How does the NLJ define average or median?
We define average to mean the sum of the rates charged by each attorney divided by the number of attorneys. We define median to mean the midpoint among the attorneys such that there are an equal number of attorneys above and below that point. By way of example, suppose a firm had 200 attorneys and 20 of them charged $400 an hour, 60 charged $300 an hour, 60 charged $200 an hour, and 60 charged $100 an hour. The average hourly rate would be (20 x $400) + (60 x $300) + (60 x $200) + (60 x $100) divided by 200, or $220. The median hourly rate would be the rate charged by an attorney in the 100th slot if all the attorneys were listed by hourly rate from high to low. In this example, that would be $200.
