Starting start up and big law

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Starting start up and big law

Postby Anonymous User » Thu Sep 07, 2017 3:36 pm

Starting work in 2 weeks. Friend and I just came up with a. Pretty good startup idea and he wants to go for it. Agreed that he would put in hours and I would put in cash and I have good connections. Total amount of time on my part would be 2-3 hours per week on weekends. He will probably work it full time. Is this against the rules in starting big law? Do I need to tel my firm about it we incorporate and I own some percentage of it (likely just a small piece)?

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cbbinnyc

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Re: Starting start up and big law

Postby cbbinnyc » Thu Sep 07, 2017 4:04 pm

Anonymous User wrote:Starting work in 2 weeks. Friend and I just came up with a. Pretty good startup idea and he wants to go for it. Agreed that he would put in hours and I would put in cash and I have good connections. Total amount of time on my part would be 2-3 hours per week on weekends. He will probably work it full time. Is this against the rules in starting big law? Do I need to tel my firm about it we incorporate and I own some percentage of it (likely just a small piece)?


Hopefully somebody who knows better than I do will chime in, but I believe this will depend on the firm. However, there are definitely firms that have rules against doing any side work for income.

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Re: Starting start up and big law

Postby Anonymous User » Thu Sep 07, 2017 4:30 pm

My firm would require disclosure of the ownership interest.

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Re: Starting start up and big law

Postby Anonymous User » Thu Sep 07, 2017 4:49 pm

Anonymous User wrote:Starting work in 2 weeks. Friend and I just came up with a. Pretty good startup idea and he wants to go for it. Agreed that he would put in hours and I would put in cash and I have good connections. Total amount of time on my part would be 2-3 hours per week on weekends. He will probably work it full time. Is this against the rules in starting big law? Do I need to tel my firm about it we incorporate and I own some percentage of it (likely just a small piece)?


I have a side real estate investing business. No really viewed the same way as a start up, but I've casually dropped that at happy hours and to the former managing partner and no one has looked at me weird.

Danger Zone

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Re: Starting start up and big law

Postby Danger Zone » Thu Sep 07, 2017 5:26 pm

OTOH, we had a summer associate who "casually" mentioned a real estate investing side business to partners at a happy hour who was teased mercilessly behind his back for being a huge tool, so YMMV
Last edited by Danger Zone on Sat Jan 27, 2018 2:49 pm, edited 1 time in total.

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Re: Starting start up and big law

Postby Anonymous User » Thu Sep 07, 2017 5:36 pm

if anything, it would be quite small, in a different state and completely unrelated to the area of law that I will be in. if it got big enough for my firm to notice it, then I would probably just go work for it.

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SmokeytheBear

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Re: Starting start up and big law

Postby SmokeytheBear » Thu Sep 07, 2017 5:41 pm

You'll get an associate handbook on the first day. It will have information on there about any work you can do outside of work you do for the firm. Generally they only limit legal work (i.e. you cannot do any legal work for anyone except for firm clients). They will also limit who you can invest in, but again that's usually limited to firm clients for ethical reasons. Regardless, read the provisions carefully and, if need be, discuss it with the Office of the GC at your firm.

se7en

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Re: Starting start up and big law

Postby se7en » Thu Sep 07, 2017 6:37 pm

How will they ever find out you own shares in a privately owned start-up?

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Re: Starting start up and big law

Postby Anonymous User » Thu Sep 07, 2017 7:07 pm

se7en wrote:How will they ever find out you own shares in a privately owned start-up?


Good call. Mostly because I have a big mouth :lol:

You are right. I believe that I could own it with no repercussions as long as I kept it to myself. I was just wondering if there were any universal rules requiring me to tell the firm.

merde_happens

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Re: Starting start up and big law

Postby merde_happens » Thu Sep 07, 2017 7:12 pm

You are right. I believe that I could own it with no repercussions as long as I kept it to myself. I was just wondering if there were any universal rules requiring me to tell the firm.


There are a lot of things you can get away with if you keep your mouth shut, but that's not exactly a great ethical position to take as a soon-to-be newly minted attorney.

You'll get an associate handbook on the first day. It will have information on there about any work you can do outside of work you do for the firm. Generally they only limit legal work (i.e. you cannot do any legal work for anyone except for firm clients). They will also limit who you can invest in, but again that's usually limited to firm clients for ethical reasons. Regardless, read the provisions carefully and, if need be, discuss it with the Office of the GC at your firm.


TITCR.

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Re: Starting start up and big law

Postby Anonymous User » Thu Sep 07, 2017 7:16 pm

merde_happens wrote:
You are right. I believe that I could own it with no repercussions as long as I kept it to myself. I was just wondering if there were any universal rules requiring me to tell the firm.


There are a lot of things you can get away with if you keep your mouth shut, but that's not exactly a great ethical position to take as a soon-to-be newly minted attorney.


OP here. That was my point.



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