Is $250k take-home realistic in year 3? I went solo two years ago after leaving a mid-sized firm, and I’ve finally stabilized my overhead. I’m currently on track to net about $180k this year, but I’m working 70-hour weeks to get there. I want to scale up and hit that $250k mark, but I’m worried that hiring an associate will just eat my margins and increase my stress.

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Hire law clerks from the local school & pay them $30 an hour.

Also- congrats it sounds like you’re doing great

likesmarthelpful

You won’t get bored at a slower pace—trust me. I felt the same way, but I actually enjoy working this way. I don’t miss the chaos at all.

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It’s realistic but I would need to know more about your firm to guess whether it would make sense to hire an attorney or not.

what area of law

What is the constraint in the system? Are you doing hourly or contingency? Are you having to turn away work?

I use software to streamline my tasks and draft documents. I use Smokeball which is fantastic. Also increase your fee :)

This is a good profit amount for the number of years you have had your own shop open. Unfortunately, I think 60+ hour weeks are in the cards for any firm owner who wants to do their business and clients justice while also practicing law with a reasonably full caseload. I’m sure you could work up to a $250k profit but more hires come with more management labor unless you’re okay with compromising on quality of service or firm culture

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