I am an older student and have one semester under my belt so far at law school. I can tell you from my first impressions, that I bet 50% of my incoming class will not be doing a solo practice ever. I had a very successful business for 12 years, I survived several bad economies, high interest rates, and a step learning curve (as I was a premed student in undergrad and had no business training at all), but I realized that all the training in world wouldn't have meant crap if you didn't have the psychology for it.
Do you think that getting an ABA JD and then an online LLM would help going solo?Would it impress clients and give extra knowledge? Or would it be a waste of funds?
The most common way to riches and the most common way to bankruptcy or financial ruin both travel through the same intersection: small business ownership. Many people on this thread are trying to offer sound advice based on real-world experience. (At least I am, but maybe everyone else is making crap up) Don't be discouraged by the advice, but don't disregard the advice just because you think I am too chicken to open my own firm. Investing in a down market can be a great strategy, if you have the capital to establish a good system and foundation. If you want to ride the wave by working harder than everyone else, you have to have a large amount of clients to generate enough cash-flow to run a healthy business. And once again, if you want to get a loan for your new firm and take advantage of the amazing interest rates, you have to remember that its all about cash flow or collateral. Courage, goodwill, contacts, determination, or a snazzy law degree won't mean crap.
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