why do solicitors earn so much

[marsaday]

Why do self emplyed solicitors earn so much. A quote i have had per hour is £198 plus vat. So if this guy works a normal 38h week, he is on £7500. This equals £300k a year if he only works 10 months of the year.

I know the professions study to get to their position in life, but why is a solicitor able to earn £300k a year when dentists and doctors can earn £150k max. What about architects who study for 7 yrs. They wont earn as much as a doctor/dentist. i know because a mate is a head architect (i know not partner level) and earns £40k. his boss is probably on a little bit more he says in these tough times.

i just dont get it. Can anyone justify why solicitors earn so much ?

[Guest]

Re: why do solicitors earn so much

Each hour of his 38 hour working week will not be chargeable at £198. Typically he will be lucky to generate much more than 1000 chargeable hours per year and given that the one you mention is self-employed then he has to fund all his SG&A expenses out of those sums charged and in addition will be engaging in a large amount of non-chargeable activity.

Such as providing you with the quote you have brought here.

[shas]

Re: why do solicitors earn so much

My charge out rate over 15 years ago (LOL) was £100 + vat an hour.... & I wasn't even fully qualified (as an accountant)..the partners were £250 an hour, so that doesnt sound too bad to me in the grand scheme of things...providing he's reputable that is.
Another thing to consider is that if he's good, he might do the work in a smaller amount of time than a cheaper less experienced 1 so even though it sounds a lot...it could save you loads in the long run.

[theGobbyOne]

I think that is cheap to be honest but if your not happy shop around and see if you can get one cheaper..............And on a lighter note have you any idea how much it costs and the amount of work needed to qualify???
Am doing a law degree and it costs about £30,000 all in for tution and student loans etc etc and a lot of sweat and tears!!!!!!