At a plaintiff’s firm, I bring in 50-70 of my own cases each year the last couple years, and have produced 2.1 million of my own fees, 2.4 million in total fees when included cases the firm has given me. I have a salary of $125k a year and have been paid 595k in bonuses based on settlements. Am I missing out by not opening my own firm?

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Posting as :
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you really have to ask? Invest that money on your own support staff/software and get it going

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Better yet, what split would make it not worth starting my own firm. I have nothing bad to say about my current spot, I actually love it. It’s more a financial decision but I don’t know what it’s like as a solo.

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That’s pretty amazing; congrats on the success!
You should’ve started your firm at the end of the first year that you brought in 50-70 cases. You owe it to yourself to open up your own shop and keep the bulk of those fees. Wishing you the best if you choose to open your own firm!

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Feel free to DM me any time you’d like; happy to help in any way I can.

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I’ve done both. In PI. Your bonus structure looks like you’re netting about 25% of fees collected—or about a third when you factor in salary. That’s pretty good. How many people do you rely on to work up these cases? Case managers, paralegals, sign up, investigations, liens, reductions, payroll, etc. Also, how much cash has been dumped in the cases in costs, experts, advances, etc. Also, what’s your appetite for risk and overhead. People often underestimate how much goes into funding a PI practice. Any PI shop that takes home a third of fees in profit is a very well run shop. You already have that. DM me if you want to run things by me. Been around for a long time and have a deep and wide level of experience.

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So it’s just word of mouth through friends and acquaintances?

That is seriously impressive! What state?

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FL

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Ask colleagues with their own shops how much they pay in overhead to get a better idea. You definitely have the revenue. Consider partnering with 1 or 2 colleagues to share in overhead.

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50-70 a year? If that is something you will consistently be able to do each year, you are better off going solo or working out a equity arrangement with your current employer (if you’d rather go that route). How are you able to bring in so many cases?

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3rd generation local working at a hometown firm. Family was very involved in the community, as well as a lot of my own hustling to build from that base I came in with. Staying away from events that are 100 chiropractors and 100 lawyers, events that are only lawyers, and other stuff that every other PI attorney does honestly.

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Hiring?

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I’d at least negotiate a better bonus structure. In line with the rules of professional responsibility and fee splitting you woulda bonused 1 million from your cases alone had you worked at the firm I used to be at.

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Thank you! That really gives perspective!

Any networking/marketing tips for an nyc lawyer (not your competition)?

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Man, I just kinda stay away from those big happy hours where it’s 50 attorneys 50 chiros, and 4 MRI facilities. I do things I’m passionate about (coach youth football, go to lunch with cool people not in the industry, go to hunting/fishing organizations.)

I feel like everyone gets sucked into the industry and networking with other lawyers and that’s why everyone fights over the same business. If you do things you’re passionate about, many times you’re the only lawyer there

Congrats man! If you’ve got those cases, open up shop! These days overhead can be so low- don’t need to pay rent on a big office, etc.

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