It is an immediate way to have my own business. I could not think of any other business ideas that suited my strenghts better than law. I could probably start another business cheaper and sooner but I think a law practice will be more profitable in the long range than landcaping or consulting etc..
I couldn't agree more. I currently work for a company that wholesales industrial lighting to universities, hospitals, businesses, etc. This company has some major accounts in many different states. If you've ever wondered where street lights come from or perhaps those big lights in Wal-Mart, they really could have come from the company I work for.
Every day I assemble a bank deposit for many thousands of dollars from recent sales. At first glance of these deposits you would think that every employee should be driving a Rolls. However, the company has tremendous overhead. Some of our products are only marked up only 10 percent, others more. The profit margin is really very slim. We bring in a lot of big checks but we also send out some big checks too.
As a lawyer in private practice, however, you are not selling any merchandise. Your overhead is limited to your time, perhaps an assistant to answer the phone and perform other various tasks, monthly rent and utilities, and a few other odds and ends. If I ever learned anything in my MBA studies, it was low overhead and high margin; private law practice has these covered.