The preliminary results of the 2006 Boomer Survey are in, and the survey shows that firms broke the $100-an-hour barrier for the second time in the past five years (2002-2006). Most of you are wondering what that statement means. You probably thought you broke the $100-an-hour barrier years ago.But did you?

I will explain this statement in a moment, but first you should examine the trends in revenue per full-time equivalent for the past five years. Remember that an FTE is defined as 2,080 hours. From 2005 to 2006, revenue per FTE grew 8.5 percent to $141,165. This has been a period of prosperity in the profession, but the metrics indicate less than inflationary gains until 2006.

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