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Get support staff so you can originate more, but expect your % of originations to drop too. Overhead for things like support staff are why you don’t collect a bigger share of your originations, but even 50% is a lot.
The thought is going solo. I did the math and overhead going solo (900 sqft office, $5 million malpractice policy, CRM/Intake/drafting software) and it comes to around $20k a month. I’d drop my salary to $200k a year to hire a support staff member and build from there.
Sounds reasonable, there are also ways you can share support staff
Yeah I went solo after I brought in about a half a dozen clients, got 20%, and because my hours were low after maternity leave leave (you know because feeding a newborn baby is a job in itself during the day and at night) was told I did not meet my billables so I did not qualify for a raise, meanwhile my replacement was offered a higher salary than I was making. Going solo was the best decision I made for myself and for my family. First year was tough, but it worked out well.
Thank you for sharing your experience!
I’ve worked with virtual firms that can offer you resources and a higher percentage of your collected revenue. Typically 66% but some are higher depending on what resources they offer. The other positive is if you get requests for any other types of work say commercial litigation or real estate, you can refer it internally and get a percentage of what’s collected on those matters too. They cover insurance, tech stacks, billing, and other admin for you.
That being said, you sound like you have a reasonable plan to go it on your own.
What drafting software are you looking at?
I used lawmatics for a firm I contracted with as of counsel and genuinely hated it. Smokeball is good in everything in my opinion.
I would just move into a distributed model. It's a perfect setup for what you described. If you do most of the work you originate, you get 80% (most places - some 75%) of revenue received. Happy to talk about it if you're interested.