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Hi All,
I have recived a call from HR regarding the salary offered & she told that we are offering that salary. I have accepted offer & told her to explain me the breakup of CTC, she said she will call me back but i have not received any call from last 2 days & I have tired to call & also mailed her but no revert.
Can someone explain me what should be the matter or its likes goes only in deloitte? Deliotte
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Do solos get to write off pro bono work at all?
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So much is beyond your control that it might not be reasonable to expect that level of income.
First, you'll need to find enough clients who are willing and able to pay your rate for enough hours to bill and collect significant gross revenue.
You'll have significant expenses before you bring in a dime -- and you'll need to use your current investments and/or loans to fund these startup expenses.
Of course, managing expenses can be a tricky needle to thread. You didn't want to cheap out on reasonable expenses, but you don't want to needlessly blow through money either.
I opened my practice almost 30 years ago. I used interest-free loans from my in-laws, and my spouse's income covered all of our family's expenses (including health insurance).
I was able to make a profit that year and every year thereafter, but I certainly didn't hit six figures for quite a while.
Recommendations from this old solo:
1. When appropriate (especially for criminal, divorce/custody, landlord/tenant, etc. matters), get refundable retainers and keep them in your escrow account until you earn the fees. This practice helps clients commit to you, but the need not feel bound to you forever (because the retainer is refundable). Depending on your client, you may want to ask them to pay the bills as you submit them (essentially, replenishing the retainer -- almost like first and last months' rent in a lease).
2. For recurring business, monthly retainers are awesome. They help even out your cash flow and make it easier for you to meet your expenses.
3. Areas like estate administration and real estate can involve a good bit of work before you realize good income. Sure, you'll charge for the wills and powers of attorney, but estate administration is usually more lucrative. But you are more likely to get the estate administration case is you have built a long-term relationship with the family.
Wishing you the best!
Lmao no
Sure, why not? If you are going true solo, you could keep your overhead under $15K easily. You’d therefore be targeting a fairly small number of hours to hit that profit target. If you are wise about obtaining retainers before performing work, you could easily have 95-100% realizations. Can you find 700-750 hours of work at $250 per hour annually?
What practice area? Is it a HCOL area or LCOL?
What LCOL area has a big law firm?
🤣 what? You can't seem to find reliable information? How do you think you are ever going to find an answer to this question, do you think AI will tell you? Good luck to you, but be ready for a wake up call. The clients are not going to come to you, is all I can say.
I'll say the following to be more helpful.
You can make anything happen. In order to figure out if it can happen.. You need to first figure out what your expenses will be for the whole year. Add that to the 150k to figure out what you need to gross. Then calculate how many clients you need to achieve that. For example, say expenses will be 30k, I would need to gross 180k. It would take me 12 very large cases for me to reach that (in the area I practice bit in your billable amount), it would take me almost 30 very small easy cases to achieve. It's more likely that I would have a mixture of hard and easy so I would probably need somewhere between 20 and 24 clients. So I would need to get 2 new clients a month. When you figure out how many clients it would take you, then assess if you have the ability in the area you live to go out and get that many clients.
I agree with Attorney 3. I’ll add you need to survive before you thrive. Your focus your first year should be on generating clients, providing great customer service, and keeping your expenses low. After you’ve mastered these things, then you can focus on your profit. This is a grind, but it’s possible to make the numbers you’re asking about if you’re willing to put in the work.
Extremely possible depending on area of practice