Running a Law Firm like a Business

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r6_philly
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Re: Running a Law Firm like a Business

Postby r6_philly » Wed Jun 01, 2011 12:00 am

blink wrote:
It could mean that your're 19 or 20 years old, which would make this question understandable.


Actually it's completely understandable regardless. How many people actually competently know how to run a business?

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Maserati91
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Re: Running a Law Firm like a Business

Postby Maserati91 » Wed Jun 01, 2011 12:06 am

r6_philly wrote:
blink wrote:
It could mean that your're 19 or 20 years old, which would make this question understandable.


Actually it's completely understandable regardless. How many people actually competently know how to run 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 firm

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NYC Law
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Re: Running a Law Firm like a Business

Postby NYC Law » Wed Jun 01, 2011 12:08 am

Maserati91 wrote:
r6_philly wrote:
blink wrote:
It could mean that your're 19 or 20 years old, which would make this question understandable.


Actually it's completely understandable regardless. How many people actually competently know how to run 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 firm


TBF, I've always tried thinking up similar stuff. Just worry about being a successful lawyer first, you can go from there.

notanumber
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Re: Running a Law Firm like a Business

Postby notanumber » Wed Jun 01, 2011 12:14 am

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.


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.
Last edited by notanumber on Wed Jun 01, 2011 12:15 am, edited 1 time in total.

r6_philly
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Re: Running a Law Firm like a Business

Postby r6_philly » Wed Jun 01, 2011 12:14 am

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


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.

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blink
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Re: Running a Law Firm like a Business

Postby blink » Wed Jun 01, 2011 12:44 am

r6_philly wrote:
blink wrote:
It could mean that your're 19 or 20 years old, which would make this question understandable.


Actually it's completely understandable regardless. How many people actually competently know how to run 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)

dkt4
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Re: Running a Law Firm like a Business

Postby dkt4 » Wed Jun 01, 2011 12:46 am

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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Maserati91
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Re: Running a Law Firm like a Business

Postby Maserati91 » Wed Jun 01, 2011 12:51 am

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.


I've learned to look over the negative criticism and just absorb the useful information. :D

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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dr123
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Re: Running a Law Firm like a Business

Postby dr123 » Wed Jun 01, 2011 12:55 am

Do you have any experience actually running a business?

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Maserati91
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Re: Running a Law Firm like a Business

Postby Maserati91 » Wed Jun 01, 2011 1:00 am

dr123 wrote:Do you have any experience actually running a business?


Nope, not as of yet.

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dr123
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Re: Running a Law Firm like a Business

Postby dr123 » Wed Jun 01, 2011 1:04 am

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.

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glitched
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Re: Running a Law Firm like a Business

Postby glitched » Wed Jun 01, 2011 1:11 am

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.

r6_philly
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Re: Running a Law Firm like a Business

Postby r6_philly » Wed Jun 01, 2011 1:14 am

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.


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.

r6_philly
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Re: Running a Law Firm like a Business

Postby r6_philly » Wed Jun 01, 2011 1:15 am

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.


I think OP referred to "big" law firm, not just a law firm.

r6_philly
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Re: Running a Law Firm like a Business

Postby r6_philly » Wed Jun 01, 2011 1:16 am

Maserati91 wrote:I've learned to look over the negative criticism and just absorb the useful information. :D

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 :)


You will love people much, much, much more after you hold a job for 20 years or so.

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glitched
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Re: Running a Law Firm like a Business

Postby glitched » Wed Jun 01, 2011 1:17 am

r6_philly wrote:
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.


I think OP referred to "big" law firm, not just a law firm.


gotta start small to turn big.

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Ty Webb
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Re: Running a Law Firm like a Business

Postby Ty Webb » Wed Jun 01, 2011 1:18 am

r6_philly wrote:
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


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.


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.

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Maserati91
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Re: Running a Law Firm like a Business

Postby Maserati91 » Wed Jun 01, 2011 1:19 am

r6_philly wrote:
Maserati91 wrote:I've learned to look over the negative criticism and just absorb the useful information. :D

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 :)


You will love people much, much, much more after you hold a job for 20 years or so.


I can't waittt :D

r6_philly
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Re: Running a Law Firm like a Business

Postby r6_philly » Wed Jun 01, 2011 1:20 am

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.


so what word would you use for a factor you can't account for or control?

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.

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NYC Law
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Re: Running a Law Firm like a Business

Postby NYC Law » Wed Jun 01, 2011 1:21 am

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.

r6_philly
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Re: Running a Law Firm like a Business

Postby r6_philly » Wed Jun 01, 2011 1:24 am

Maserati91 wrote:
I can't waittt :D


Actually, seeing that you have not had that experience yet, you should treasure the fact that you can wait. l 8)

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Maserati91
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Re: Running a Law Firm like a Business

Postby Maserati91 » Wed Jun 01, 2011 1:26 am

r6_philly wrote:
Maserati91 wrote:
I can't waittt :D


Actually, seeing that you have not had that experience yet, you should treasure the fact that you can wait. l 8)


This shall be the elevator song at my law firm when I make it.. :wink:

http://www.youtube.com/watch?v=Tc3DPvbmJTo

r6_philly
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Re: Running a Law Firm like a Business

Postby r6_philly » Wed Jun 01, 2011 1:27 am

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.


It's a philosophical question. But philosophy should only guide your decisions, not dictate it.

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.

r6_philly
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Re: Running a Law Firm like a Business

Postby r6_philly » Wed Jun 01, 2011 1:29 am

Maserati91 wrote:
This shall be the elevator song at my law firm when I make it.. :wink:

http://www.youtube.com/watch?v=Tc3DPvbmJTo


You can be pragmatic and ambitious BTW. They are not mutually exclusive, unlike the others would have you believe.

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glitched
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Re: Running a Law Firm like a Business

Postby glitched » Wed Jun 01, 2011 1:33 am

Maserati91 wrote:
r6_philly wrote:
Maserati91 wrote:
I can't waittt :D


Actually, seeing that you have not had that experience yet, you should treasure the fact that you can wait. l 8)


This shall be the elevator song at my law firm when I make it.. :wink:

http://www.youtube.com/watch?v=Tc3DPvbmJTo


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?




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