Whenever we enter a raise cycle or bonus season, we get at least one concerned reader bemoaning that Above the Law’s core editorial staff takes a partial hiatus from unraveling law school gossip and clowning on lawyer meltdowns to report on the furious stream of associate compensation news. A stream that got so hot this year that the new payscale didn’t even last 24 hours before getting topped!

Then compensation/bonus season arrives. I suddenly remember why most people fucking hate lawyers. I’ll see you guys again sometime in late August, when your site isn’t a gross celebration of greed.

Thankfully, this reader is coming at it recognizing that it’s not a news development we can just ignore since the majority of the audience very much relies on these stories. But it’s a valid concern and one that hits a lot of our readers — in particular the counsel and staff that rarely get corresponding raises — harder than others.

However, emptying the stock image library of money pictures aside, are we contributing to a culture of greed when we celebrate salary hikes? I don’t think so, and in fact I think it’s the opposite.

Obviously a $205K starting salary is nothing to take for granted. It’s a big haul and immediately places an associate in the upper classes of American society. That said, what are firms really paying first-years? When all is said and done, attending law school puts students back upwards of $350K depending on the financial package, and that’s before considering the costs of just not working for three years. Then they begin jobs working 2200+ hours/year — and that’s working, not billing because even lower-end billing probably lands a lawyer in the office for 2200 or so — taking home something like $80-$90/hour. That’s not unheard of for a trained professional. Electricians or plumbers often bill out at more.

Which of course brings us to the fact that associates are billing out higher. The Wall Street Journal reports, “Large law firms charge clients between $371 and $665 an hour for lawyers straight out of law school, according to Bodhala, a market-intelligence firm.” That generally tracks what my in-house sources tell me too. We’re not so deliberately obtuse to think law firms can’t charge more than cost for legal services, but there’s a hefty delta when it comes to first-year work and that holds even after all the discounts and write-downs that everyone expects out of Biglaw.

Because even though we’re talking about decent-sized numbers, the alternative is for partners to just pocket somewhere between $300 and $500 per hour in profit. And we’re not begrudging partners for leading the teams that get the job done, but if there’s an argument that Biglaw business models run on greed, it feels as though letting partner profits grow ad infinitum on the back of increased leverage would be a better fit.

So congratulations, associates, you have earned what you’re about to make, so don’t feel bad about it.

Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.

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