CEO pay, declining compensation for MD’s and lawyers

[ocrenter]

Please continue discussion in regard to growing income gap within the educated elites here.

[scaredyclassic]

see http://www.jdunderground.com for what the next generation experiences…

[no_such_reality]

The average Los Angeles firefighter earned nearly $43,000 in overtime in 2013, up nearly 20% from the previous year, according to data released Tuesday by City Controller Ron Galperin.

With overtime and bonuses factored in, the average firefighter was paid more than $142,000 last year, the data show.

Source LA Times: L.A. firefighters’ average overtime pay rose 20% in 2013

[flyer]

A couple of our nieces husbands who recently graduated from great colleges just became firefighters, while both of the girls are MD’s. A sign of the times?

[spdrun]

(1) Being a firefighter carries a much higher risk of death, crippling injury, or serious illness than being an attorney. Working for or against the mob aside.
(2) Most of the successful/happy attorneys that I know aren’t working in biglaw or large corplaw — they found their niches and have their own small firms. If you go to a reasonably cheap law school and have some business sense, starting a practice is possible within five years of graduation.

[flyer]

No question firefighting is dangerous work. It was actually their choice–they want to serve–and, since they’re not my kids, I had no input. If all goes well, as it has for many, they’ll take an early retirement.

Other kids in the family have also become attorneys, and are also doing well.

My kids are MD’s and executives in the film business.

Most of the members of our family plan to leave everything to our kids anyway, so–whatever they do with their careers along the way–they should be fine.

To each his or her own.

[scaredyclassic]

my lawyer friend recently made over 5 million on one case … it can be done…i’d be happy if one of my kids vetured into the law, even though it’s bleak. i think it’s good for you. toughen you up….i’d pay for a cheap school… my little one has it in his head that he should be an expert witness…not a bad racket….

[FlyerInHi]

[quote=flyer]A couple of our nieces husbands who recently graduated from great colleges just became firefighters, while both of the girls are MD’s. A sign of the times?[/quote]

Pilots make what now? $20k starting salary. unless you’re from rich family, the job is not that cool.

I think that the typical white male w/ high school and some college is in trouble as far as social standing. Girls study harder and will get better degrees.

Technology is now well a established sector of the economy. Except for a few, bluster and creativity will not open doors and pay the bills. Advanced degrees are required these days. The high value workers are from all over the world, Ukraine, Serbia, China, India, etc… with masters and doctorates. Look at the demographics of graduate schools.

Not saying that it’s right or wrong, only that people will have to make psychological adjustments. I’m OK with being a stay at home husband. Would not bother me one bit.

Flyer, I know you like to advocate “living the life of your dreams”…. But statistically how many really get to do that?

[scaredyclassic]

thnk G-d i do not live the life of my fdreams. my most common dream is being in college but being unaware of what classes i am in, feeling panicked as tests and papers approach, not even sure what i supposed to do. i much prefer reality, whcih, although occasionally bleak, at leastaffords me the sense that i know where to show up at…

[FlyerInHi]

Good dreams.
I could also be perpetual college student.

[spdrun]

FlyerInHI: Compared to other forms of engineering, medicine, law, etc, the barriers for entry into software engineering, software design, and low-voltage electronic device design are actually pretty darn low.

There are some efforts to license software engineers, but they’re only gaining traction very slowly (via the 2012 IEEE exam, which hasn’t been made mandatory anywhere).

[FlyerInHi]

[quote=spdrun]FlyerInHI: Compared to other forms of engineering, medicine, law, etc, the barriers for entry into software engineering, software design, and low-voltage electronic device design are actually pretty darn low.

There are some efforts to license software engineers, but they’re only gaining traction very slowly (via the 2012 IEEE exam, which hasn’t been made mandatory anywhere).[/quote]

yeah, I know that politicians talk about coding as a skill of the future… but what is the percentage of the population that can make a living writing software? Some people can’t even use a mouse or they’re just idiots when it comes to basic computer functions.

My point is that America is becoming a more established society with different social strata. When I was growing up there were rare gated communities and rich lived among the middle class.

Now, you have more segregation in terms of jobs and neighborhoods. You can be a plumber making a good living, but your family and kids would not be in the same social class as an engineer with a masters. Many don’t give a shit on a personal level, but in the aggregate there is less mobility.

[XBoxBoy]

[quote=flyer]No question firefighting is dangerous work. [/quote]

I wonder how true that is. A quick search brings me this article that claims statistically it isn’t very dangerous.

Firefighter one of nation’s safest jobs

maybe their just biased, what do I know.

But then here’s another link from bls.gov

http://bls.gov/iif/oshwc/cfoi/cfoi_rates_2009hb.pdf

It’s only one year, so maybe not enough data to be truly representative. But with a fatality rate of 4.4 it’s one of the safer jobs.

At any rate, I’m not seeing the data to back up claims that being a firefighter is particularly dangerous. Just saying.

XboxBoy

[spdrun]

Regarding software design and appliance design … my point wasn’t that everyone could do it, just that the legal barriers to entry are a lot lower than other skilled professions. Including plumbing, BTW.

Regarding segregation … They say that the West Coast is less conscious of social class, blah, blah, blah, but I see a lot fewer gated communities in the Northeast than in California. In fact, they’re pretty much outliers around NYC, not like in San Diego where every little condo complex has a gate and key pad.

Security on this coast also seems a bit of a joke. When I first moved to NY, I needed the front door key to my old building. The super told me — “go to the locksmith {around the corner}, say you live in at {address} and he’ll make you a key for $10.”

And take a town like Morristown — it has its poor areas, but also parts with well-kept mansions dating from the 1800s. I grew up in another town in NJ. I went to high school with the children of high AT&T executives, the children of secretaries, and the children of plumbers … no one really cared all that much.

[FlyerInHi]

spdrun, I like your philosophy of life. You’re a resourceful, self-reliant and able to cope.

But that’s not how the general population operates. They are on auto pilot doing things just because. Even people who are financially successful get blindsided when things don’t work out.

For instance, being a fireman might work for some but the jobs are limited. If your brother is able to make it as fireman, but you can’t then the option might be to move out of California because you can’t afford a house here. That can be psychologically devastating to many.

[Author]

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