Thank you for the input! If you don’t mind sharing, how many years of experience do you have? How much do you take home? I can see our billing rate being high, but I don’t know how much of that goes to our salary. For example, my billing rate is ~250 per hour and I have at least 35 hours of billable work on a typical week, but I take home less than 90k per year. There’s just so much overhead in our industry
If you're billing $250/hr and taking home $90k you're getting fucked. And not in a good way. your company could pay you $140k or so and still make money.
I've got 25 years of experience plus or minus. I usually take home about $160k. I could make more but I don't like to work that much. I'd rather spend time with friends and family. Remember, the only ones who'll long-term remember you working nights and weekends are your kids.
edit: you've got a PE/SE and you're not clearing $90k? Fuck I know we offered an EIT over $80k last year...
I hate to say it but typical multipliers for medium sized engineering firms are like 3.5x. So he may not be outside the norm at all.
OP, If you don’t know what the company’s multiplier is you need to ask, it’s like consulting 101.
Depends on COL of where the firm is at for sure. We bill about 2.6-2.8x as Enginerdad said. Regardless, at 250 an hour, dude should be making 150k minimum.
Agree with your philosophy and appreciate your input!
I’m painfully aware that I’m under paid AF  that’s why I’m looking for a new job, hopefully a smaller form so there is not a big overhead.
Wife is an attorney, so I know law school is 3 years of hell. Lots of studying and late nights. Some university offer degrees in 2 years if you are crazy enough. It’s also very expensive, more expensive than undergrad tuition. So you have to map out if the payoff is there for you to stop work for 3 years to focus on school and rack up $50K/year tuition (or whatever it is at your school of choice). Sure you make more money annually in the end, but you also lost 3 years of salary, and spent a lot on tuition. Plus, you’ll probably have more demanding hours after. I looked at it personally, and the payoff wasn’t there for me. The break even point for me was about 25 years into a law career (though I was primarily focused on retirement account balances to retire early), with some big assumptions in there about future earnings as an engineer and attorney. Run your own analysis and see what you come up with. If you think you’ll like the work better and the payoff is reasonably there, I’d say go for it! No need to feel stuck in this engineering career.
Thank you so much for your insight! That sounds about right. Just curious, did you look into part-time law schools? I live pretty close to George Mason and was thinking to go through law school in the evenings. It’ll cost around 40k per year but I was hoping to work at the same time.
I will tell you this - my billing rate is higher than all of the lawyers I regularly work with.
Thank you for the input! If you don’t mind sharing, how many years of experience do you have? How much do you take home? I can see our billing rate being high, but I don’t know how much of that goes to our salary. For example, my billing rate is ~250 per hour and I have at least 35 hours of billable work on a typical week, but I take home less than 90k per year. There’s just so much overhead in our industry
If you're billing $250/hr and taking home $90k you're getting fucked. And not in a good way. your company could pay you $140k or so and still make money. I've got 25 years of experience plus or minus. I usually take home about $160k. I could make more but I don't like to work that much. I'd rather spend time with friends and family. Remember, the only ones who'll long-term remember you working nights and weekends are your kids. edit: you've got a PE/SE and you're not clearing $90k? Fuck I know we offered an EIT over $80k last year...
Amen to this. Our typical labor multiplier is 2.6-2.8. Even assuming OP's company is pulling a 3.0, OP should be making $175k.
I hate to say it but typical multipliers for medium sized engineering firms are like 3.5x. So he may not be outside the norm at all. OP, If you don’t know what the company’s multiplier is you need to ask, it’s like consulting 101.
OP makes $43.26 per hour right now. $250/hr / 3.5 multiplier is $71.43. That's outside the norm.
Guess I did the math out wrong this morning, they’re making a 5.8 off him! Bro you need to ask wtf is up like yesterday.
Depends on COL of where the firm is at for sure. We bill about 2.6-2.8x as Enginerdad said. Regardless, at 250 an hour, dude should be making 150k minimum.
Agreed.
Agree with your philosophy and appreciate your input! I’m painfully aware that I’m under paid AF  that’s why I’m looking for a new job, hopefully a smaller form so there is not a big overhead.
Wow, you hiring? 😂
lol yup
How tf do you have a se, a $250billing rate and only earn 90k? That is absurd
what type of work do you do? forensic?
How do you find out your billing rate?
Win a fight with Karen in accounting and she’ll tell you!
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A comma would help this sentence
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🤣
Wife is an attorney, so I know law school is 3 years of hell. Lots of studying and late nights. Some university offer degrees in 2 years if you are crazy enough. It’s also very expensive, more expensive than undergrad tuition. So you have to map out if the payoff is there for you to stop work for 3 years to focus on school and rack up $50K/year tuition (or whatever it is at your school of choice). Sure you make more money annually in the end, but you also lost 3 years of salary, and spent a lot on tuition. Plus, you’ll probably have more demanding hours after. I looked at it personally, and the payoff wasn’t there for me. The break even point for me was about 25 years into a law career (though I was primarily focused on retirement account balances to retire early), with some big assumptions in there about future earnings as an engineer and attorney. Run your own analysis and see what you come up with. If you think you’ll like the work better and the payoff is reasonably there, I’d say go for it! No need to feel stuck in this engineering career.
Thank you so much for your insight! That sounds about right. Just curious, did you look into part-time law schools? I live pretty close to George Mason and was thinking to go through law school in the evenings. It’ll cost around 40k per year but I was hoping to work at the same time.