Wealth Ceiling for Solo Practitioners/Small Firms?

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lawyerdude
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Joined: Fri Aug 19, 2011 1:49 pm

Wealth Ceiling for Solo Practitioners/Small Firms?

Postby lawyerdude » Tue Jul 17, 2012 5:49 pm

No matter what happens immediately after law school, I definitely plan on opening my own office down the line. Because of this, I've been researching earning potentials for solo practitioners. I've heard various anecdotes of individuals making anywhere from 30k a year to 25 million. Has anyone heard of solo practitioners or attorneys at small (2-5 man) firms that are making the same level of income as BigLaw partners?

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nealric
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Re: Wealth Ceiling for Solo Practitioners/Small Firms?

Postby nealric » Tue Jul 17, 2012 6:50 pm

There is no ceiling, but also no floor.

Joe Jamail is a solo and a billionaire. Plenty of solos operate at a net loss.

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patrickd139
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Re: Wealth Ceiling for Solo Practitioners/Small Firms?

Postby patrickd139 » Tue Jul 17, 2012 6:57 pm

nealric wrote:There is no ceiling, but also no floor.

Joe Jamail is a solo and a billionaire. Plenty of solos operate at a net loss.

This.

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Aberzombie1892
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Joined: Sun Mar 29, 2009 10:56 am

Re: Wealth Ceiling for Solo Practitioners/Small Firms?

Postby Aberzombie1892 » Tue Jul 17, 2012 7:06 pm

nealric wrote:There is no ceiling, but also no floor.

Joe Jamail is a solo and a billionaire. Plenty of solos operate at a net loss.


+1. Also, it's necessary to emphasize the fact that it's difficult to start a successful small law firm even after work experience.

TheFactor
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Re: Wealth Ceiling for Solo Practitioners/Small Firms?

Postby TheFactor » Tue Jul 17, 2012 11:48 pm

I have a friend who works at a 2-attorney firm where each attorney makes roughly $2 million/yr. I also know a solo practitioner who is literally homeless -- like he lives in his car most of the time homeless. The good news is the that the answer to your question is yes. The bad news is that the answer doesn't matter.

ruski
Posts: 348
Joined: Sat Sep 12, 2009 10:45 am

Re: Wealth Ceiling for Solo Practitioners/Small Firms?

Postby ruski » Wed Jul 18, 2012 9:50 am

i know one solo who's already opened up three offices. he does mostly local stuff serving needs of those communities but with three offices he is doing very well. all these offices are small, and he spends a couple days a week in each one.




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