Actually it's completely understandable regardless. How many people actually competently know how to run a business?blink wrote:
It could mean that your're 19 or 20 years old, which would make this question understandable.
Running a Law Firm like a Business Forum
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Re: Running a Law Firm like a Business
- Maserati91
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Re: Running a Law Firm like a Business
I'm 19 and pondering the field of Law. I'm a business major and I like the idea of being a Lawyer but want to do something in the corporate world and have my own business one day.. so that's why I asked the question. Wanted to know how real it was to start a big law firmr6_philly wrote:Actually it's completely understandable regardless. How many people actually competently know how to run a business?blink wrote:
It could mean that your're 19 or 20 years old, which would make this question understandable.
- NYC Law
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Re: Running a Law Firm like a Business
TBF, I've always tried thinking up similar stuff. Just worry about being a successful lawyer first, you can go from there.Maserati91 wrote:I'm 19 and pondering the field of Law. I'm a business major and I like the idea of being a Lawyer but want to do something in the corporate world and have my own business one day.. so that's why I asked the question. Wanted to know how real it was to start a big law firmr6_philly wrote:Actually it's completely understandable regardless. How many people actually competently know how to run a business?blink wrote:
It could mean that your're 19 or 20 years old, which would make this question understandable.
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Re: Running a Law Firm like a Business
Also, compelling associates to work stupid-crazy hours in a firm for market pay with no partnership possibility is not likely to attract many quality employees.NYC Law wrote: TBF, I've always tried thinking up similar stuff. Just worry about doing well in school and enjoying life, you can go from there.
Last edited by notanumber on Wed Jun 01, 2011 12:15 am, edited 1 time in total.
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Re: Running a Law Firm like a Business
I have owned multiple businesses with varying degrees of success. Even after the fact, luck was the number one factor. The world is too dynamic to predict how "real" it is to start a big business. I am sure Zuckerberg did not envision a billion dollar company when he started ... point is, you may be tempted to study a certain success and find out what it did well, but that doesn't mean if you do just as well or better you area assured of the same success. I think it is not very "real" to start a big firm in the statistical sense, but if you have what it takes (luck + skill) then it's as real as anything else you can think of.Maserati91 wrote: I'm 19 and pondering the field of Law. I'm a business major and I like the idea of being a Lawyer but want to do something in the corporate world and have my own business one day.. so that's why I asked the question. Wanted to know how real it was to start a big law firm
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Re: Running a Law Firm like a Business
I just meant that it is so far down the road that even if it were realistic for OP, it is not really worth worrying about just yet. (LSAT, applications, 1L, SA, 2L,.....partnership track at a big firm, attract enough clients to go elsewhere, etc)r6_philly wrote:Actually it's completely understandable regardless. How many people actually competently know how to run a business?blink wrote:
It could mean that your're 19 or 20 years old, which would make this question understandable.
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Re: Running a Law Firm like a Business
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.
that said, kinda a silly question.
- Maserati91
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Re: Running a Law Firm like a Business
I've learned to look over the negative criticism and just absorb the useful information.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 dumb question.
Not just this site, but life in general.
Me: "My goal is to one day have my own firm"
Person: "GL with that, you know how many people fail.. you have to be extremelyyy lucky"
Me: "I know but I'm gonna work really hard, besides there are plenty of people that did it"
Person: "They are exceptions or geniuses, not everyone has what it takes" *basically insinuating I will fail*
I love people
- dr123
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Re: Running a Law Firm like a Business
Do you have any experience actually running a business?
- Maserati91
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Re: Running a Law Firm like a Business
Nope, not as of yet.dr123 wrote:Do you have any experience actually running a business?
- dr123
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Re: Running a Law Firm like a Business
Might be helpful to get some management type experience if you plan on opening your own firm, most of management cant really be taught in school.
- glitched
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Re: Running a Law Firm like a Business
i would have to guess that the only way for your own law firm to work would be if you
1. used a different business model from the billable hour to attract clients
2. yet still paid full price, or even more, to attract top lawyers
3. maximized on new legal technology to hire less scrubs
4. ?????
5. make forbes?
i don't know. it all comes down to "rainmaking" ability which i am still trying to figure out... i don't think it's possible without being from one of those families that just knows everyone.
1. used a different business model from the billable hour to attract clients
2. yet still paid full price, or even more, to attract top lawyers
3. maximized on new legal technology to hire less scrubs
4. ?????
5. make forbes?
i don't know. it all comes down to "rainmaking" ability which i am still trying to figure out... i don't think it's possible without being from one of those families that just knows everyone.
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Re: Running a Law Firm like a Business
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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Re: Running a Law Firm like a Business
I think OP referred to "big" law firm, not just a law firm.glitched wrote:i would have to guess that the only way for your own law firm to work would be if you
1. used a different business model from the billable hour to attract clients
2. yet still paid full price, or even more, to attract top lawyers
3. maximized on new legal technology to hire less scrubs
4. ?????
5. make forbes?
i don't know. it all comes down to "rainmaking" ability which i am still trying to figure out... i don't think it's possible without being from one of those families that just knows everyone.
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- Joined: Sat Dec 19, 2009 4:32 pm
Re: Running a Law Firm like a Business
You will love people much, much, much more after you hold a job for 20 years or so.Maserati91 wrote: I've learned to look over the negative criticism and just absorb the useful information.
Not just this site, but life in general.
Me: "My goal is to one day have my own firm"
Person: "GL with that, you know how many people fail.. you have to be extremelyyy lucky"
Me: "I know but I'm gonna work really hard, besides there are plenty of people that did it"
Person: "They are exceptions or geniuses, not everyone has what it takes" *basically insinuating I will fail*
I love people
- glitched
- Posts: 1263
- Joined: Wed May 19, 2010 9:50 am
Re: Running a Law Firm like a Business
gotta start small to turn big.r6_philly wrote:I think OP referred to "big" law firm, not just a law firm.glitched wrote:i would have to guess that the only way for your own law firm to work would be if you
1. used a different business model from the billable hour to attract clients
2. yet still paid full price, or even more, to attract top lawyers
3. maximized on new legal technology to hire less scrubs
4. ?????
5. make forbes?
i don't know. it all comes down to "rainmaking" ability which i am still trying to figure out... i don't think it's possible without being from one of those families that just knows everyone.
- Ty Webb
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Re: Running a Law Firm like a Business
I hate when people use the word "luck" to describe factors that they didn't or wouldn't account for. Just because it's not something you can easily or accurately calculate (and thus account for) doesn't make it luck.r6_philly wrote:I have owned multiple businesses with varying degrees of success. Even after the fact, luck was the number one factor. The world is too dynamic to predict how "real" it is to start a big business. I am sure Zuckerberg did not envision a billion dollar company when he started ... point is, you may be tempted to study a certain success and find out what it did well, but that doesn't mean if you do just as well or better you area assured of the same success. I think it is not very "real" to start a big firm in the statistical sense, but if you have what it takes (luck + skill) then it's as real as anything else you can think of.Maserati91 wrote: I'm 19 and pondering the field of Law. I'm a business major and I like the idea of being a Lawyer but want to do something in the corporate world and have my own business one day.. so that's why I asked the question. Wanted to know how real it was to start a big law firm
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- Maserati91
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Re: Running a Law Firm like a Business
I can't waitttr6_philly wrote:You will love people much, much, much more after you hold a job for 20 years or so.Maserati91 wrote: I've learned to look over the negative criticism and just absorb the useful information.
Not just this site, but life in general.
Me: "My goal is to one day have my own firm"
Person: "GL with that, you know how many people fail.. you have to be extremelyyy lucky"
Me: "I know but I'm gonna work really hard, besides there are plenty of people that did it"
Person: "They are exceptions or geniuses, not everyone has what it takes" *basically insinuating I will fail*
I love people
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Re: Running a Law Firm like a Business
so what word would you use for a factor you can't account for or control?Ty Webb wrote: I hate when people use the word "luck" to describe factors that they didn't or wouldn't account for. Just because it's not something you can easily or accurately calculate (and thus account for) doesn't make it luck.
luck, noun, success or failure apparently brought by chance rather than through one's own actions - from my mac dictionary.
edited for typo
Last edited by r6_philly on Wed Jun 01, 2011 1:28 am, edited 1 time in total.
- NYC Law
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Re: Running a Law Firm like a Business
Is it Luck = Opportunity + Preparation
or
Opportunity = Preparation + Luck?
If it is the former, would Preparation just be Opportunity minus luck?
I can't keep my entrepreneurship quotes straight.
or
Opportunity = Preparation + Luck?
If it is the former, would Preparation just be Opportunity minus luck?
I can't keep my entrepreneurship quotes straight.
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Re: Running a Law Firm like a Business
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
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- Maserati91
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Re: Running a Law Firm like a Business
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
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Re: Running a Law Firm like a Business
It's a philosophical question. But philosophy should only guide your decisions, not dictate it.NYC Law wrote:Is it Luck = Opportunity + Preparation
or
Opportunity = Preparation + Luck?
If it is the former, would Preparation just be Opportunity minus luck?
I can't keep my entrepreneurship quotes straight.
Luck is just the things you don't directly control. You can influence your luck, but there is still an element of chance at the end. We can't and don't control every factor, might as well focus our strength on things we can control and hope for the best.
But I believe in the latter.
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Re: Running a Law Firm like a Business
You can be pragmatic and ambitious BTW. They are not mutually exclusive, unlike the others would have you believe.Maserati91 wrote:
This shall be the elevator song at my law firm when I make it..
http://www.youtube.com/watch?v=Tc3DPvbmJTo
- glitched
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Re: Running a Law Firm like a Business
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
Seriously? What are you waiting for?
Now there's a charge.
Just kidding ... it's still FREE!
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