Question: The law firm of Smith Jones is a partnership
The law firm of Smith & Jones is a partnership owned by Steve Smith and Jerry Jones. In addition to the partners, the firm employs three associate attorneys and three paralegals. The partners are required to bill 1,800 hours at $450 an hour. They have a 90 percent realization rate. The associates are required to bill 2,000 hours at $300 an hour. They have an 85 percent realization rate. The paralegals are required to bill 1,800 hours. One paralegal’s hourly rate is $85 an hour, and she has an 85 percent realization rate. The other two paralegals’ hourly rate is $70 an hour. Paralegal number 2 has a realization rate of 80 percent, and paralegal number 3 has a realization rate of 75 percent. Calculate the firm’s projected gross income for the year.
Relevant QuestionsWhat is the difference between a freelance paralegal and an independent paralegal?What areas are considered when establishing a compensation plan?Smith & Jones has an expense percentage of 62 percent. On the basis of the projected income in question 5, calculate the firm’s projected net income for the year.Joseph is a paralegal for a mid-sized law firm. He has a dispute with Susan, one of the attorneys for whom he works. He misunderstood Susan’s instructions to prepare a research memorandum and failed to do it. The failure ...Your firm represents Ms. Grace in a slip-and-fall matter against Lucky Market. Her accident occurred on December 23 of last year. The statute of limitations is one year. How would you tickle the statute of limitations for ...
Post your question