No that is very true, but the benefits/hours do. A buddy of mine (who works at a big name fancy lawfirm) actually sat down and compared the hours we worked to our salaries; as it turns out (since I can actually take my paid vacation and personal days) we make about the same hourly wage.
The tough part about going into the private sector is that not only would I have to match my wage, but I would have to match my wage after I paid for an office to rent, a staff, a printer/fax/copy machine, health insurance, advertisements, pay my own travel expenses, dental and vision expenses, bar dues, malpractice insurance, CLE's and the list goes on and on...
Still, some PC get $750 just for a preliminary hearing, and I do about a dozen of those a day.
There is also the benefit of not having to try to get clients, let alone the much bigger task of getting clients to actually pay you. Additionally, my measly check is the same every week. This allows for planning/saving for a house. Sometiems private practice is feast or famine, so the income is not as steady.