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Corporate --> personal injury
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Date: May 19th, 2012 11:30 AM Author: Marvelous love of her life I work in a F100 law department and make $100k plus the usual benefits. My father in law is a solo personal injury attorney, and he is 52 years old. Out of the blue last night, he asked me if I wanted to join his practice, as he is wanting to ease out, yet keep his name on the door. He disclosed his last five years AGI and it was an average of just under $950,000.
I have been an attorney for two years. I have an accounting ugrad and finished top 5% from a T30. NEVER had I considered this type of law, but dodging the corporate BS and making more money sounds enticing. Any thoughts? |
Date: May 19th, 2012 11:31 AM Author: Aphrodisiac Casino Half-breed Greetings, So you can work one year at this new job and make what you'd make in a decade at your current job? |
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Date: May 19th, 2012 2:41 PM Author: Marvelous love of her life No - it is far from salaried and he will still be bringing home the bulk. As long as his name is still associated and he brings in clients, I don't think I could do that bad. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20723643) |
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Date: May 19th, 2012 11:32 AM Author: Balding people who are hurt if you don't have to move to some shit town, i'd do it. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20722951) |
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Date: May 19th, 2012 11:58 AM Author: Aphrodisiac Casino Half-breed Greetings, He could do his dad's job for like five to six years and earn what he'd get his entire career at the other job. |
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Date: May 19th, 2012 11:33 AM Author: contagious shrine factory reset button (Willie gary's son) (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20722956) |
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Date: May 19th, 2012 11:33 AM Author: contagious shrine factory reset button (Willie gary's son) (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20722957) |
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Date: May 19th, 2012 11:33 AM Author: pearly talking trump supporter sup johnsmeyer (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20722959) |
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Date: May 19th, 2012 11:37 AM Author: magical international law enforcement agency heaven Your DAD made $900k.
That doesn't mean you will make anything CLOSE to that.
Your dad has spent an entire career building his firm and gathering clients. People come to him b/c they KNOW what he's capable of or thru word-of-mouth.
I'd take it over only if you are prepared to suffer the good and the bad LOOOONG before you hit your first big case. |
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Date: May 19th, 2012 11:39 AM Author: Balding people who are hurt uhhh... he may not keep ALL of his father in law's clients, but he's hardly going to have trouble getting his "first big case" under this arrangement.
u seem dum |
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Date: May 19th, 2012 11:46 AM Author: Mewling boyish chapel Yeah. The father-in-law is offering to have him join his practice, with the father-in-law eventually easing out. OP is not just saying "should I become a PI lawyer? Cuz I know a PI lawyer who makes a lot of money." (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20722998) |
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Date: May 19th, 2012 11:59 AM Author: Marvelous love of her life You got it (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20723046) |
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Date: May 21st, 2012 10:02 PM Author: Arrogant Black Woman What's "gathering clients" in personal injury? Do PI lawyers tend to rep the same people over and over? (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20739624) |
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Date: May 21st, 2012 11:34 PM Author: Marvelous love of her life No. Blue collar people tend to go to attorneys that helped their blue collar friends. Makes sense. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20740718) |
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Date: May 19th, 2012 11:39 AM Author: contagious shrine factory reset button I will need to know your height and you dads height (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20722984) |
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Date: May 19th, 2012 11:39 AM Author: contagious shrine factory reset button I will need to know your height and you dads height (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20722985) |
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Date: May 19th, 2012 11:45 AM Author: Marvelous love of her life This is my father in law, not my father. He would keep working like normal so I could learn for a while. Then, he will just bring in business and have me do all of the work. His job gets reduced to phone calls, and he still gets income. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20722995) |
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Date: May 19th, 2012 11:47 AM Author: Marvelous love of her life And, for what it is worth, he is 6'4" and I am 6'. Both athletic. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20723002) |
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Date: May 19th, 2012 11:46 AM Author: dark affirmative action i'll have a similar decision in a few years. right now i'm clerking and will go big law or lit boutique for a few years, but my dad has a pretty successful solo practice (makes about 300K salary). he's also 69 years old and can't practice forever. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20723001) |
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Date: May 20th, 2012 8:21 PM Author: Cracking Purple Legend Office what kind of law? (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20732415) |
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Date: May 19th, 2012 11:49 AM Author: medicated famous landscape painting why the hell wouldn't you do this? (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20723006) |
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Date: May 19th, 2012 11:53 AM Author: Marvelous love of her life Are you asking me or the dude with the old dad? (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20723025) |
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Date: May 21st, 2012 7:42 PM Author: Razzle emerald dog poop masturbator Defense work sucks. It sucks to work for sleaze bags; it's boring legal drudge work and court date juggling. OUIs are boring after the third one. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20738562) |
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Date: May 19th, 2012 3:19 PM Author: Racy fluffy mood This seems like a great idea to me. The biggest challenge in P.I. practice is building the brand so you can sustain an inventory of cases at all stages from intake to settlement. Father-in-law already put in the work to build the brand and now you can keep his name on the door and the pipeline going long after he retires. The legal work itself is hardly rocket science.
You can do things when and how you want to b/c you have clients who mostly will have no idea whether you're doing the right thing or not, you don't have to run your drafts and strategy calls by them to nearly the extent you do on the defense side.
Caveat 1- I'm a civil defense litigator so that clouds my view somewhat as compared to OP's in-house corporate situation
[edit] Caveat 2- I'd love to find a similar situation, but lack the relative in the business. have thought about whether i can just find an old lawyer who lacks someone younger to take over in his family and propose a similar arrangement where he phases out and keeps making money b/c I'll be much better at the legal than most idiot assocs he could hire and need to supervise |
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Date: May 20th, 2012 10:22 PM Author: electric disrespectful mad cow disease hominid Is he going to teach you how to actually be a trial attorney (e.g. you'll need to learn where the courthouse is) and learn how to deal with the clients? If so, then go for it. If not, then you're fucked and will sink quickly. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20733402) |
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Date: May 21st, 2012 11:45 AM Author: Marvelous love of her life He is going to stick around. He is tired of working but knows it would be crazy to just leave his practice. He makes about half of his income referring cases to others. I'm wondering if I can maintain his success as long as I keep his name on the door. Scary part is once I take this path, there is no going back to corporate law. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20735902) |
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Date: May 21st, 2012 11:59 AM Author: primrose filthpig public bath the only barrier2 to PI work is 1) book of business and 2) necessary capital to fund the first trickle of cases which take about 4 years to get going.
BOTH of those barriers are eliminated in OP's scenario.
I sit right now as a clerk going through the correspondence on a "proof of due diligence" deal, making shit, my "shitlaw boss"...he doesn't come in on mondays. He just jiggles his balls at home on mondays. It's not a bad life once you get past the shitty first years which you are being offered to essentially SKIP.
sounds like a good deal, bro. |
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Date: May 21st, 2012 12:43 PM Author: Smoky school So how much is he offering you? If he's pulling down a cool seven figures and foresees you taking over the bulk of the work, one would assume he would at least be able to match your 2nd year in-house salary out of the gate. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20736099) |
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Date: May 21st, 2012 1:24 PM Author: Marvelous love of her life We didn't discuss specifics. He asked how much I was making. He stated that he wouldn't provide benefits but stated I would do better than I do at my current job. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20736313) |
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Date: May 21st, 2012 1:31 PM Author: Razzmatazz Dopamine Meetinghouse I would jump on this in a heartbeat. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20736362) |
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Date: May 21st, 2012 1:35 PM Author: hairraiser market deer antler from what i know about pi, you'll settle most things anyway so sounds pretty easy (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20736383) |
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Date: May 21st, 2012 7:25 PM Author: Marvelous love of her life He does try some cases, but his bread and butter come from referring cases to others. I don't know why he would offer me a piece of a referral he gets. Why would he share 200k that he makes from making a couple of phone calls? (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20738441) |
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Date: May 21st, 2012 8:00 PM Author: Twisted Galvanic Mad-dog Skullcap Multi-billionaire (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20738660) |
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Date: May 21st, 2012 10:21 PM Author: electric disrespectful mad cow disease hominid Generally true, but you'll settle for much higher sums once you've actually done your time handling real trials. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20739851) |
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Date: May 21st, 2012 9:02 PM Author: domesticated address psychic did you get in-house right out of LS? If so, please describe. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20739104) |
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Date: May 21st, 2012 10:01 PM Author: Marvelous love of her life I knew an upper level attorney in the department and he went out on a limb for me. (http://www.autoadmit.com/thread.php?thread_id=1952116&forum_id=2#20739608) |