I spent several years before law school working with SV startups. I'm familiar with like...."entrepreneurship" as you describe it. This is extremely different.Aptitude wrote:Didn't even realize I hit anonymous. Don't even see what difference it makes, or why you and another poster are crying about it.LBJ's Hair wrote: I honestly can't tell if this is a troll or not but I'm assuming it isn't. If it is, well-played.
You should do proper research and prepare. But it's not that different than any person that leaves their comfortable office job to start a business. There are people that risk way more money/income/comfort to start a business.I don't think anyone is questioning whether it's theoretically possible to run a successful DUI shop. They're making the extremely reasonable point that most small businesses fail and if you're making mid-six figures with benefits at BigLaw and know basically nothing about running a solo practice, you should think twice before quitting to hang up a shingle.
There are several entrepreneurs I know that have been successful running multiple types of businesses. I know for instance, solo attorneys that run successful businesses completely unrelated to law, because they have good business acumen. And they would parrot my opinion on this. I know plenty of people that own several types of successful businesses, from Doctor's offices, to real estate investments, the stock market, to retail businesses.I'm also like, frankly, flabbergasted that you think a restaurant owner could give OP useful advice about opening up a solo practice. They're completely different businesses: Different cost structure, revenue model, different market...As to Facebook/Twitter....just lol. This reads like a scene from Silicon Valley.
Also yes - plenty of people in the Silicon Valley risk comfortable, high paying jobs to start a business. I know plenty of people that have risked far more than just 6 digits and benefits.
Your post is actually hilarious. But you do you, and keep on believing what you want to believe. I actually prefer people with your mentality, it makes it easier for the rest of us to make money.
OP, most of this thread is a waste of your time. I'm guessing the majority of people here who have replied to you aside from AVBucks4239 and I have never dabbled in any type of start-up or business endeavor. You can tell from their mentality. If you want some good resources that may help with your research, feel free to PM me.
Silicon Valley is a totally different animal than law. When you launch a startup with VC money, your risk-reward is asymmetrical. If you fail, you lose your time, and salary (but usually you're still taking a salary). But mostly you're losing like, some VC's money. They're the ones paying for your electricity, your engineers' salaries, etc. If you succeed, you're worth potentially hundreds of millions of dollars. So even if you only have a 10% chance of success, it's probably worth it, risk adjusted. The payoff curve is basically an option: the downside is capped at a couple hundred grand of foregone salary, the upside is potentially unlimited. And "failed startup CEO" doesn't really carry a stigma in Palo Alto anyway. So you're still employable at a Google or whatever.
None of that is true of a lawyer hanging up a shack. OP will be eating all of the costs himself: his/her downside isn't capped. The foregone salary is material. There's not really a possibility of returning to his/her old job several years from now, because s/he's practicing a non-transferable area of law and frankly, people who are used to being their own boss aren't viewed as great employees in hierarchical law firms. So the career risk is massive. You'll probably fail--the skills necessary for being a good BigLaw junior lawyer are not at all like the ones necessary for starting a high-volume DUI practice. And then what's the upside? It's not a jillion dollars. It's based on your own time. it doesn't scale. And there are *already people who do DUI work. It's not like this is some undiscovered market.
I understand the sort of contrarian like, "oh, take risks! be your own boss! entrepreneurship" impulse you have. And if you *have clients you're taking with you*, I completely understand why say, Robbie Kaplan would go "fuck it, I'm starting my own law firm." But in *this case*...just...the math, the industry, OP's background, nothing makes sense.