That's what they charge for partners. Normal people easily get charged out for 50 USD per hour. Try calling a plumber to see for yourself.
That doesn't mean that they actually get that much money for every hour worked, since the billed hours have to pay unbillable costs like office rent, admin overhead, taxes etc.
If you are willing to look beyond the rich world: world average GDP per capita is something like 10k USD. At 2000 hours worked per year, that 0.5 USD per hour.
Your `average' person already makes 20 times as much as the actual average person.
> If you are willing to look beyond the rich world: world average GDP per capita is something like 10k USD. At 2000 hours worked per year, that 0.5 USD per hour.
No it isn't. It's $5 an hour, barely under the US minimum wage.
And what's the value of a law firm partner who helped set up and oversees an operation that saves you from a patent troll?
This firm was diligent enough to question the very basis of the lawsuit and ferret out evidence that evidently neither of the parties realized they had that the patents had been properly bulk licensed. I've worked with some very good corporate lawyers, and learned from them and other sources that such diligent competence is by no means a given.
My friend plays a lot of competitive poker. He'll show up after months of being off the grid muttering about being in the middle of a $50,000 downswing, and disappear once he's mentally refreshed enough to make another minor fortune.
i had a friend in a similar position a few years ago (but living in the US) - he ended up having most of is money locked up when poker stars and the other major players we out of business - im not sure if he got it back ...
Except most people are paid a pittance, when there is plenty of capital to go around. Just look at the income distribution of the 1950's compared to now.
You really should be more educated about reality and acfual statistics.
They don't make that. That's what you're charged for having them. Some of that goes to their salary, or however they're compensated by their firm. The rest of it goes to operating the business/partnership. Same for the juniors and paralegals.
Most partners don't really see all that money, but they still probably take home a significant percentage of it. IP litigators have very specialized knowledge, that's why they charge so much.
That doesn't mean that they actually get that much money for every hour worked, since the billed hours have to pay unbillable costs like office rent, admin overhead, taxes etc.
If you are willing to look beyond the rich world: world average GDP per capita is something like 10k USD. At 2000 hours worked per year, that 0.5 USD per hour.
Your `average' person already makes 20 times as much as the actual average person.
(Keep in mind, that the median is lower than the average. Check out http://www.bbc.com/news/magazine-17512040)