THE VIRGINIAN-PILOT Copyright (c) 1994, Landmark Communications, Inc. DATE: Monday, November 7, 1994 TAG: 9411050551 SECTION: BUSINESS WEEKLY PAGE: 11 EDITION: FINAL TYPE: Cover Story LENGTH: Short : 48 lines
Stephanie Tomlinson has a clear idea why she's spending $30,000 on her legal education.
``To vindicate people in our society, to see justice done, even though that sounds a little esoteric,'' Tomlinson said. ``I respect our judicial system greatly. That's the underlying reason.''
While competition may be heating up among law firms and pushing legal fees down, Tomlinson expects she'll recoup her educational investment once she graduates from Regent University School of Law.
Tomlinson estimated she'll make about $35,000 during her first year of practice.
That compares to average annual salaries in Hampton Roads of $26,834 for accountants, $34,901 for computer programmers and $36,836 for electrical engineers, according to a 1994 compensation survey distributed by the Hampton Roads Chamber of Commerce.
If that makes her chosen profession seem lucrative, consider this. Tomlinson said tax attorneys can command $100,000 salaries early on in their careers.
Local and state bar associations don't track attorney fees. But one lawyer compared prices and said the hourly fee for a general-practice attorney in Tidewater averages $100 to $150 while the trial fee at a general-practice office is $200.
Probate charges are 3 percent of the general estate. So, if the estate is worth $1 million, the attorney charges $30,000.
Real estate closings cost $300 to $350. Uncontested adoptions and separation agreements cost about $300. Most practices offer a free initial consultation.
Regent law school dean Nelson Happy said corporations had been recruiting law school graduates. But those in-house jobs appear to be declining with the advent of lower-cost law firms, which have driven fees down, Happy said.
``Now companies are laying off (in-house attorneys) and hiring firms again,'' Happy said. As a result, ``I think we're going to see more competition at the law firms.''
Janet Dunphy by CNB