Inheriting a law firm

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elegally
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Inheriting a law firm

Postby elegally » Fri Oct 15, 2010 12:06 pm

Hey everyone. Both of my parents are lawyers. They operate a small firm (12 people) in Atlanta and together they make a pretty good living ($400k + a year). A couple of years ago they told me if I just go to law school, they'll let me take over their practice. I think they are both wanting to get out in the next 5-7 years and are anxious for me to go to law school. Well, I didn't do well on the LSAT (152), probably because I didn't study and wasn't interested in law at the time. Now I am interested in law but my LSAT is haunting me. Should I be concerned if I'm planning on just taking over the family business? Should I retake the LSAT or just take what's being handed to me?

Also, if you can recommend any law schools that I might have a chance at, that would be great. GPA 3.44, LSAT 152

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beachbum
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Re: Inheriting a law firm

Postby beachbum » Fri Oct 15, 2010 12:11 pm

Study and retake. You're in the enviable position of not having to worry about employment prospects (and going to a top school), but it would still be in your best interests to minimize debt. And a 152 isn't going to garner a lot of scholarship money.

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sundance95
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Re: Inheriting a law firm

Postby sundance95 » Fri Oct 15, 2010 12:12 pm

Retake. Just because your parents are going to transition the business to you doesn't mean their client base (assuming your firm has long term clients) will want an inexperienced T4 grad to handle their matters. If your parent's firm has high client turnover (i.e., criminal defense or personal injury) then you still want to go to a better school because you'll have to attract your own clients. With work, you will be able to do better than a 152.

+1 to the scholarship point above as well.

lolol10
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Re: Inheriting a law firm

Postby lolol10 » Fri Oct 15, 2010 12:15 pm

elegally wrote:Hey everyone. Both of my parents are lawyers. They operate a small firm (12 people) in Atlanta and together they make a pretty good living ($400k + a year). A couple of years ago they told me if I just go to law school, they'll let me take over their practice. I think they are both wanting to get out in the next 5-7 years and are anxious for me to go to law school. Well, I didn't do well on the LSAT (152), probably because I didn't study and wasn't interested in law at the time. Now I am interested in law but my LSAT is haunting me. Should I be concerned if I'm planning on just taking over the family business? Should I retake the LSAT or just take what's being handed to me?

Also, if you can recommend any law schools that I might have a chance at, that would be great. GPA 3.44, LSAT 152


you could get into cooley with that. gpa matters too though. study and retake if you want to be getting into t14 you need upper 160s-170s. then again if you are certain you have a job that will pay well and dont care about academic prestige dont worry abou it and go to a non-ranked or lower ranked school. an education is an education afterall its what you make of it when you are there. its not impossible to improves your score to that with some disciplined studying.

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Lwoods
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Re: Inheriting a law firm

Postby Lwoods » Fri Oct 15, 2010 12:16 pm

sundance95 wrote:Retake. Just because your parents are going to transition the business to you doesn't mean their client base (assuming your firm has long term clients) will want an inexperienced T4 grad to handle their matters. If your parent's firm has high client turnover (i.e., criminal defense or personal injury) then you still want to go to a better school because you'll have to attract your own clients. With work, you will be able to do better than a 152.

+1 to the scholarship point above as well.

Ditto. You will likely get quite a score boost if you actually prep this time.

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Borhas
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Re: Inheriting a law firm

Postby Borhas » Fri Oct 15, 2010 2:23 pm

elegally wrote:Hey everyone. Both of my parents are lawyers. They operate a small firm (12 people) in Atlanta and together they make a pretty good living ($400k + a year). A couple of years ago they told me if I just go to law school, they'll let me take over their practice. I think they are both wanting to get out in the next 5-7 years and are anxious for me to go to law school. Well, I didn't do well on the LSAT (152), probably because I didn't study and wasn't interested in law at the time. Now I am interested in law but my LSAT is haunting me. Should I be concerned if I'm planning on just taking over the family business? Should I retake the LSAT or just take what's being handed to me?

Also, if you can recommend any law schools that I might have a chance at, that would be great. GPA 3.44, LSAT 152

retake go to school nearby that will give you a scholarship

don't piss off your parents

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sophia.olive
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Re: Inheriting a law firm

Postby sophia.olive » Fri Oct 15, 2010 2:26 pm

retake. Emory is probably a good idea in your situation. Or where ever your clients went.
Last edited by sophia.olive on Fri Oct 15, 2010 2:28 pm, edited 1 time in total.

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joeshmo39
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Re: Inheriting a law firm

Postby joeshmo39 » Fri Oct 15, 2010 2:27 pm

Yes retake. You don't have to go to Harvard but I bet somewhere like UGA would instill some confidence in your clients and give you a good education and degree. I'd look local too.

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TommyK
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Re: Inheriting a law firm

Postby TommyK » Fri Oct 15, 2010 2:36 pm

I'll be the dissenting voice. I think this is the ideal situation for a TTT school. Focus on going to law school on the cheap. I wouldn't sweat the idea of having to go to a tier 1 school if you know you want to take over the firm.

The benefit of retaking the LSAT would be to get more money, imo, not to climb the ranking ladder. While I'm sure being a Harvard grad would inspire awe in some clients, I think the average client really won't care. The people I know that have sought out legal representation just don't care; they care about the reputation, not the school. If your firm has a solid client base, you're in a really good place.

I think 5 years from now is really soon for them wanting to get out of the practice. You won't graduate until Spring 2014, then I would want at least a few years to learn the business before taking over the firm. I think 2018 - 2020 would be more ideal to take over the reigns. Hopefully they'll only be semi-retired during that time.

Just my $.02. Let the bashing of my opinions begin!

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Patriot1208
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Re: Inheriting a law firm

Postby Patriot1208 » Fri Oct 15, 2010 2:37 pm

TommyK wrote:I'll be the dissenting voice. I think this is the ideal situation for a TTT school. Focus on going to law school on the cheap. I wouldn't sweat the idea of having to go to a tier 1 school if you know you want to take over the firm.

The benefit of retaking the LSAT would be to get more money, imo, not to climb the ranking ladder. While I'm sure being a Harvard grad would inspire awe in some clients, I think the average client really won't care. The people I know that have sought out legal representation just don't care; they care about the reputation, not the school. If your firm has a solid client base, you're in a really good place.

I think 5 years from now is really soon for them wanting to get out of the practice. You won't graduate until Spring 2014, then I would want at least a few years to learn the business before taking over the firm. I think 2018 - 2020 would be more ideal to take over the reigns. Hopefully they'll only be semi-retired during that time.

Just my $.02. Let the bashing of my opinions begin!


I think this is an ideal situation for a school like UGA, not cooley.

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TommyK
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Re: Inheriting a law firm

Postby TommyK » Fri Oct 15, 2010 2:47 pm

Eh, I think that's kind of like a fallacy of the false dichotomy. I wasn't suggesting he go to Cooley. First, Cooley is Tier 4, not Tier 3. I think this is the ideal situation for a regional tier 3 school with a decent local reputation.

Sure, UGA > Cooley. I dig. And obvious choice if those were the only schools available to him, but I find it strange he'd be going to Cooley if he lives in Atlanta.

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Patriot1208
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Re: Inheriting a law firm

Postby Patriot1208 » Fri Oct 15, 2010 2:50 pm

TommyK wrote:Eh, I think that's kind of like a fallacy of the false dichotomy. I wasn't suggesting he go to Cooley. First, Cooley is Tier 4, not Tier 3. I think this is the ideal situation for a regional tier 3 school with a decent local reputation.

Sure, UGA > Cooley. I dig. And obvious choice if those were the only schools available to him, but I find it strange he'd be going to Cooley if he lives in Atlanta.


Certainly, you understand that the reference to Cooley wasn't about the specific school.

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rayiner
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Re: Inheriting a law firm

Postby rayiner » Fri Oct 15, 2010 2:53 pm

TommyK wrote:I'll be the dissenting voice. I think this is the ideal situation for a TTT school. Focus on going to law school on the cheap. I wouldn't sweat the idea of having to go to a tier 1 school if you know you want to take over the firm.

The benefit of retaking the LSAT would be to get more money, imo, not to climb the ranking ladder. While I'm sure being a Harvard grad would inspire awe in some clients, I think the average client really won't care. The people I know that have sought out legal representation just don't care; they care about the reputation, not the school. If your firm has a solid client base, you're in a really good place.

I think 5 years from now is really soon for them wanting to get out of the practice. You won't graduate until Spring 2014, then I would want at least a few years to learn the business before taking over the firm. I think 2018 - 2020 would be more ideal to take over the reigns. Hopefully they'll only be semi-retired during that time.

Just my $.02. Let the bashing of my opinions begin!


If you're a Georgia resident there is no reason to take a TTT if you can get into UGA. It's seriously cheap. You should have a good shot with a 164 plus, and that's definitely doable if you got a 152 cold.

2009 Prospective
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Re: Inheriting a law firm

Postby 2009 Prospective » Fri Oct 15, 2010 3:02 pm

rayiner wrote:
TommyK wrote:I'll be the dissenting voice. I think this is the ideal situation for a TTT school. Focus on going to law school on the cheap. I wouldn't sweat the idea of having to go to a tier 1 school if you know you want to take over the firm.

The benefit of retaking the LSAT would be to get more money, imo, not to climb the ranking ladder. While I'm sure being a Harvard grad would inspire awe in some clients, I think the average client really won't care. The people I know that have sought out legal representation just don't care; they care about the reputation, not the school. If your firm has a solid client base, you're in a really good place.

I think 5 years from now is really soon for them wanting to get out of the practice. You won't graduate until Spring 2014, then I would want at least a few years to learn the business before taking over the firm. I think 2018 - 2020 would be more ideal to take over the reigns. Hopefully they'll only be semi-retired during that time.

Just my $.02. Let the bashing of my opinions begin!


If you're a Georgia resident there is no reason to take a TTT if you can get into UGA. It's seriously cheap. You should have a good shot with a 164 plus, and that's definitely doable if you got a 152 cold.


Or better yet, try and break at least 160 and go to Georgia State. The tuition is cheap and it's location in the city would allow OP to get acquainted with taking over the firm while still in school. OP could even attend part-time and work for his parent's firm the whole time he is in law school. This all assumes of course, that OP has his mind set on attempting to takeover the reigns at the firm.

elegally
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Re: Inheriting a law firm

Postby elegally » Fri Oct 15, 2010 3:04 pm

UGA would be a good choice but honestly, if I can avoid retaking the LSAT, I will. I'm working two jobs already- importing vodka and also working for our firm, and I just don't have time to study. I'm hoping to get into Hawaii because a) it's respectable (opinions welcome) and b) our business is driven by referrals- not by the schools my parents went to (UT & UGA).

Thanks for the responses though. Keep them coming!

Oh- and my parents have already said they don't want me working in law school, so being in Atlanta isn't a must.

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TommyK
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Re: Inheriting a law firm

Postby TommyK » Fri Oct 15, 2010 3:09 pm

Patriot1208 wrote:
TommyK wrote:Eh, I think that's kind of like a fallacy of the false dichotomy. I wasn't suggesting he go to Cooley. First, Cooley is Tier 4, not Tier 3. I think this is the ideal situation for a regional tier 3 school with a decent local reputation.

Sure, UGA > Cooley. I dig. And obvious choice if those were the only schools available to him, but I find it strange he'd be going to Cooley if he lives in Atlanta.


Certainly, you understand that the reference to Cooley wasn't about the specific school.


Yeah, but you used the school with the most ridiculous reputation for your poster child of a non-tier 1, which is I think a bit unfair, no? My original point was that going to school somewhere like Emory seems like a ridiculous waste of money if you already have a job that is both financially and personally (assuming here) rewarding waiting for you when you get out. Definitely wouldn't spend $65k/yr on school if I knew how I was buttering my bread when I got out.

Something like Georgia State seems like a perfectly rational choice as well (though this might be out of reach with a 152). I don't know much about GA law schools, but again - my argument is to not rule out other schools. If the tuition weren't so ridiculous, a school like Mercer University seems like a rational choice if you don't have to be caught up in the prestige whoring contest.

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TommyK
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Re: Inheriting a law firm

Postby TommyK » Fri Oct 15, 2010 3:16 pm

elegally wrote:UGA would be a good choice but honestly, if I can avoid retaking the LSAT, I will. I'm working two jobs already- importing vodka and also working for our firm, and I just don't have time to study. I'm hoping to get into Hawaii because a) it's respectable (opinions welcome) and b) our business is driven by referrals- not by the schools my parents went to (UT & UGA).

Thanks for the responses though. Keep them coming!

Oh- and my parents have already said they don't want me working in law school, so being in Atlanta isn't a must.


Come on - the real reason you're interested in attending Hawai'i is because it's in friggin' Hawai'i. 8) Not that there's anything wrong with that. More power to ya'.

I think people on here overestimate the average person's understanding of the prestige of certain law schools. I guarantee the vast majority of people outside of law wouldn't know which program is more highly ranked - Indiana or Hawai'i.

To get into UH, though, you'd probably have to raise your score by a good bit. If it truly doesn't matter where you go and you're not limited by geography, I would personally look at this as a great opportunity to explore another area of the country if that's what you want to do. You're in a unique situation and I'd take full advantage of it.

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Dead Ringer
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Re: Inheriting a law firm

Postby Dead Ringer » Fri Oct 15, 2010 3:19 pm

Borhas wrote:
elegally wrote:Hey everyone. Both of my parents are lawyers. They operate a small firm (12 people) in Atlanta and together they make a pretty good living ($400k + a year). A couple of years ago they told me if I just go to law school, they'll let me take over their practice. I think they are both wanting to get out in the next 5-7 years and are anxious for me to go to law school. Well, I didn't do well on the LSAT (152), probably because I didn't study and wasn't interested in law at the time. Now I am interested in law but my LSAT is haunting me. Should I be concerned if I'm planning on just taking over the family business? Should I retake the LSAT or just take what's being handed to me?

Also, if you can recommend any law schools that I might have a chance at, that would be great. GPA 3.44, LSAT 152

retake go to school nearby that will give you a scholarship

don't piss off your parents


Best advice ever

elegally
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Re: Inheriting a law firm

Postby elegally » Fri Oct 15, 2010 3:32 pm

TommyK wrote:
elegally wrote:UGA would be a good choice but honestly, if I can avoid retaking the LSAT, I will. I'm working two jobs already- importing vodka and also working for our firm, and I just don't have time to study. I'm hoping to get into Hawaii because a) it's respectable (opinions welcome) and b) our business is driven by referrals- not by the schools my parents went to (UT & UGA).

Thanks for the responses though. Keep them coming!

Oh- and my parents have already said they don't want me working in law school, so being in Atlanta isn't a must.


Come on - the real reason you're interested in attending Hawai'i is because it's in friggin' Hawai'i. 8) Not that there's anything wrong with that. More power to ya'.

I think people on here overestimate the average person's understanding of the prestige of certain law schools. I guarantee the vast majority of people outside of law wouldn't know which program is more highly ranked - Indiana or Hawai'i.

To get into UH, though, you'd probably have to raise your score by a good bit. If it truly doesn't matter where you go and you're not limited by geography, I would personally look at this as a great opportunity to explore another area of the country if that's what you want to do. You're in a unique situation and I'd take full advantage of it.


Definitely true. UH would be a dream come true. Besides Hawai'i, are there any areas of the country that you would recommend spending three years in, keeping in mind my LSAT and GPA of course.

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TommyK
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Re: Inheriting a law firm

Postby TommyK » Fri Oct 15, 2010 3:35 pm

elegally wrote:Definitely true. UH would be a dream come true. Besides Hawai'i, are there any areas of the country that you would recommend spending three years in, keeping in mind my LSAT and GPA of course.


Not limited based on LSAT/uGPA, but listed because of awesomeness of cities (in no particular order).

San Diego
New Orleans
Denver
Boston
New York
Miami
Chicago
Toledo, Ohio (very much kidding)

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ArchRoark
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Re: Inheriting a law firm

Postby ArchRoark » Fri Oct 15, 2010 3:42 pm

TommyK wrote:
elegally wrote:Definitely true. UH would be a dream come true. Besides Hawai'i, are there any areas of the country that you would recommend spending three years in, keeping in mind my LSAT and GPA of course.


Not limited based on LSAT/uGPA, but listed because of awesomeness of cities (in no particular order).

San Diego
New Orleans
Denver
Boston
New York
Miami
Chicago
Toledo, Ohio (very much kidding)

Egregious UT/Austin,TX trolling.

I would throw in Boulder, CO and Portland, OR

Danteshek
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Re: Inheriting a law firm

Postby Danteshek » Fri Oct 15, 2010 3:56 pm

I agree with the poster who thinks you need to stay local and not piss off your parents. You should work for your parent's firm part time during law school.

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2014
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Re: Inheriting a law firm

Postby 2014 » Fri Oct 15, 2010 4:47 pm

Go to Emory and be one of the 7 graduates who have a job :)

reverendt
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Re: Inheriting a law firm

Postby reverendt » Fri Oct 15, 2010 5:02 pm

beachbum wrote:Study and retake. You're in the enviable position of not having to worry about employment prospects (and going to a top school), but it would still be in your best interests to minimize debt. And a 152 isn't going to garner a lot of scholarship money.

This.
I would think you still want to go to an at least somewhat respected school (t2 or a respected t3). And I'm sure scholarship money would be a welcome perk.

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Other25BeforeYou
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Re: Inheriting a law firm

Postby Other25BeforeYou » Sat Oct 16, 2010 10:05 am

The other thing to consider is that since you will definitely have a job when you get out (whether you work for your parents or doing something else), you can go to the best school possible, since paying back loans likely won't be an issue after you graduate. It's not nearly as large a risk for you as it is for a lot of people who pay for school with loan money.




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