Please see this link from Course Hero for solving my problem: https://www.coursehero.com/tutors-problems/Business-Law/25539176-You-are-HR-director-for-a-growing-law-firm-in-Boise-Idaho-which-curr/?justUnlocked=1 You are HR director for
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Please see this link from Course Hero for solving my problem:
https://www.coursehero.com/tutors-problems/Business-Law/25539176-You-are-HR-director-for-a-growing-law-firm-in-Boise-Idaho-which-curr/?justUnlocked=1
You are HR director for a growing law firm in Provo, Utah, which currently has need of writing 56 legal briefs every hour. Each of your company's attorneys can write on average four briefs per hour. You are considering hiring four paralegals to shoulder the load; each paralegal is slower than the attorneys and can write on average only two briefs per hour. You scan the current wages in the Provo-Orem area (https://www.bls.gov/oes/current/oessrcma.htm) and notice that the lawyers in your company earn the local occupational median wage of $64.03 per hour, but that the prospective four paralegals will likely want to get paid their local occupational median wage of $25.13 per hour.
a.Would your company save money in the writing of the 56 legal briefs by hiring the four new paralegals and firing some attorneys?
b.The Bureau of Labor Statistics projects that employment of paralegals over the next decade will rise more than twice as fast as the employment of lawyers (https://www.bls.gov/emp/tables/emp-by-detailed-occupation.htm); your company assumes that this will push paralegal wages down to $25.07 due to their (relatively higher) labor supply; the influx will likely also include some lesser-productive paralegals, such that the average writing output is only one brief per hour. If the other values remain the same (attorney wage and writing speed, need for 56 briefs per hour), would the company save money in the writing of the 56 legal briefs by hiring four paralegals and firing some attorneys?