A few reasons:

> Cost of education

> Cost of insurance

> Risk of Malpractice suit

> Collection isn't 100%

> We can only serve one client at a time

> Geveral overhead: Office, westlaw subscription, equipment, etc.

I'm a solo and have no employees. My overhead is $10k a month. I don't make a dime until I pass that.

At $350/hr, that's about 40+ hours of work because billing isn't an exact science — things can take longer than they should, so I have to reduce time — and collection isn't anywhere near 100%. Further, work isn't constant. I have to be careful to leave room. A cluster fuck can happen if I don't... e.g. 17 different things have to happen by tomorrow. There's also slow months. November through January are usually pretty tame, and it only really picks up after April (once everyone finishes their taxes and can plan for the coming year).