These clients make millions and so do the law firms. Not really filthy lucre going to the lawyers that work from 9am-1am IMO
I mean sure, the amount of money on the table especially in transactional work is so vast that the fees required to sustain these salaries are a relative drop in the bucket.
But I do genuinely query whether the actual value-add of an NQ really justifies this on any theory of value other than 'what a client is willing to pay/what partners are willing to comp juniors.'
Many people work worse jobs at comparable hours for poverty wages (I have done this at one point in my life), so the sheer fact of hours isn't a particularly compelling justification imo.
Ultimately clients are willing to pay and I don't have any particular objection to money flowing into the pockets of lawyers rather than bankers or executives, but the figures have become wildly high and I would expect many clients' eyebrows to be raised by the NY/City junior pay wars.