Never ask cowards for "advice" before doing anything.
Quote from: lawstudent#1 on August 08, 2011, 04:36:04 PMNever ask cowards for "advice" before doing anything. On a less condemnatory note, as I said, being an attorney and being a small businessperson are two totally different things.Small businesspeople tend to be of the "Ready FIRE... aim..." variety.The very best attorneys? They tend towards the "Ready, aim, aim, aim, aim, aim, aim..." variety. They're very risk-averse and not at all the type to leap before looking. There are entire swaths of very successful, very wealthy people who simply can not, and could never be a small businessperson. They want to mitigate all risk, which basically means, they will always have a reason NOT to launch out on their own.As I said, to have your own practice, you have to be a bit of both. Just being a professional (an accountant, attorney, doctor, etc.) is absolutely not the same as having what it takes to strike out and hang out a shingle. I never cease to be amused by doctors who say things like, "I could have made a lot more money in business."Ummmm... no, doc, you couldn't. You're a terrible businessperson. Your organization is a customer service hellhole. Have you ever sat on the customer's side of the partition at your office? You have already proven that you are, at best, barely minimally competent at running a business. That's not the sign of a $350,000 a year businessperson who has missed his vocation.All good attorneys may think they have what it takes to strike out on their own but they don't. And the traditional path of associate, midlevel associate, senior associate, junior partner, senior partner is a heck of a long handholding path to having equity in the firm. This is not at all to disparage people who have kicked ass the tried and true proven way in a law firm. More power to them and I doubt I could ever do what they can do. Being a partner at a large firm is going to bring down the kind of money that very, very few people could ever realistically dream of, and that simply won't ever be attained by most people who start a practice right out of law school.However, I guarantee that every mid-sized town or larger has a guy who hung out a shingle, has practiced for less than 10 years and has parlayed his T4 degree into a $250,000+ a year small firm.There are a few refugees from biglaw who ease back into a corporate counsel role for less money than that.Also, not to say that hanging out a shingle is a path to prosperity, either. A lot of solo practitioners never really get their practice off the ground. I'll offer that those folks are probably neither great attorneys nor great business people.
As a result, a huge proportion of attorney sole proprietors don't make very much money.
Never ask cowards for "advice" before doing anything. Look into the raw facts and then do it or don't. The majority of people are cowards. Just a fact. That's why even factoring in the draftees generations less than a third of our nation is veterans. "but I could get hurt or have to try harder for less pay for awhile, etc,etc, "