How do you know when you are ready to start your own PI firm? Been in ID for almost 5 years now and the pay is not great. I go back and forth between wanting to be on my own. Especially when I see how much these cases settle for.

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If I were you, I would work at a PI firm for at least one year before even thinking about starting a PI firm. A big part of being on the plaintiff side is learning how to minimize risk and maximize your reward. You’ll need to form relationships with people and providers that will generate referrals for you, know how to screen cases, understand what tasks can be outsourced, etc. Let someone else pay you to learn this stuff for a year.

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There's a lot you don't know about Plaintiff's side if you've only done ID. What the other person said. Do 1 year of PI then jump into your own firm

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Even if you read books and take CLE’s, not having done plaintiff’s work and immediately jumping into starting your own firm is dangerous. There’s a lot of things you don’t know. Go work for a plaintiff firm for a year and learn/mess up on someone else’s dime

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I did PI for 2, And ID for 1. And been in employment law since. For PI, it’s all about procuring clients. It requires an entirely different skill set.

You’re ready when you’re able to survive 4 years and be content doing so.

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As the owner of a firm and doing pi for almost 30 years, the advice to go work for someone is good advice. The transition from ID to plaintiff is a huge one, and the fail rate is roughly 80-85%.

That said your motivation seems to be financial, which is ok BUT if you are in it solely for the money and not for the injured clients look elsewhere. The money can be great but only if you are great at what you do, care about your injured clients, and are willing to grind your a$& off. The grind is real.

It’s not “easy money”. If it was everyone would be doing it.

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