Lynda ArtesaniLegal Accountant and Data Migration Specialist at The Proper Trust

The Missing Lesson in Law School? Numbers.

26 Nov 2024 · 1 min

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Law schools don't teach financial literacy, leaving lawyers ignorant of their true cost to employers. A $50,000 salary actually costs a firm $70,000 to $80,000 when you add health benefits, 401(k) contributions, and payroll taxes.

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Starting in law school all the way up to the law firm, they don't teach attorneys numbers. Yeah. Their goal is to teach them how to, how to, to pass the bar and become an attorney, just like many schools in many different subjects do. But compensation is not just $50,000 a year that I'm paying you. Compensation is also your health benefits. Your 401 firm contribution, your taxes that the employer share of taxes, depending on how the payroll is, all of those things come into your compensation package. And so $50,000 suddenly becomes a $70,000 or $80,000 expense to the firm.