Is this insane? Leave biglaw for good? Forum

[Anonymous User]

I was a second year M&A associate at a large law firm before recently being laid off. During the last month I have applied for and interviewed at a half dozen large law firms in various markets with no offers being extended. During the last month I also purchased a distressed property and have since cleaned it up and turned it into a corporate rental which will make me around a 45% profit per month after all expenses are paid.

A large part of me thinks that I should continue in the traditional law setting and pursue the 6 figure income of being a biglaw associate. Another part of me feels like I should pursue my desire to become a "real estate mogul" and start picking up more properties, obtain my real estate license and appraisal license and take a job with a judge that would pay me mid 5 figures but provide health insurance etc. Would this be an insane route to take?

I am in my late 20's, have no debt, and have no wife or kids.

I am curious as to what pros and cons there could be for pursuing this route.

[Anonymous User]

Most m&a practices have never been hotter. My firm and most others are desperate for people. How did you manage to be laid off? Given that you were able to purchase a property with zero income, sounds like you have a nice trust fund and I wouldn't do biglaw if that's the case.

[Anonymous User]

No trust fund. I saved and ultimately decided to invest the money I made during my time in the firm.

[Anonymous User]

Most m&a practices have never been hotter. My firm and most others are desperate for people. How did you manage to be laid off? Given that you were able to purchase a property with zero income, sounds like you have a nice trust fund and I wouldn't do biglaw if that's the case.

As for the M&A being hot at the moment. I have received numerous interviews but no offers. I was laid off because my firm is very energy focused and the energy market has been way down.

[Anonymous User]

biglaw is stable income, but time consuming. investing is unstable income, sometimes time consuming but ultimately more lucrative if done well. if you've been able to establish a stable rental property that provides sufficient income to provide for your expected lifestyle, then there is no reason to continue wasting time in biglaw unless you (a) enjoy it, or (b) need an additional security blanket. unfortunately the trade off is that you have less time to devote to investing.

i've worked a side gig in investing while in biglaw, but ultimately am close to quitting as my side gig will provide enough relatively stable income for my lifestyle and it is much more flexible (i.e., vacations anytime i want, geographic flexiblity and no stress from thinking about work). if the rental property doesn't provide a stable and large enough income, then you may want to keep searching -- otherwise, don't bother and focus on what you truly enjoy.

[Lexaholik]

You should totally go for it. The fact that you're considering doing something outside of law (as opposed to switching practice areas, applying to other legal jobs, etc) probably says something about your skills and personality and preferences.

I don't think any of us are in a position to evaluate whether it'll be successful (compared to Biglaw) or not--there are too many factors involved, like whether your successful distressed property investment can be replicated, etc. However, if you do have a Biglaw background, are in your late 20s with no significant encumbrances, I see no reason why you shouldn't go for it. Worst case scenario--you spend the next five years and fail--you'll still be able to land a law job in your early 30s. Sure, it probably won't be biglaw or anything "prestigious" but you won't go hungry.

I'm a big fan of Biglawyers and former Biglawyers taking risks. I think the culture of Biglaw and maybe law in general makes us scared of failures and setbacks. So we take the safe path and end up hating our lives.

[krads153]

Go for it. The potential upside is a lot bigger (more potential downside too), and this doesn't seem too risky at the moment...so why not. If you do biglaw you won't have any time to develop a business on the side. Entrepreneurs are the only people I know who make big money; working for others is the sucker's way of life (unfortunately for most of us, we are too risk averse).

[Anonymous User]

OP here - -I will continue to update you all on this thread. If I can secure a clerkship with modest income and benefits then I think this entrepreneur idea will be more feasible. I am currently looking at my second deal and am close to pulling the trigger. I have so say fellas and ladies, it feels really damn good to think about building something then doing the death walk of big law everyday.

[sundance95]

Are you certain the judge would let you have a side career, or that the ethics rules applicable to your jurisdiction would permit it?

[downinDtown]

Most m&a practices have never been hotter. My firm and most others are desperate for people. How did you manage to be laid off? Given that you were able to purchase a property with zero income, sounds like you have a nice trust fund and I wouldn't do biglaw if that's the case.

As for the M&A being hot at the moment. I have received numerous interviews but no offers. I was laid off because my firm is very energy focused and the energy market has been way down.

OP, would you mind sharing which firm/office it is? I know the masses/summer classes would like to know, and I am somewhat self-interested, as I'm currently considering lateral ops to a few firms that are pretty concentrated in the energy industry. PM me if that's best. TIA

[Anonymous User]

Are you certain the judge would let you have a side career, or that the ethics rules applicable to your jurisdiction would permit it?

I do not see any scenario where owning property would be in violation of ethical standards. We are not taking about adult entertainment business etc.