Am I being unreasonable?

EDIT: Thanks, everyone, for your comments and advice. Gave me some good stuff to think about and helped reassure me that I’m not just being greedy. Definitely going to see what else is out there.

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3rd-year associate at a boutique corporate firm in Salt Lake City. 2 attorneys (me and the owner). We mainly do sell-side M&A deals. AmLaw 100 firms on the other side of a lot of the deals we do.

Full time WFH. We don’t even have a physical office. This year I made $135,000 plus a $20,000 bonus. My billable rate is $395 and I’ll bill around 1650 hours so $650,000 revenue. The owner doesn’t give me any other benefits besides my salary, so he’s netting probably around $475,000 on me this year.

Since it’s just the two of us, I do more than a typical third year. When we have multiple deals going or he’s out of town, I’ll run every piece of the deal. We’ve discussed partnership track, and his words are that he “wants to stick with the traditional firm model of a 7-year track”.

We are trying to figure out next years salary. I ran some numbers and proposed $185,000 with a $30,000 bonus. My billable rate is going to increase to $425 and my annual target will be 1,700. That means he would still make around $500,000 off me. That number feels right to me to match the level of work I’m doing and the fact that I don’t get any other benefits. I also don’t think it’s that much higher than what most M&A firms, even small ones, are paying nowadays.

I explained these numbers to him and said he couldn’t even consider it. Said that he did an AI search that showed a good range would be $100k-$150k. I was pretty shocked. I know it’s a big raise, but I feel like netting in the neighborhood of half a million dollars off an associate is a pretty reasonable profit for him. Especially when his overhead is so low. Am I asking for too much?