Inheriting a law firm

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Bosque
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Re: Inheriting a law firm

Postby Bosque » Tue Oct 19, 2010 12:13 pm

As a few other people said, even if you get your parents firm, clients are still going to care that you know what you are doing. So I would still retake. 152 just is not good enough.

005618502
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Re: Inheriting a law firm

Postby 005618502 » Wed Oct 20, 2010 10:25 am

Tiva wrote:
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



How so?

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Veyron
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Re: Inheriting a law firm

Postby Veyron » Wed Oct 20, 2010 12:07 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


Honestly, in your situation, it doesn't matter if you go to fucking Coooley (well, except that you might fail out). Go to the cheapest school you possibly can. Something that is well respected regionaly will probably make the clients happy - you lucky bastard.

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Re: Inheriting a law firm

Postby 005618502 » Wed Oct 20, 2010 1:16 pm

For real this is just an amazing situation to be in.....

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Cmoss
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Re: Inheriting a law firm

Postby Cmoss » Wed Oct 20, 2010 1:26 pm

would being a "legacy" help with admission?

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Re: Inheriting a law firm

Postby 005618502 » Wed Oct 20, 2010 5:27 pm

Cmoss wrote:would being a "legacy" help with admission?


Depends what school. Most likely not. Unless of course your parents are making large donations to the university. Very large donations = acceptance

Aqualibrium
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Re: Inheriting a law firm

Postby Aqualibrium » Wed Oct 20, 2010 5:37 pm

I know, and have seen, a bunch of Georgia kids with a similar situation. Most just go to John Marshall.

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Re: Inheriting a law firm

Postby 005618502 » Wed Oct 20, 2010 5:39 pm

Aqualibrium wrote:I know, and have seen, a bunch of Georgia kids with a similar situation. Most just go to John Marshall.


A bunch? Really? wow with that kind of income? i Know of NOBODY in that situation

pocket herc
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Re: Inheriting a law firm

Postby pocket herc » Wed Oct 20, 2010 5:41 pm

just curious OP, you say "together" they make 400K, is that combined or individually?

Aqualibrium
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Re: Inheriting a law firm

Postby Aqualibrium » Wed Oct 20, 2010 5:44 pm

jt1341 wrote:
Aqualibrium wrote:I know, and have seen, a bunch of Georgia kids with a similar situation. Most just go to John Marshall.


A bunch? Really? wow with that kind of income? i Know of NOBODY in that situation


Let me rephrase: I know, and have seen, a bunch of Georgia kids whose only ambition is to inherit the family practice. Most just go to John Marshall.

By similar situation I was not factoring in the income. I have no way of knowing, beyond speculating based upon their families' quality of life, what their annual income is.

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Re: Inheriting a law firm

Postby 005618502 » Wed Oct 20, 2010 7:04 pm

Aqualibrium wrote:
jt1341 wrote:
Aqualibrium wrote:I know, and have seen, a bunch of Georgia kids with a similar situation. Most just go to John Marshall.


A bunch? Really? wow with that kind of income? i Know of NOBODY in that situation


Let me rephrase: I know, and have seen, a bunch of Georgia kids whose only ambition is to inherit the family practice. Most just go to John Marshall.

By similar situation I was not factoring in the income. I have no way of knowing, beyond speculating based upon their families' quality of life, what their annual income is.


Ok I see

elegally
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Re: Inheriting a law firm

Postby elegally » Thu Oct 21, 2010 7:05 pm

pocket herc wrote:just curious OP, you say "together" they make 400K, is that combined or individually?


Combined they make 400k from their practice.
Last edited by elegally on Thu Oct 21, 2010 9:20 pm, edited 1 time in total.

elegally
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Re: Inheriting a law firm

Postby elegally » Thu Oct 21, 2010 7:06 pm

Veyron 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


Honestly, in your situation, it doesn't matter if you go to fucking Coooley (well, except that you might fail out). Go to the cheapest school you possibly can. Something that is well respected regionaly will probably make the clients happy - you lucky bastard.


You think I would fail out of Cooley? That's f-d up.

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Veyron
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Re: Inheriting a law firm

Postby Veyron » Thu Oct 21, 2010 7:09 pm

elegally wrote:
Veyron 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


Honestly, in your situation, it doesn't matter if you go to fucking Coooley (well, except that you might fail out). Go to the cheapest school you possibly can. Something that is well respected regionaly will probably make the clients happy - you lucky bastard.


You think I would fail out of Cooley? That's f-d up.


Cooley fails out a large portion of its class. Its easier to fail out of Cooley than it is to fail out of Penn (which you couldn't do unless you just didn't show up to the exams).

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AreJay711
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Re: Inheriting a law firm

Postby AreJay711 » Fri Oct 22, 2010 7:49 pm

Ok so before everyone hates on this, I'm not saying you aren't in a sweet position but at the same time you have to look long term at what you really want to do. There is a possibility that you won't want to do the kind of practice you parents run and will want to either not take over the firm or, more realistically, want to alter the direction of the firm and change the practice area. I know this from experience -- my parents wanted me to just knock out some accounting and business classes at the community college and take over their business (not a law firm) but i decided I would rather make less money doing something else. I realize that you want to take over your parents firm but you might as well keep your options open.

At the very least you might want to grow the firm and take on new partners and associates. It could only help to have a better name behind you especially since as you start you will have little experience. You also have to think about how your employees will look at you. Imagine you were an associate and the owners kid out of some tier 3 school was one day your boss. It would be better in that circumstance, and just about every circumstance, going to the absolute highest ranked school you can get into regardless of price (and career prospects since you're set).

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Maven
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Re: Inheriting a law firm

Postby Maven » Fri Oct 22, 2010 7:57 pm

There is virtually NO CHANCE that you will get into Hawaii, as an out of state student, with a 152.

Aqualibrium
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Re: Inheriting a law firm

Postby Aqualibrium » Fri Oct 22, 2010 8:01 pm

AreJay711 wrote:Ok so before everyone hates on this, I'm not saying you aren't in a sweet position but at the same time you have to look long term at what you really want to do. There is a possibility that you won't want to do the kind of practice you parents run and will want to either not take over the firm or, more realistically, want to alter the direction of the firm and change the practice area. I know this from experience -- my parents wanted me to just knock out some accounting and business classes at the community college and take over their business (not a law firm) but i decided I would rather make less money doing something else. I realize that you want to take over your parents firm but you might as well keep your options open.

At the very least you might want to grow the firm and take on new partners and associates. It could only help to have a better name behind you especially since as you start you will have little experience. You also have to think about how your employees will look at you. Imagine you were an associate and the owners kid out of some tier 3 school was one day your boss. It would be better in that circumstance, and just about every circumstance, going to the absolute highest ranked school you can get into regardless of price (and career prospects since you're set).



I think the point that you, and a lot of people are missing is this:


Businesses like this run off their reputation. If the family firm has a good reputation and a solid book of business, the word of mouth from that will very likely be enough to sustain the firm for at least awhile after the family officially turns it over to op (assuming a more protracted transition, where op has 5+ years to gain experience before the real hand over, there will probably be little impact on the business directly attributable to the fact that Jr. took over). Also, no one cares where their local lawyer went to school, and no employee is going to say "OMG he went to a TTTT, no way he should be my boss."

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ahduth
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Re: Inheriting a law firm

Postby ahduth » Sun Oct 24, 2010 8:08 am

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.


I'm just not sure why this person has to go to law school at all. They're obviously not remotely serious about the law - wanting to go to Hawaii because it sounds like some sort of three year vacation? can't take the time to study up and raise their comically low LSAT score?

I'm sympathetic to people who don't necessarily want to go to the more intellectually aggressive institutions, but the OP is clearly looking to be able to call it in his or her entire life. If they don't care about being able to generate business on their own, accurately judge the quality of the work being done by attorneys in the practice, determine what cases they do/don't want to take, etc.. why not just hire someone to do all this and simply retain an ownership stake in the firm? Certainly seems easier than grinding it out at a crappy school for three years just to amass a bunch of debt.

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Drummingreg
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Re: Inheriting a law firm

Postby Drummingreg » Sun Oct 24, 2010 9:56 am

elegally wrote:I'm working two jobs already- importing vodka and also working for our firm,

How did everyone gloss over this fact? So, does stuff just fall off the truck all the time or what? Are we talking Stoli or skol?

005618502
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Re: Inheriting a law firm

Postby 005618502 » Sun Oct 24, 2010 10:36 pm

Drummingreg wrote:
elegally wrote:I'm working two jobs already- importing vodka and also working for our firm,

How did everyone gloss over this fact? So, does stuff just fall off the truck all the time or what? Are we talking Stoli or skol?


LOVE how you chose both out of the "hangover in a bottle" catagory

elegally
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Re: Inheriting a law firm

Postby elegally » Wed Oct 27, 2010 10:00 pm

ahduth 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.


I'm just not sure why this person has to go to law school at all. They're obviously not remotely serious about the law - wanting to go to Hawaii because it sounds like some sort of three year vacation? can't take the time to study up and raise their comically low LSAT score?

I'm sympathetic to people who don't necessarily want to go to the more intellectually aggressive institutions, but the OP is clearly looking to be able to call it in his or her entire life. If they don't care about being able to generate business on their own, accurately judge the quality of the work being done by attorneys in the practice, determine what cases they do/don't want to take, etc.. why not just hire someone to do all this and simply retain an ownership stake in the firm? Certainly seems easier than grinding it out at a crappy school for three years just to amass a bunch of debt.


My understanding was that non-lawyers cannot own law firms. Either way, yes my LSAT is "comically low" (douche), but I know our practice area inside out, I know the judges, attorneys, and even the court marshals in our district, our client base is driven by referrals, and I intend to actually work at the firm and not just sit behind the desk like an idiot. Sure, I may not get into an "intellectually aggressive institution," but fortunately I find myself to be an experiential learner and, in that sense, I don't need to go to Harvard or even T1-T2 to be successful in our practice. Wow, I think I just answered my own question. Thanks for the unfounded assumptions ( "don't care about being able to generate business on their own, accurately judge the quality of the work being done by attorneys in the practice, determine what cases they do/don't want to take, etc..") In the mean time, enjoy whatever intellectually challenging school you find yourself at, good luck in the saturated market, and let me know where your sympathy gets you.

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Bosque
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Re: Inheriting a law firm

Postby Bosque » Wed Oct 27, 2010 10:06 pm

elegally wrote:
ahduth 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.


I'm just not sure why this person has to go to law school at all. They're obviously not remotely serious about the law - wanting to go to Hawaii because it sounds like some sort of three year vacation? can't take the time to study up and raise their comically low LSAT score?

I'm sympathetic to people who don't necessarily want to go to the more intellectually aggressive institutions, but the OP is clearly looking to be able to call it in his or her entire life. If they don't care about being able to generate business on their own, accurately judge the quality of the work being done by attorneys in the practice, determine what cases they do/don't want to take, etc.. why not just hire someone to do all this and simply retain an ownership stake in the firm? Certainly seems easier than grinding it out at a crappy school for three years just to amass a bunch of debt.


My understanding was that non-lawyers cannot own law firms. Either way, yes my LSAT is "comically low" (douche), but I know our practice area inside out, I know the judges, attorneys, and even the court marshals in our district, our client base is driven by referrals, and I intend to actually work at the firm and not just sit behind the desk like an idiot. Sure, I may not get into an "intellectually aggressive institution," but fortunately I find myself to be an experiential learner and, in that sense, I don't need to go to Harvard or even T1-T2 to be successful in our practice. Wow, I think I just answered my own question. Thanks for the unfounded assumptions ( "don't care about being able to generate business on their own, accurately judge the quality of the work being done by attorneys in the practice, determine what cases they do/don't want to take, etc..") In the mean time, enjoy whatever intellectually challenging school you find yourself at, good luck in the saturated market, and let me know where your sympathy gets you.


You are gonna be just fine. Rainbows and Unicorns from here on out for you!

On that topic: Robot Unicorn Attack (LinkRemoved). Great flash game? Or the GREATEST flash game?

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TommyK
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Re: Inheriting a law firm

Postby TommyK » Wed Oct 27, 2010 10:31 pm

elegally wrote:
ahduth 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.


I'm just not sure why this person has to go to law school at all. They're obviously not remotely serious about the law - wanting to go to Hawaii because it sounds like some sort of three year vacation? can't take the time to study up and raise their comically low LSAT score?

I'm sympathetic to people who don't necessarily want to go to the more intellectually aggressive institutions, but the OP is clearly looking to be able to call it in his or her entire life. If they don't care about being able to generate business on their own, accurately judge the quality of the work being done by attorneys in the practice, determine what cases they do/don't want to take, etc.. why not just hire someone to do all this and simply retain an ownership stake in the firm? Certainly seems easier than grinding it out at a crappy school for three years just to amass a bunch of debt.


My understanding was that non-lawyers cannot own law firms. Either way, yes my LSAT is "comically low" (douche), but I know our practice area inside out, I know the judges, attorneys, and even the court marshals in our district, our client base is driven by referrals, and I intend to actually work at the firm and not just sit behind the desk like an idiot. Sure, I may not get into an "intellectually aggressive institution," but fortunately I find myself to be an experiential learner and, in that sense, I don't need to go to Harvard or even T1-T2 to be successful in our practice. Wow, I think I just answered my own question. Thanks for the unfounded assumptions ( "don't care about being able to generate business on their own, accurately judge the quality of the work being done by attorneys in the practice, determine what cases they do/don't want to take, etc..") In the mean time, enjoy whatever intellectually challenging school you find yourself at, good luck in the saturated market, and let me know where your sympathy gets you.


Yep, I think you came to the right conclusion. Good luck. I'm not understanding all the people decrying your score, your ambition, or your future career. If I had to guess, it's based largely out of jealousy. And as far as somebody belittling your desire to go to University of Hawai'i - that's ridiculous. Location is absolutely a legitimate criterion by which to decide on living somewhere. It's three goddamn years of your life. That's a long time. I'm not saying it's the only thing you should judge your law school by, but I sure as hell would want to make sure I was happy. (but as an aside, if you do want to go to a school like Hawai'i or San Diego, you will have to bump up your LSAT score.)

Again, good luck.




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