i believe that if you have a good plan, then you can do it. but don't expect to represent companies like goldman sachs, mckinsey, or apple. you'll probably represent small people who are looking for relief from personal injury or petty crimes for most of your career. and you'll be putting in monster hours while barely turning a profit. finally when you get a few lawyers on your payroll, you'll still have to spend all your time finding clients, meeting them, begging them to represent them. mergers and acquisitions? i highly doubt you'll ever see that at your own firm. tax work? probably not. patent? unless you yourself have a degree in a hard science, laughable. most likely you'll deal with torts, criminal, and maybe contracts. can you deal with that?Maserati91 wrote:This shall be the elevator song at my law firm when I make it..r6_philly wrote:Actually, seeing that you have not had that experience yet, you should treasure the fact that you can wait. lMaserati91 wrote:
I can't waittt
http://www.youtube.com/watch?v=Tc3DPvbmJTo
Running a Law Firm like a Business Forum
- glitched
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Re: Running a Law Firm like a Business
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Re: Running a Law Firm like a Business
I thought big = 500+ lawyers? It's not very difficult or unlikely to start a hugely successful firm, it is difficult to start a biglaw firm, especially when the industry is so rigid and formulated.glitched wrote: gotta start small to turn big.
- Maserati91
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Re: Running a Law Firm like a Business
I like tax work.. what about estate planning, commercial tax, bankruptcy tax, etc? I've heard of people who have their own firmsglitched wrote:i believe that if you have a good plan, then you can do it. but don't expect to represent companies like goldman sachs, mckinsey, or apple. you'll probably represent small people who are looking for relief from personal injury or petty crimes for most of your career. and you'll be putting in monster hours while barely turning a profit. finally when you get a few lawyers on your payroll, you'll still have to spend all your time finding clients, meeting them, begging them to represent them. mergers and acquisitions? i highly doubt you'll ever see that at your own firm. tax work? probably not. patent? unless you yourself have a degree in a hard science, laughable. most likely you'll deal with torts, criminal, and maybe contracts. can you deal with that?Maserati91 wrote:This shall be the elevator song at my law firm when I make it..r6_philly wrote:Actually, seeing that you have not had that experience yet, you should treasure the fact that you can wait. lMaserati91 wrote:
I can't waittt
http://www.youtube.com/watch?v=Tc3DPvbmJTo
- dr123
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Re: Running a Law Firm like a Business
A lot of Solos do Chap 7
- NYC Law
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Re: Running a Law Firm like a Business
ZINGdr123 wrote:A lot of Solos do Chap 7
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Re: Running a Law Firm like a Business
Most businesses go bk, that's the norm.dr123 wrote:A lot of Solos do Chap 7
- NYC Law
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Re: Running a Law Firm like a Business
Any idea what type of business has the lowest failure rate?
I'm guessing something super specialized
I'm guessing something super specialized
- Maserati91
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Re: Running a Law Firm like a Business
I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
- dr123
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Re: Running a Law Firm like a Business
Guys I was actually being serious. Most businesses file chapter 11 and most individuals file Chapter 7, you can actually make a decent bit of cash helping people file for chapter 7 and its not incredibly hard work.
- Maserati91
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Re: Running a Law Firm like a Business
NYC Law wrote:Any idea what type of business has the lowest failure rate?
I'm guessing something super specialized
Something medical I think, like a dentist or physician practice?
- NYC Law
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Re: Running a Law Firm like a Business
If you were solo wouldn't you still just file Chp 7 (if you didn't create an LLC)?dr123 wrote:Guys I was actually being serious. Most businesses file chapter 11 and most individuals file Chapter 7, you can actually make a decent bit of cash helping people file for chapter 7 and its not incredibly hard work.
But yeah it does seem pretty easy. Forms + Paralegals ftw.
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Re: Running a Law Firm like a Business
The economy killed my super specialized business. Actually most of the industry. Mine was one of maybe 10-20 reputable ones in the country. Specialized services are even more prone to luck.NYC Law wrote:Any idea what type of business has the lowest failure rate?
I'm guessing something super specialized
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Re: Running a Law Firm like a Business
Malpractice insurance hikes are killing many small practices. Again out of your control.Maserati91 wrote:NYC Law wrote:Any idea what type of business has the lowest failure rate?
I'm guessing something super specialized
Something medical I think, like a dentist or physician practice?
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Re: Running a Law Firm like a Business
My lawyer does Ch 7 for $300. You don't get rich off that.NYC Law wrote:If you were solo wouldn't you still just file Chp 7 (if you didn't create an LLC)?dr123 wrote:Guys I was actually being serious. Most businesses file chapter 11 and most individuals file Chapter 7, you can actually make a decent bit of cash helping people file for chapter 7 and its not incredibly hard work.
But yeah it does seem pretty easy. Forms + Paralegals ftw.
- Mickey Quicknumbers
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Re: Running a Law Firm like a Business
combined with the godfather tar. Congrats on being the ultimate stereotype sophmore in college business major.Maserati91 wrote:I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
- Maserati91
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Re: Running a Law Firm like a Business
Don't forget the card..Mickey Quicknumbers wrote:combined with the godfather tar. Congrats on being the ultimate stereotype sophmore in college business major.Maserati91 wrote:I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
http://4.bp.blogspot.com/_4ZITCPOOf68/T ... qcttcb.gif
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Re: Running a Law Firm like a Business
no, i'm not.r6_philly wrote:You are confusing telling people that you will probably fail with telling someone not to be ambitious. Tell people they are not going to get 180 != telling people not to aim for 180.dkt4 wrote:this site does a remarkable job of telling people to not be ambitious because you'll probably fail. it's actually pretty amazing how consistent it is.
that said, kinda a silly question.
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- thesealocust
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Re: Running a Law Firm like a Business
You can't really own a law firm. The reason they're all[FN1] partnerships is because legal ethics rules prohibit certain kinds of ownership structures that screw around with who actually earns money off of a representation and the resulting incentives. Big firms do have attorneys that manage large numbers of associates, but they without exception are standing shoulder to shoulder with more than a handful of partner peers.Maserati91 wrote:I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
The reason, as I keep trying to stress, is that you can't commoditize the law. Even if you get famous nobody will hire your firm for your name and then let all of the work be done by another lawyer. You won't be able to attract top talent with money because top talent already has everything they need (recognition and skill) to generate fees.
In short, a prerequisite for any plan of this nature is being an absolutely fantastic lawyer.
- ahduth
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Re: Running a Law Firm like a Business
Please, someone inform Orrick of this, quick! http://www.nytimes.com/2011/05/24/busin ... .html?_r=1thesealocust wrote:The reason, as I keep trying to stress, is that you can't commoditize the law.
However naive you guys would like to consider the OP, the truth of the matter is that most law firms seem rather poorly run. Strict hierarchies based on seniority that have little to do with actual capabilities, until/unless you make partner. Then, partners who have to run a lot of BD, so aren't necessarily doing the work themselves anyhow - they're shipping it down to their associates. Who from a managerial perspective are an undifferentiated mass of people, "managed" by people who for the most part have never held a job outside the rarefied world of the law.
The idea that clients don't want legal work to be commoditized is fundamentally at odds with their desire to see structurally lower overall legal fees. You seem to be certain that clients will forever pay exorbitant fees into a largely oligopolistic system. I'm not so convinced.
- Paraflam
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Re: Running a Law Firm like a Business
OP next year: "3.0/155, Chances?"Maserati91 wrote:I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
These are the type of people you'll see on JDU in 10 years talking about how shitty their life is compared to what they expected and convincing people to not go to law school.
- Maserati91
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Re: Running a Law Firm like a Business
KParaflam wrote:OP next year: "3.0/155, Chances?"Maserati91 wrote:I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
These are the type of people you'll see on JDU in 10 years talking about how shitty their life is compared to what they expected and convincing people to not go to law school.
Communicate now with those who not only know what a legal education is, but can offer you worthy advice and commentary as you complete the three most educational, yet challenging years of your law related post graduate life.
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- paratactical
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Re: Running a Law Firm like a Business
Just because people tell you something is unlikely does not mean they're telling you that it's impossible for you to do it.Maserati91 wrote:I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
That being said, you should do some research into how the big firms got their starts and how long it took them to establish their business practices. Flip through the NLJ 250 on wikipedia (LinkRemoved) and check out the dates these firms were founded and the stories of how they started.
- Maserati91
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Re: Running a Law Firm like a Business
Yeah I've been doing that since last night, its really interestinggparatactical wrote:Just because people tell you something is unlikely does not mean they're telling you that it's impossible for you to do it.Maserati91 wrote:I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
That being said, you should do some research into how the big firms got their starts and how long it took them to establish their business practices. Flip through the NLJ 250 on wikipedia (LinkRemoved) and check out the dates these firms were founded and the stories of how they started.
- paratactical
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Re: Running a Law Firm like a Business
So if you're looking at this stuff, you can see why people are saying that it's not really something that one person creates within their lifetime.Maserati91 wrote:Yeah I've been doing that since last night, its really interestinggparatactical wrote:Just because people tell you something is unlikely does not mean they're telling you that it's impossible for you to do it.Maserati91 wrote:I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
That being said, you should do some research into how the big firms got their starts and how long it took them to establish their business practices. Flip through the NLJ 250 on wikipedia (LinkRemoved) and check out the dates these firms were founded and the stories of how they started.
- Maserati91
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Re: Running a Law Firm like a Business
In the most part yes, but if you take an example like boies schiller and flexner, he created it a 237 attorney fir with 10 offices in 14 years.. but he did have a amazing reputation and client base beforehand while in BigLawparatactical wrote:So if you're looking at this stuff, you can see why people are saying that it's not really something that one person creates within their lifetime.Maserati91 wrote:Yeah I've been doing that since last night, its really interestinggparatactical wrote:Just because people tell you something is unlikely does not mean they're telling you that it's impossible for you to do it.Maserati91 wrote:I'm actually becoming really excited.. the idea of owning and being chairman of a successful law firm one day with a lot of attorneys working for you in the middle of Manhattan.. that's the dream I'm gonna chase
That being said, you should do some research into how the big firms got their starts and how long it took them to establish their business practices. Flip through the NLJ 250 on wikipedia (LinkRemoved) and check out the dates these firms were founded and the stories of how they started.
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