<p>Just for the record, I've never heard of a partner at a Vault 100 firm making less than 700k/year.</p>
<p>Both my parents are doctors and let me tell you, life isn't that easy. They, both, combined make no where near a million and my dad alone works 80 hours a week thanks to being on call twice a week. They were both in residency 5 years each BTW. Also, they both had pretty high test scores, especially my dad.</p>
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This was after he opened up an office directly across from a children's hospital with a huge advertisement informing parents that his law firm gladly took malpractice claims. Because of public outcry, he was out of there within a few weeks. Unfortunately, there are many more like him
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<p>I don't see what's so terrible - generally speaking - about advertising that targets potential clients. The fact is that many people are totally unaware of their rights, or even that they have been wronged. It's also true that doctors regularly screw up, either out of carelessness, greed, or both. If the patient suffers as a result, then he or she deserves to be compensated and usually that requires an attorney.</p>
<p>It's true that plaintiff's attorneys sometimes pursue frivolous claims. But this is not as common as a lot of people think. A lot of people have the idea that a plaintiff's attorney can make easy money by filing frivolous claims and extracting nuisance settlements. This is nonsense. As an example, I turn down well over 100 cases per year. If I could extract a $2000 nuisance settlement for each of these cases, the mortgage would be paid off on my house by now. Guess what? I still have 25 years to go on my mortgage.</p>
<p>What's a lot more common than frivolous lawsuits is frivolous defenses. i.e. defendants who refuse to pay on valid claims either because they have fooled themselves into thinking the claim is frivolous or because they are hoping the plaintiff will lose interest, die, or otherwise disappear during the few years it takes to prosecute a lawsuit.</p>
<p>Just my humble opinion, of course.</p>
<p>Here's the link regarding the particular case..</p>
<p>I am a student right now wondering which one or the other. Although in my culture doctors are vastly more respected. I am a girl( and will be till I am married with children with the way my parents think) and they also feel that being a lawyer is too 'dangerous' for girls. All kind of crap really, but I agree if lawyers had had the call they'd probably have ended up as doctors. Which by the way makes me ask is it possible for a pre-med to switch to a legal profession like forensics or just law?</p>
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In my practice as an attorney, the ability to set fees gives me the freedom to help a lot of people free of charge;
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<p>In medicine, you get to help many people free of charge, some people (Medicare and Medicaid patients) at mandatory substantially discounted rates and some people at essentially non-negotiable discounted rates (HMO's, private insurance).</p>
<p>The primary economic difference between the practice of law and medicine is that very few doctors set their own fees. Furthermore, hospital call duties [correctly] require taking care of all patients regardless of ability to pay or insurance status.</p>
<p>Physician compensation on a patient by patient basis is largely determined by the patient's insurance status rather than the patient's medical condition and the interventions required.</p>
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In medicine, you get to help many people free of charge
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<p>Sure, the folks who stiff you! :)</p>
<p>But seriously, I've thought about it, and it seems to me that in businesses that generate revenue by charging for services piecemeal or by time spent have a tendency to put pressure on margins, particularly if overhead is high.</p>
<p>Whenever I've gone to a doctor's office, I have waited in a waiting area and then in an examination room, and the doctor pops in and out. It seems like the emphasis is on moving a large volume of patients throught the office. Economically, this makes sense since (i would think) that the doctor's revenue is roughly proportional to the number of patients that are seen.</p>
<p>It seems to me that with such a business model, if the doctor takes a leisurely approach to things and also does some pro bono work, if these things use up 10% of his working time, it may reduce his revenue by close to 10% and his profit even more. </p>
<p>I think that many law firms are in a similar situation. Even though big firms are incredibly profitable, there is intense pressure on associates to bill hours.</p>
<p>I realize this isn't quite what I said before.</p>
<p>Unfortunately, revenue is not proportional to number of patients seen. Doctors lose money on many office visits. Increasing volume will not help.</p>
<p>See "Medical Burnout" at <a href="http://home.austin.rr.com/austintxmd/Pages/intro.html%5B/url%5D">http://home.austin.rr.com/austintxmd/Pages/intro.html</a></p>
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Unfortunately, revenue is not proportional to number of patients seen. Doctors lose money on many office visits. Increasing volume will not help.
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<p>There is a difference between revenue and profit. And since many overhead costs are fixed, increasing volume may very well help.</p>
<p>In any event, the article you link to supports my earlier position. The doctor who (apparently) wrote it cannot set his fees and as a result he feels resentful towards doing the work that he loves. That really sucks.</p>
<p>By contrast, I have a family member who is a plastic surgeon. Since he does mostly cosmetic surgery, he can set his own fees. (Insurance usually doesn't cover the work he does.) He makes a lot of dollars per hour. A year or two ago, he went to China for a few weeks to do free surgery on Chinese peasants who were disfigured and obviously couldn't afford to hire anyone to help them. He regularly travels to seminars to hone his skills as well as schmooze with other doctors. In short, the power to set fees gives him the freedom to provide excellent service, to help other people, to enjoy himself, and to make a good living.</p>
<p>Most doctors help many people during their lifetime. Saving one life is a miracle. Most lawyers only care about money. A small percentage of the lawyers use their training to help people. Ask your lawyer how many lives they have saved someone in their career. Then ask your doctor.</p>
<p>Doing pro bono work, such as getting a person rent deposit back from thier landlord or getting probation instead of serving 6 months in jail can not be compared to saving a person's life.</p>
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Most lawyers only care about money.
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<p>Do you have any specific facts to back that up? Because it's not consistent with my experience.</p>
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Doing pro bono work, such as getting a person rent deposit back from thier landlord or getting probation instead of serving 6 months in jail can not be compared to saving a person's life
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<p>Why not? History is replete with examples of people risking -- or even sacraficing -- their lives and health in order to realize their legal rights.</p>
<p>What if you had been at the Old North Bridge back on April 19, 1775? Would you have said "Hey boys, let's not risk our lives and health to stand up for our rights."</p>
<p>Anyway, I encourage you to look around your house, car, and workplace for all the wonderful safety devices in place. And then thank a lawyer for building codes, worker's compensation laws, and auto industry regulation.</p>
<p>Just last night, I met a client at a local hotel to give her a settlement check. While I was waiting, I noticed workers installing panic bars on the doors to the main banquet hall. Simple devices that ensure the hall can be evacuated quickly and safely if there is a fire or other emergency. Why do hotels install such devices? Because of building codes, and also because their insurance companies make them pay attention to these things in order to avoid big payouts on lawsuits.</p>
<p>I drove my car home. It is equipped with multiple airbags, anti-lock brakes, a steering collumn and foot controls that are designed to collapse in the event of a serious collision, and numerous other safety features. The gas tank is located so as to reduce the chance it will be punctured if somebody runs in to me. Why do car manufacturers do all this stuff? Because of safety regulations and because of fear of lawsuits.</p>
<p>Watch the news and look at some third word ****-hole that doesn't have rule of law. In such countries, disputes are settled not with lawyers but with AK-47's. A minor earthquake can kill thousands of people because building codes are weak, non-existent, or unenforced. Since contracts cannot be adequately enforced, nobody will invest significant resources and the economies of these places are poor. A side effect is that medical care in poor countries tends to be a lot worse than in wealthy countries.</p>
<p>So when you ask me how many lives have been saved by lawyers, I am proud to tell you that we have saved millions.</p>
<p>Just my humble opinion, of course.</p>
<p>i agree, its comparing apples and bananas.
and yet, am interested in both careers, any advice?</p>
<p>"Doing pro bono work, such as getting a person rent deposit back from thier landlord or getting probation instead of serving 6 months in jail can not be compared to saving a person's life."</p>
<p>That's a cheap shot. One could just as easily say "giving someone Botox injections cannot be compared to getting a wrongfully convicted person off of death row."</p>
<p>To Solarte:</p>
<p>What do you like better, eating apples or bananas?</p>
<p>When it comes to eating fruit, of course, you don't have to chose one of the other. You're free to eat apples for lunch, and bananas for breakfast.</p>
<p>Here's one way to decide: Where would you rather spend the next hour, in a biology lab, or in an English class?</p>
<p>Most lawyers I know would chose to spend the time in an English class; most doctors would chose the biology lab.</p>
<p>So what's a kid to do when he's totally in love with economics but doesn't have any interest in money?</p>
<p>Study econometrics.</p>
<p>Well said lskinner!</p>
<p>they would both have important roles in society</p>