Running a Law Firm like a Business Forum
- NYC Law
- Posts: 1561
- Joined: Thu May 26, 2011 3:33 pm
Re: Running a Law Firm like a Business
How is this thread still going?
- Maserati91
- Posts: 42
- Joined: Sat May 28, 2011 7:21 pm
Re: Running a Law Firm like a Business
I've been looking up law businesses and came across an interesting article about a man who worked as a corporate bankruptcy lawyer for 20 years and then left to start his own hedge fund.. very interesting. Apparently WSJ has a whole blog dedicated to this switch from corporate law to investment banking or hedge funds. What do you guys think?nphsbuckeye wrote:What do you mean? I addressed that starting a very successful law firm may not make as much money for the founder as a successful company without a partnership, but one could still produce as much money as a CEO in a non-partnership (or whatever that jargon is).thesealocust wrote:I've read your sentences a few times, but I'm still not sure they mean anything.nphsbuckeye wrote:There are, however, a crapton of ways to make money through investments and whatnot. You may not make CEO money, but you can facilitate income if you have investment knowledge. The OP is a business major, so he'll probably learn a few methods.rayiner wrote:In short, law is a terrible way to get rich. Without corporate ownership structure, there is a huge limit to your leverage and thus how much money you can make off the backs of other peoples' work.
If it's because I'm incoherently rambling, I apologize. I should start proofreading more often.
- SOCRATiC
- Posts: 114
- Joined: Sun Jan 24, 2010 4:22 am
Re: Running a Law Firm like a Business
Prospective law students that actively seek out these presumably available exit options are not that interested in studying law (probably). Since their undergraduate major was insufficient for achieving "glory", they see the study of law as a stepping stone to their path to riches (delusional assumption).Maserati91 wrote: I've been looking up law businesses and came across an interesting article about a man who worked as a corporate bankruptcy lawyer for 20 years and then left to start his own hedge fund.. very interesting. Apparently WSJ has a whole blog dedicated to this switch from corporate law to investment banking or hedge funds. What do you guys think?
In reality, they haven't given a single thought to what practicing law actually entails (am I right or am I right?), and only spend time on fantasizing about themselves becoming some corporate hotshot in the cleaner parts of a metropolitan city (I'm super cereal).
That's all that they want to do, so they refuse to think about how terrible it is to be an associate - billing endless hours and not being able to think about becoming a superstar (They actually think this way), or becoming a $12/hr sweatshop worker at a law factory (Because they know they'll get biglaw), or evaluating whether their outlandish assumptions about possible career paths after law school ought to be taken with a humongous sack of salt.
- thesealocust
- Posts: 8525
- Joined: Mon Oct 20, 2008 8:50 pm
Re: Running a Law Firm like a Business
This still doesn't make any sense. You have two people, one makes more money than the other. The one who makes less invests his money... the one who makes more takes it all out in $20 bills and builds a fortress out of it?nphsbuckeye wrote: What do you mean? I addressed that starting a very successful law firm may not make as much money for the founder as a successful company without a partnership, but one could still produce as much money as a CEO in a non-partnership (or whatever that jargon is).
- nphsbuckeye
- Posts: 124
- Joined: Sat Aug 07, 2010 1:06 am
Re: Running a Law Firm like a Business
Don't enter law school before you have done your due diligence. That one guy may be the only person to ever go from bankruptcy to a hedge fund. It's possible, but extremely rare for a lawyer to make enough money to start a HF, IB, VC, PE, etc.Maserati91 wrote:I've been looking up law businesses and came across an interesting article about a man who worked as a corporate bankruptcy lawyer for 20 years and then left to start his own hedge fund.. very interesting. Apparently WSJ has a whole blog dedicated to this switch from corporate law to investment banking or hedge funds. What do you guys think?
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- Posts: 10751
- Joined: Sat Dec 19, 2009 4:32 pm
Re: Running a Law Firm like a Business
There are of course success stories. But for one that succeeds, 1000's fail. The difference in approaching these things is - you should think that you "can" be that one, not you "will" be that one.SOCRATiC wrote:Prospective law students that actively seek out these presumably available exit options are not that interested in studying law (probably). Since their undergraduate major was insufficient for achieving "glory", they see the study of law as a stepping stone to their path to riches (delusional assumption).Maserati91 wrote: I've been looking up law businesses and came across an interesting article about a man who worked as a corporate bankruptcy lawyer for 20 years and then left to start his own hedge fund.. very interesting. Apparently WSJ has a whole blog dedicated to this switch from corporate law to investment banking or hedge funds. What do you guys think?
In reality, they haven't given a single thought to what practicing law actually entails (am I right or am I right?), and only spend time on fantasizing about themselves becoming some corporate hotshot in the cleaner parts of a metropolitan city (I'm super cereal).
That's all that they want to do, so they refuse to think about how terrible it is to be an associate - billing endless hours and not being able to think about becoming a superstar (They actually think this way), or becoming a $12/hr sweatshop worker at a law factory (Because they know they'll get biglaw), or evaluating whether their outlandish assumptions about possible career paths after law school ought to be taken with a humongous sack of salt.