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Robert Bosch Engineering and Business Solutions
Hi fishes, got an offer from rb and have few doubts
1. does rbei give 100 percent variable or little less?
2.When is the variable payout and hikes every year?
3.What is the current work from home situation? Do they allow permanent work from home from different location?
4. Was anyone able to renegotiate their offer?
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I've spoken to a lot of people who recently started their own firms, and they said to have about 1 years worth of expenses saved since you're unlikely to make any money your first year of practice
$10k and a LOT of focus. I walked out and filed my PLLC the same day. Worked out of my house and made house calls for 3 months before I found a space I could afford. Worked with the landlord started out with 3 rooms grew into 5 and then 7. Lots of sweat equity. I didn’t pay myself for several months. Job offers came in about 4 months into the process that nearly derailed me. I stuck with it and now I have 2 offices there are 3 attorneys and support staff. We are interviewing for another lawyer and I’m modeling a third location.
Elder law
A wife who works in BigLaw.
I suggest you read the book: How to Start & Build a Law Practice by Jay Foonberg. Great source of information and will give you an idea of what to spend money on and what not to, etc.
Totally agree with this. I opened my own firm 10 years ago and still reference this Foonberg book every so often.
I would agree with at least a year’s worth of living expenses. I had two part time staff plus a mini-suite rented. I spent at least $50k more the first year than I made.
I started with $6000 cash in my business account but had used a personal credit card to pay for start-up expenses of $6000 before the business opened. However, a firm could be operated for far less. I’m using expensive software and paid for some things on an annual basis (website hosting, Google email, Clio, etc.) my monthly expenses are less than $1000 for the firm.
I should clarify that I have a spouse who makes enough to support our personal expenses. If I was relying on my $6K savings by myself, I’d be screwed.
I didn’t plan to start my own firm. Started with nothing, but I was still getting paid by my old firm for three months while I started. And I took active cases from the firm which got me paid for the first few months after that. And I was able to take my entire book of clients. So, I technically didn’t save anything to start, but I have more clients now than I started with and I will probably have a better financial year than I did at my old firm.
I’m in New York and I’ve been talking to mentors about how much I need. Everyone i have spoken to has said around 5-10k
I’m also from NYC, good luck to your soon start up!
1 year of living expenses. I used a legal settlement, no idea how other people do it. Spouses income, maybe? But yeah this crap about 5k or 10k will leave you homeless.
Following.
I did it with about 6k saved up. It really depends on what area you practice. I went into private criminal. What helps great if networking. The guys who had been at this long will gladly kick you work. If a client calls them and they wanted say 5k for a DUI but client could only afford 3k, they would send them my way.
You also have to be ready to supplement. I focus mainly on criminal but I took restraining orders, unlawful detainers, and even minor civil work.
You also need to be prepared to cut expenses in your personal life. I started out paying myself about 3500 a month, down from 7k when I was working at a firm. It was an adjustment.
As for startup costs there are a lot of things people buy but don't need. You don't need Lexis (it's to expensive starting out). You don't need a fancy office space especially thanks to Covid I've been able to eliminate a physical office altogether.
Basic things needed are case management, I recommend Clio, malpractice insurance, and advertising. That was the biggest expense starting was paying the Yelp Gods $500 a month. But one client and you made the money back. It takes time but eventually you'll start getting referrals from former clients or others.
Founder 1 is exactly right about just going for it. And everyone will try to talk you out of it for some reason—and tell you you’re crazy. You have to trust yourself and make it work, because there won’t be a ton of support. This was at least my experience, maybe yours will be different.
We started a two-man firm with $10k each.
Following.
I started a PI practice in So Cal and saved up 6 months of anticipated expenses, including personal expenses. I planned on not making a dime my first 6 months, but I did.
Ballpark do you remember what that number is?