, but it probably had something to do with a bet in a bar that had to get settled.
Let's take a hard look. The 2005 AM Law 100 lists 68,186 lawyers, who collectively grossed $46,042,000,000.00.
What about the rest of us? According to the government, the median salary was $90,280 in 2002 for lawyers in 650,000 jobs. That translates into $58,682,000,000.00, but that's only earnings. Applying the "third-third-third" rule (salary, overhead and money to the firm) to this number places the gross much higher, at $174,786,000,000.00.
Now, even if you deduct the AM Law 100 out of that equation, that puts gross revenue for the rest of us around $128,744,000,000.00.
Apart from the three-year gap, comparing those two sets of numbers, however, may be like comparing apples and oranges. Even so, it's a pretty good indication that the real money to be made is in the big firms - just over 10 percent of the lawyers in the top 100 firms gross just over 25% of the revenue.
That also means that's where there's real money to be spent if you're a client of one of those big firms. That's why I like practicing in a firm this size: WLF.
Additional info added after original post:
Here's Bruce MacEwen's take on the issue.