How do you find out what your billing rate is?

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PorscheFanatic

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How do you find out what your billing rate is?

Postby PorscheFanatic » Fri Jan 12, 2018 3:36 pm

Just out of curiosity. Wondering where to find this info, or what is a typical billing rate by class year.

V50 biglaw firm, currently a first year, not sure if it is market dependent, but I'm in SoCal.

My secretary asked what my rate is, I said idk, and she just said no worries she'd figure it out.
I was a little busy at the time so I didn't ask why she was asking, so I'm just curious what the range is (if there are typical rates across peer firms).

umichman

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Re: How do you find out what your billing rate is?

Postby umichman » Fri Jan 12, 2018 3:37 pm

if your firm has a bankruptcy group, looka t the latest filings for fee applications

redsox550

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Re: How do you find out what your billing rate is?

Postby redsox550 » Fri Jan 12, 2018 3:47 pm

PorscheFanatic wrote:Just out of curiosity. Wondering where to find this info, or what is a typical billing rate by class year.

V50 biglaw firm, currently a first year, not sure if it is market dependent, but I'm in SoCal.

My secretary asked what my rate is, I said idk, and she just said no worries she'd figure it out.
I was a little busy at the time so I didn't ask why she was asking, so I'm just curious what the range is (if there are typical rates across peer firms).


There is usually some internal site that can show you timekeeper distributions for your deals, your hours by month, year etc. and billable rate, our is called LawDrill

make tls great again

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Re: How do you find out what your billing rate is?

Postby make tls great again » Fri Jan 12, 2018 3:51 pm

it's probably in your engagement letters, which is probably why she asked

1styearlateral

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Re: How do you find out what your billing rate is?

Postby 1styearlateral » Fri Jan 12, 2018 4:19 pm

Just ask the partner you work for.

ghostoftraynor

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Re: How do you find out what your billing rate is?

Postby ghostoftraynor » Fri Jan 12, 2018 4:37 pm

1styearlateral wrote:Just ask the partner you work for.


Kind of a weird thing to ask if you don't have a legitimate reason. Plenty of easy ways to figure it out yourself:

1. If your firm does BK, that information is publicly available on the docket.
2. Search your datasite for either (a) engagement letters or (b) invoices. Surely, you could find a recent one in a couple of minutes.

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SmokeytheBear

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Re: How do you find out what your billing rate is?

Postby SmokeytheBear » Fri Jan 12, 2018 4:39 pm

Ask your secretary.

hlsperson1111

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Re: How do you find out what your billing rate is?

Postby hlsperson1111 » Fri Jan 12, 2018 6:02 pm

If your firm has an Intranet site (most do), you should be able to find it there.

1styearlateral

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Re: How do you find out what your billing rate is?

Postby 1styearlateral » Fri Jan 12, 2018 6:21 pm

ghostoftraynor wrote:
1styearlateral wrote:Just ask the partner you work for.


Kind of a weird thing to ask if you don't have a legitimate reason. Plenty of easy ways to figure it out yourself:

1. If your firm does BK, that information is publicly available on the docket.
2. Search your datasite for either (a) engagement letters or (b) invoices. Surely, you could find a recent one in a couple of minutes.

Don't have a legitimate reason? "My secretary asked." Sure, 1 and 2 are great alternatives but in what world does a partner not care about things that get the firm paid?

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Re: How do you find out what your billing rate is?

Postby Anonymous User » Fri Jan 12, 2018 7:12 pm

I'm not sure what practice area you're in, but in my practice area (bank finance), we regularly see the bill go across and can see the billing rates from that.

RaceJudicata

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Re: How do you find out what your billing rate is?

Postby RaceJudicata » Fri Jan 12, 2018 7:41 pm

Probably a lot higher than you think, and definitely high enough to make you wonder why the fuck someone would pay that much for your “expertise.” I know that was my reaction when I found out my rate.

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LaLiLuLeLo

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Re: How do you find out what your billing rate is?

Postby LaLiLuLeLo » Fri Jan 12, 2018 7:46 pm

RaceJudicata wrote:Probably a lot higher than you think, and definitely high enough to make you wonder why the fuck someone would pay that much for your “expertise.” I know that was my reaction when I found out my rate.


I’ll have you know I make sig pages like a motherfucker.

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Pokemon

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Re: How do you find out what your billing rate is?

Postby Pokemon » Sat Jan 13, 2018 3:29 pm

1styearlateral wrote:
ghostoftraynor wrote:
1styearlateral wrote:Just ask the partner you work for.


Kind of a weird thing to ask if you don't have a legitimate reason. Plenty of easy ways to figure it out yourself:

1. If your firm does BK, that information is publicly available on the docket.
2. Search your datasite for either (a) engagement letters or (b) invoices. Surely, you could find a recent one in a couple of minutes.

Don't have a legitimate reason? "My secretary asked." Sure, 1 and 2 are great alternatives but in what world does a partner not care about things that get the firm paid?


Yeah, but you do not go to a partner and if the partner does not know to the head of the practice group for a question your secretary asks.

Graybrow

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Re: How do you find out what your billing rate is?

Postby Graybrow » Sat Jan 13, 2018 5:20 pm

This is great advice. Knowing your billing rate is essential for charming ladies at the bar. "I'll have you know my firm charges $550 an hour for me to do nothing of consequence" *sips rusty nail*

mcmand

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Re: How do you find out what your billing rate is?

Postby mcmand » Sat Jan 13, 2018 5:48 pm

Ask the client. If all others fail, they'll know!
Last edited by mcmand on Mon Jan 29, 2018 2:44 pm, edited 1 time in total.

1styearlateral

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Re: How do you find out what your billing rate is?

Postby 1styearlateral » Sun Jan 14, 2018 12:21 am

These last two made me chortle pretty hard.



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