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Seems like an awesome idea IMO. I do a version of this where I moonlight while working in house. The success or failure of it comes down to whether or not you have an easy solution for overflow work and a fast and simple way to handle billing.
Find a competent paralegal or solo attorney you can use when you have overflow work. Bill their time to the client at a slight markup. Get really proficient at quick books or some other invoicing software so you can invoice quickly or hire someone at an accounting firm to help you with that too. If you don’t already have a stepping, that person can help you maintain your books as well.
Not really different than having a "main" client and others. All comes down to time management.
Just make sure to segregate the two in every way. If you need to appear in court, use vacation time, etc. Totally doable as long as you keep them separate.
My first boss did it - he is a VP of a public company and also a part-time partner at a big law firm.
Wouldn’t you always be conflicted with your own clients (resource-wise)? If so, you’d want to agree that your clients always come first, though I can’t see any company agreeing that (unless they are just looking to hire you on a consultant basis).
I know several people that do this as mortgage closing attorneys. There's really no difference in terms of conflict. If anything, your company would be the main conflict clearance since the presumption is that you're working full-time for them. Since they don't care, I can't see how this would be a problem. Separate malpractice insurance is necessary though!
Agree with those that say you can certainly do this as have I. One thing I did not see mentioned is the importance of (in your private practice):
1. running a conflicts check on any new clients and
2. be sure you have professional liability insurance
If you are comfortable asking your in-house insurer, you may want to confirm that you are covered in-house by their general liability umbrella. That is common.
I am in house and run a small side business. It’s challenging but I need the additional income. It all depends on work load. Perhaps you will have to turn away client from your practice, but better to maintain the two sources of income if you can. Also, might be worth considering hiring an associate for you law practice to handle the majority of things you don’t have time to deal with.
I have heard people doing that sort of thing, but my feeling it is a potential disaster. In house you have but one client. Otherwise your conflicts can be a disaster as in house job can morph into different directions and conflicts can pop up.
I guess a fair question is, what’s the area of focus for your current practice?