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In-house guy here. Thinking of going solo doing corporate/tranny work. Advice?

Dear all, Please provide input on the below: --------...
'"'"''''"'"'
  06/12/18
...
'"'"''''"'"'
  06/12/18
have u considered linkedin
grad certs
  06/12/18
My LinkedIn network is fairly deep. Would definitely spam al...
'"'"''''"'"'
  06/12/18
Donít
Morbidly Obese Sex Robot
  06/12/18
Why not?
'"'"''''"'"'
  06/12/18
More work; Less money for one
Morbidly Obese Sex Robot
  06/12/18
I'm at $175k / year right now. I work 9-730pm M-TH. 9-630p...
'"'"''''"'"'
  06/12/18
Hint: you wonít
Morbidly Obese Sex Robot
  06/12/18
Sir, I am aware of that risk. That's why I'm making this thr...
'"'"''''"'"'
  06/13/18
Wrong! You need to COLLECT on 19 hours a week to make the sa...
dirte
  06/12/18
And pay double payroll tax and probably end up paying an acc...
.....;;,,.........;.;.;.;.,;,;,;.;.;,;
  06/13/18
My clients would be respectable medium to large companies an...
'"'"''''"'"'
  06/13/18
Are you going to have an office? Are you factoring in those ...
Get Thee To The Rapery
  06/13/18
LJL at Gen-Xers thinking you need offices and other shit lik...
hero radies
  06/13/18
No office. Already have the laptop I would use. Initial ...
'"'"''''"'"'
  06/13/18
Transactional solo doesnít seem that appealing
....::::..::..,,....,........,..,,,,,.
  06/13/18
How so? You mean the work itself is not appealing? You...
'"'"''''"'"'
  06/13/18
Hard to make good money without putting in a ton of time. Th...
....::::..::..,,....,........,..,,,,,.
  06/13/18
I plan on working 11 a day or so hours M-TH, 9 hours Friday ...
'"'"''''"'"'
  06/13/18
How much would you expect to make
....::::..::..,,....,........,..,,,,,.
  06/13/18
I've done around 20 real estate purchase / sales from LOI to...
'"'"''''"'"'
  06/13/18
...
'"'"''''"'"'
  06/13/18
...
....::::..::..,,....,........,..,,,,,.
  06/14/18


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Reply Favorite

Date: June 12th, 2018 7:29 PM
Author: '"'"''''"'"'


Dear all,

Please provide input on the below:

--------BACKGROUND---------

Early 30s.

Lower t14 graduate.

1.5 years transactional experience at a firm.

4.5 years experience in-house (about 2 years at one company, and then about 2.5 years at another). Both small-medium size companies.

The firm experience and two of the years in-house experience were in a niche area that not many lawyers have experience in.

The other 2.5 year of in-house experience are in another somewhat-related niche sub-practice area that not many lawyers have experience in.

On the side I also do some real estate transactional work for a developer friend of mine who raised a fund and has been buying up lots of commercial real estate the past few years. I bill him very little because of my general lack of experience in this area. I just wanted some exposure to real estate.

--------CURRENT GAMEPLAN--------

The goal is to spend the 6-12 months building up my network so when I jump Solo, I can build up a client bade fairly quickly. Here's how I plan on doing that:

(1) I've already started going to more lawyer networking events. Generally speaking though, it's mostly losers at the events. I always have a blast because they have booze often, but the events are never particularly useful. I'm still going to continue this but will try to find a way to find better events with better people.

(2) I'm going to stat using one of those networking spreadsheets MBA students use to track people I meet and help stay in touch and build relationships.

(3) I already know a lot of people in the small industries I've operated in. I will continue to grow this out and build relationships with people. Will push to go more conferences, etc.

-----------WHAT ELSE?----------------

What else should I be doing?



(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36233575)



Reply Favorite

Date: June 12th, 2018 8:21 PM
Author: '"'"''''"'"'




(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36233970)



Reply Favorite

Date: June 12th, 2018 8:23 PM
Author: grad certs (acp)

have u considered linkedin

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36233984)



Reply Favorite

Date: June 12th, 2018 8:24 PM
Author: '"'"''''"'"'


My LinkedIn network is fairly deep. Would definitely spam all my contacts if / when I go solo.

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36233999)



Reply Favorite

Date: June 12th, 2018 8:24 PM
Author: Morbidly Obese Sex Robot

Donít

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36233996)



Reply Favorite

Date: June 12th, 2018 8:25 PM
Author: '"'"''''"'"'


Why not?

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36234001)



Reply Favorite

Date: June 12th, 2018 8:27 PM
Author: Morbidly Obese Sex Robot

More work; Less money for one

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36234007)



Reply Favorite

Date: June 12th, 2018 8:29 PM
Author: '"'"''''"'"'


I'm at $175k / year right now.

I work 9-730pm M-TH. 9-630pm Friday.

3 weeks vacation. 10 days other holidays.

That's 47 weeks a year.

That's $3723 a week I'm working.

Billing $200 / hour, i Only need to bill 19 hours a week to make same amount of money.

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36234018)



Reply Favorite

Date: June 12th, 2018 8:33 PM
Author: Morbidly Obese Sex Robot

Hint: you wonít

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36234043)



Reply Favorite

Date: June 13th, 2018 12:25 PM
Author: '"'"''''"'"'


Sir, I am aware of that risk. That's why I'm making this thread to come up with a gameplan to avoid that.

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36237838)



Reply Favorite

Date: June 12th, 2018 8:35 PM
Author: dirte

Wrong! You need to COLLECT on 19 hours a week to make the same amount of money.

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36234053)



Reply Favorite

Date: June 13th, 2018 12:45 PM
Author: .....;;,,.........;.;.;.;.,;,;,;.;.;,;


And pay double payroll tax and probably end up paying an accountant to avoid hassle/fines of business tax compliance, so break even is more like 25/hr COLLECTED per week with only two weeks off per year (and there will be more than two weeks off, but not by choice).

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36237948)



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Date: June 13th, 2018 4:59 PM
Author: '"'"''''"'"'


My clients would be respectable medium to large companies and the people at the companies hiring me (at least for my initial clients) would be people who I know. Do you really think I will have a problem collecting?

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36239839)



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Date: June 13th, 2018 12:47 PM
Author: Get Thee To The Rapery

Are you going to have an office? Are you factoring in those costs? Health insurance? Whatever liability or malpractice or other insurance you need? Marketing?

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36237963)



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Date: June 13th, 2018 1:26 PM
Author: hero radies

LJL at Gen-Xers thinking you need offices and other shit like that.

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36238275)



Reply Favorite

Date: June 13th, 2018 1:28 PM
Author: '"'"''''"'"'


No office. Already have the laptop I would use.

Initial expenses would be:

(1) Health insurance (through wife's work, only a few hundred a month to add me on)

(2) $5 / month for google apps

(3) $200 for a printer, which I would probably never use.

(4) $250 / month for malpractice insurance to start.

Already have hosting account for website for other websites I have, so no added expense there. I can make a good site for myself very easily.

Once I had money coming in, I would pay $100 / month for a virtual office.

I would only do this if I don't need any marketing. As I mentioned in my OP, I am one of the more knowledgeable lawyers out there in a few niche areas and know most of the companies / people in these niche areas. I would find it a few different companies did not retain me immediately. The goal here is to come up with ways to ensure that I can hit the ground running with a substantial book of business.

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36238289)



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Date: June 13th, 2018 1:29 PM
Author: ....::::..::..,,....,........,..,,,,,.


Transactional solo doesnít seem that appealing

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36238297)



Reply Favorite

Date: June 13th, 2018 4:51 PM
Author: '"'"''''"'"'


How so?

You mean the work itself is not appealing?

You mean it's hard to build up business?

Hard to make good money?

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36239792)



Reply Favorite

Date: June 13th, 2018 5:03 PM
Author: ....::::..::..,,....,........,..,,,,,.


Hard to make good money without putting in a ton of time. The appealing part of solo work is contingency fee work. You could never work in Asia like tommy as a transactional solo

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36239853)



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Date: June 13th, 2018 5:05 PM
Author: '"'"''''"'"'


I plan on working 11 a day or so hours M-TH, 9 hours Friday and a couple hours a day on Saturday and Sunday.

No desire to live in Asia and make money slacking off.

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36239869)



Reply Favorite

Date: June 13th, 2018 7:19 PM
Author: ....::::..::..,,....,........,..,,,,,.


How much would you expect to make

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36240684)



Reply Favorite

Date: June 13th, 2018 5:04 PM
Author: '"'"''''"'"'


I've done around 20 real estate purchase / sales from LOI to post closing, and also negotiated perhaps 15 commercial leases. I have no experience with complex financing though.

Do you guys think I have a reasonable chance to bring in some real estate transactional work? I know some developers and a bunch of high-level brokers in my city also.

(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36239864)



Reply Favorite

Date: June 13th, 2018 7:16 PM
Author: '"'"''''"'"'




(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36240666)



Reply Favorite

Date: June 14th, 2018 9:59 AM
Author: ....::::..::..,,....,........,..,,,,,.




(http://www.autoadmit.com/thread.php?thread_id=4000539&forum_id=2#36243802)