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Any reason not to? I have some capital and a steady supply of hourly contract work to keep me busy in lean times (basically similar cases to what I'm working on now for smaller shops). My plan is to take on PI cases, other contingency cases, and some class actions such as consumer ones. I have relationships with some reliable plaintiff's lawyers who will front costs on certain cases in exchange for a cut of the contingency. Curious to hear what TLS has to say about this.

I think it’s a great idea and I hope to do the same one day. You will likely make more on hat side than you ever would in Biglaw. And probably have a more enjoyable career. Best of luck.

I second the above poster. If I had the capital I would do this myself. Your upside is way higher than biglaw and once you get in the swing of things you’ll probably make more on an hourly basis than the average senior associate.

What year are you?

Tag.

I want to do this eventually, too. Good luck! Hope to hear how it goes.

2013 grad. I’m outside the V10 in major market. My view is there are some very rich equity partners at my firm, but the non equity variety range from barely affording to live in the city to comfortably upper middle class. No one is really rich though, but comfortable if they’ve saved well have a nice nest egg in their retirement accounts. That being said, it’s a rat race.

Meanwhile I see these PI bros and consumer attorneys absolutely raking it in. More risk more reward. I want more control over my annual earnings and over my life. Obviously leaving the comforts of big law is a challenge and I’ll be working around the clock getting cases but I think it’ll be good. I’ve got $100k cash, a married partner who makes more than I do who can support us, and some good relationships to get hourly work at a good rate (if needed) and office space really cheap. Going to start lean with a website and rely on referrals then eventually advertise, etc.

Would be great if you documented your progress on here

piguy2018 wrote:2013 grad. I’m outside the V10 in major market. My view is there are some very rich equity partners at my firm, but the non equity variety range from barely affording to live in the city to comfortably upper middle class. No one is really rich though, but comfortable if they’ve saved well have a nice nest egg in their retirement accounts. That being said, it’s a rat race.

Meanwhile I see these PI bros and consumer attorneys absolutely raking it in. More risk more reward. I want more control over my annual earnings and over my life. Obviously leaving the comforts of big law is a challenge and I’ll be working around the clock getting cases but I think it’ll be good. I’ve got $100k cash, a married partner who makes more than I do who can support us, and some good relationships to get hourly work at a good rate (if needed) and office space really cheap. Going to start lean with a website and rely on referrals then eventually advertise, etc.

Do you think any of your biglaw lit experience will carry over? I’m in transactional and absolutely fucking hate it and dream of doing this, but I feel like I have no lit experience.

I do. I’m on the defense side of the same lawsuits I’ll be filing. Most of the cases settle so I figure if I settle 10 cases for the nominal sum of $30,000 I’ll make $100,000 in my first year. I’ll have some bigger settlements too especially with the class actions. But this is a conservative estimate based on me getting a reasonable amount of bad cases and as a result getting a low settlement. Long term the plan is to take great cases and settle them for high amounts or try them to verdict.

The goal is obviously to make much much more than that low six figures on an annual basis. The key is getting the cases. I have some good referral sources and strategies for getting cases and I’m optimistic, but that’s the biggest risk right now. Got to leap eventually!

Anonymous User wrote:I do. I’m on the defense side of the same lawsuits I’ll be filing. Most of the cases settle so I figure if I settle 10 cases for the nominal sum of $30,000 I’ll make $100,000 in my first year. I’ll have some bigger settlements too especially with the class actions. But this is a conservative estimate based on me getting a reasonable amount of bad cases and as a result getting a low settlement. Long term the plan is to take great cases and settle them for high amounts or try them to verdict.

The goal is obviously to make much much more than that low six figures on an annual basis. The key is getting the cases. I have some good referral sources and strategies for getting cases and I’m optimistic, but that’s the biggest risk right now. Got to leap eventually!

Do you really think you can find a number of class actions that have a good settlement value where other lawyers won't already be involved (and prepared to challenge your claim for class council based on adequacy given you've never led a class action before)?

Yes I think I’ll be able to find good class claims, specifically in a few subareas I currently handle. I’ll steer clear of companies with existing litigation at the beginning and play ball in that regard, but there are plently of closely held and middle market companies that dont have the same volume of litigation of class issues that you mention.

Youre right about adequacy. I’ll associate co-cousnel in for the first few cases no matter what to avoid that problem.

Just FYI, assume you will lose money on your firm in the first year or two. It takes awhile to get things going revenue stream wise, especially with a litigation practice using contingency fee structure. Definitely write a business plan. Also, make sure to ask yourself "why should consumers of legal services choose my firm over all the others?" and "what kind of lawyer/firm do I want to be?" (e.g., lawyer w/a heart, helping the little guy fight the big bad corporation, etc.)

Best of luck!

You should check out UTLaw2007's posts http://www.top-law-schools.com/forums/s ... 3&sr=posts

He posted great stuff during an era when most of the stuff was crap.

Especially the "how to make shitlaw pay" thread and ""Law Firm Marketing" http://www.top-law-schools.com/forums/v ... 1&start=50.

Tag.
Please update if you decide to go for it. Good luck!

good luck! out of curiosity, what market are you in? some friends and I occasionally think up plaintiff-side theories and would be happy to share some of those with you, potentially in a light consulting arrangement, if you'd be interested.

settling ten cases your first year seems like a bit of a tough goal to me --at least most federal civil cases take a year to get to a MTD stage where a settlement is likely -- but maybe it's different in your practice area. good luck, this is a great goal.

tag