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.
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