Solo practitioners+Student debt over $150k Forum

[Anonymous User]

There's no other way to say it. I fucked up TLS. I'm a 2L at a TTTT with median grades and I'll graduate with around $150k in student loan debt. I came to law school wanting to work in state gov but I don't think I want to do that anymore and I didn't really do a good job of planning out the financial aspect of law school. I know I definitely want to be a lawyer and I know I'm probably heading to a small firm job or solo practice upon graduation. Ideally, I'd want to get some experience at a firm first before going solo but I don't know if I'll have that option considering the current hiring climate for new grads. For the solos and small law associates out there, how do you suggest I service my debt? Should I try to pay it all down as quickly as possible or ride PAYE and save money for the tax bomb? Also, is working in small law/solo economically doable or is it really tough in today's economy? Is it even possible to go solo right out of law school? I'd appreciate your commentary on this matter. Thanks

[Anonymous User]

I know a bit about this. You'll be fine, but should hustle to find something sooner than later, perhaps trying to network for something during LS. At small law firms, the opportunity to make $ is dependent more on salesmanship than anything else (after a couple years). Starting out pay will not be great at all, but your long term trajectory does not have to be bleak. If you are indifferent to practice area, try to hook up with a firm that does personal injury/contingent fee cases, has good deal flow, and will allow you to participate in the upside before long. Criminal can be good too, and you don't have a negative cash flow cycle there. Look at the ratio of population to lawyers to see what areas are saturated, and don't hang out a shingle there. I wouldn't go solo straight out if you can help it, but that's not to say it isn't doable. Luckily you are still in LS and can try to network/plan that path. I would reach out to alums and try to find a mentor if you decide to go that route. It will also help bring in business via referrals.

[CanadianWolf]

Or you could just ask for a $150,000 retainer from your first client.

[Anonymous User]

OP here. To the other Anon, I do enjoy Personal injury (and torts in general) quite a bit and most of my classmates interned at those types of firms over the summer but I have a cousin who is not blood related (married into the family) who owns his own family law practice and has offered to show me the ropes in that area on multiple occasions. I'll be sure to set up a lunch meeting with him soon. Ideally, I'd like to work in firm that does both and maybe a little crim defense before going solo but we shall see. For the solo practitioners, did you find it difficult the first few years to get your practice off the ground? And how did you deal with crushing student loan debt (if you had any) while trying to build your firm?

[RaceJudicata]

For the solo practitioners, did you find it difficult the first few years to get your practice off the ground?

For this, my guess is that the answer is a resounding "yes". Unless you have money to put into marketing efforts/know people who have money/need for legal work from an inexperienced recent grad, it will be very tough.

Personal injury would be something to strongly consider. A good firm (in any metropolitan area) will have a ton of business, and be relatively reliable work. It won't pay a ton, but its manageable. Also, if you are good at it, and get into the right firm and catch the right case, you can make $$$$

[Johann]

For the solo practitioners, did you find it difficult the first few years to get your practice off the ground?

For this, my guess is that the answer is a resounding "yes". Unless you have money to put into marketing efforts/know people who have money/need for legal work from an inexperienced recent grad, it will be very tough.

Personal injury would be something to strongly consider. A good firm (in any metropolitan area) will have a ton of business, and be relatively reliable work. It won't pay a ton, but its manageable. Also, if you are good at it, and get into the right firm and catch the right case, you can make $$$$

shut the fuck up then

[A. Nony Mouse]

Is that really a guess, though? Is it at all realistic to say that it's *not* difficult to get a practice off the ground in the first few years? That's not saying it's not worth it, not profitable, or that someone who tries it can't ever succeed and is doomed to die penniless in the gutter. It's just saying it's difficult.

[84651846190]

https://www.youtube.com/watch?v=F9KeYE_2kag

[runinthefront]

Or you could just ask for a $150,000 retainer from your first client.

This was such an unnecessary post.

[Anonymous User]

Would any practicing Solos like to comment on this matter?