What's your 2021 revenue shaping up to be?

I'm at multi-m as a true solo. Have more cases in a similar vein that we'll be preparing to file soon to try to capitalize on the payday in 2022.

(http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43551291)

800k with 350k expenses, although 100k expenses are rent we pay to the LLC we own.

(http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43552071)

Expenses about 500k but a lot of that goes into assets. Bought a super cool office building this year.

(http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43552079)

I bought my office building for 700k at the end of 2020. This is my first full year with it.

I pay myself (separate holding company) the exact amount of my mortgage every month. That gets written off as an expense (but as income for holding co but more than zero'd out by below write offs).

~3% of building value automatically written off as depreciation each year.

I paid ~$100k to renovate the building. All written off/depreciated + adds value to asset.

Mortgage interest written off (I think).

Paid ~50k for furniture etc for office. All written off + depreciated I think.

All utilities/improvements/repairs get written off through holding co. Holding co should be a net loss each year if you're doing it right.

Ideally your office building gains value. A lot across the street that is ~60% my lot's size just sold for a mil. I am in an area with crazy growth tho. Lucky timing.

I'm going to buy a nice monument sign, add siding, etc next year. Prob another 100k written off + value added.

Add all that up and I'll estimate I reduced my net income by ~200-300k in the first year while actually gaining value.

Probably some more stuff too. They gave me a MONSTER fire insurance policy on it so if it ever burns down I get paid.

Happy to revisit this once I get my final taxes. I'm curious as to the total value myself but it seems like a no brainer if you have the $ and need write offs. Plus if I ever need to I can take out a loan against its value down the road.

(http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579546)

Your operating business should be a tenant to your real estate llc under a triple net lease. Your firm pays insurance, taxes, upkeep, and maintenance. Anything you can think of gets paid by the firm. And you pay your holding co the maximum amount of rent possible.

This is because it reduces your income in the operating biz, which is subject to payroll tax. You still pay the same income tax on your holding co, but you can avoid payroll tax. Also, you make sure you can cop that sweet depreciation in the holding corp.

If you have a cpa and they didn’t tell you this, fire them. Otherwise, get a cpa.

(http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580595)

Everything expense wise is paid through firm. I write mortgage checks from my firm operating account. Not sure if that's the proper way to do it.

(http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43594506)

Third year as a solo post-biglaw.

(http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43576803)

If its some complete low income shitlaw client, then yeah they balk at it sometimes. But these are the types of clients that i am going to start filtering out more.

I intentionally set my rate a little lower to attract more clients in the beginning (and COVID made it really hard for most of 2020). If I get up to $300/hour this year, great, but I am happy getting much less than that since I keep it all. I have a contract attorney gig as well helping out a local whiz kid where I get all the hours I want for $125 an hour, and that has been helpful to my bottom line and I'm getting some pretty high level lit experience with it. Although I would love to get busy enough with my own stuff that I don't have to do this anymore.

(http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43585497)

How do I organically get more PI/maritime cases in California?

I keep making not great cases (pure property damage, real estate lit, landlord-tenant) pay but wow, it makes it hard to market when 90% of your time is spend sniping defense attorneys' motion to dismiss/demurrer with WestLaw and fielding clients calls asking for updates---

(http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580930)