Which practice lends itself better to setting up a successful solo practice - trusts and estates or FDA regulatory work?

like
Posting as :
works at
You are currently posting as works at

I don’t know anything about FDA regulatory work, but I handle trust and estate and elder law. It helps to have a niche (mine is the elder law) if you are going to do T & E. The brain power, a printer, and a scanner are the major cost requirements along with any estate planning program and case management program.

But, a word of caution: it takes years to learn the things needed for a good T & E practice. It seems very easy at first, but the more you do it the more complicated you realize it really is. It touches on many different practice areas. So, you have to be able to learn enough to interact with those areas as all.

It typically takes coordination with financial planners and CPAs as well.

And, any time people talk about death and family things can get pretty messy. Any time someone is cut out of a Will or Trust you have to assume they will sue post-death and your job is to try to make that planning and foundation (competency issues, undue influence, etc.) as air tight as possible.

Also, it is one of the “red flag” practice areas for malpractice insurance. If a mistake is made, it likely won’t be realized for years later and the resulting damage from a mistake can be millions of dollars in damages. So, the insurance premiums (and likely the deductible) are typically higher than in other practice areas.

It really does help to have a good mentor or to work at a firm for at least a few years where that is the primary work you handle before you go out on your own.

Everyone thinks they can create a financial Power of Attorney (including websites that offer them for a nominal fee). I’m the one who has to try to get those POAs created years earlier to work after someone is no longer competent so we can try to avoid guardianship. They are not all created equal. Good news is it tends to be a very collegial area where learning and sharing really is a high priority.

like

Thanks FPA1! DM me if you would like to connect and maybe we can grab that coffee too sometime.
AA, yes - with a tax background, it's very feasible to transition to this field. It relies heavily on Networking and I have found as FPA1 said too, a very collegial environment. I started my practice after just a couple of years in the field but immediately developed a network of exceptional mentors (some who practiced in the exact same field in the same town) which exponentially accelerated my experience and knowledge in the area. Now I do the same for rising attorneys in the field. Feel free to DM me.

like

I really want to hear more about this FDA regulatory work because I would have figured that any federal regulatory work would not be good for a solo, even if it is just because solos usually have less support staff.

like

Tell us more more about your background? Have you practiced both? What do you know more of?

Not sure how related regulatory affairs is to FDA legal work, but I assume there is some overlap

Total guess - Trusts and Estates.

Trusts and estates

Related Posts

Big 4 FDD or A&M FDD for coming out of college?

like

I'm a UK Big 4 Tax (L1, third year) and want to make the move to fp&a.

Any suggestions on whether this is possible, if anyone has done it and what advice you can give me? I plan to move at the end of my three year contract (September 2022) hopefully with a CA & CTA qualifications. Thank you!

like

What’s the work culture like in EY Risk in the Sydney office? How is work life balance and what industries do you serve?

like

What is a difference between Deloitte core consultancy and Deloitte USDC?

like

How is it to work at KPMG India Markets team?

What do Tax Reporting and Advisory groups do that is different from tax compliance and consulting? I believe GT and EY has these 2 groups.

like

Deloitte Chicago BTS practice: thoughts on work life ~fit~ and culture?

like

What does it take to get into Bain Private equity practice? Currently management consultant looking to make a switch into PE or M&A. Curious to know what the profile one looks for, skills, expectations…

like

Can anyone provide some insight as to what exit opportunities there are for someone who practices Securities Lit/Arb? Is it possible to jump from lit to transactional work into a firm doing capital markets, fund formation, or M&A? Thanks in advance!

Hi All,
Anyone from strategy and transformation team?

like

Is the switch to internal audit to external audit any good? I am trying to internally transfer into M&A but I don’t think it’s working.

like

Any thoughts on the new Healthcare Analytics & Delivery team at McKinsey New Ventures?

like

Looking for a Deloitte referral

Interested in learning about the process, and if anyone happens to work within Internal Communications / GES what has your time there been like?

like

Anyone have insight on the Accenture oracle HCM practice?

like

Still don’t really understood what the Song service group is about and how it’s different from Technology and S&C? Can anyone enlighten?

like

How's the Change Management practice in Deloitte India?
Want to know more in terms of work culture, team's interpersonal culture, learning opportunities, growth opportunities etc.

like

Pwc ac corporate & business strategy vs KPMG global services finance transformation?

like

How can one transfer from PwC US Advisory India to the US on shore office?
Vertical- management consulting

like

Hi 🐠, about to hop on a call with Grant Thornton about work options within the tax practice. I’m a newly promoted senior in Tax. What’s the best group for WLB? Also what’s the equivalent of tax technology transformation/automation (would love more tech heavy work)? Grant Thornton

like

How is PwC’s office in Chicago? I am looking to join their Cloud & Digital practice, and I am curious to hear anyone’s insight.

like

More Posts

If you were to launch a business in the sports card market, which do you think would gain the most traction? ...

This summer I will intern at PwC in their Actuarial Services group. How would you recommend I go about asking for a full time offer at Strategy& to do strategy consulting?

like

Anyone from big law decide to jump ship and do doc review? I was recently laid off. Rather than going back to the daily grind I am thinking of signing up for a doc review. Any thoughts?

like

Got a LinkedIn message from a former coworker from my last law firm. He’s up for partner this year and asking for business. What he doesn’t remember is that last time I saw him, he was busy bussing my junior associate, who is now with me inhouse at the same company (same practice, different group). Should I give my junior the matter?

likeupliftingfunny

Are resignation letters necessary in this environment? Planning on having a phone call with the Partner to let him know that I will be resigning. Is that enough or should I draft a letter and send to HR as well?

like

I don’t know what I’m more sad about… Betty White passing away or not having anyone to be with tonight :(

like

Happy Sunday everyone!
The remaining balance on my mortgage is 70k on my existing home and I have over 300K sitting in my online savings accounts? Should I pay off the mortgage? Thinking about buying a bigger home. Thoughts?

like

Okay, we live in an pet friendly apartment in downtown Chicago. I love dogs while my SO is just getting comfortable with so many of them in our apartment complex. I really really want to get one home but it might just bum him out. Any leads on how to approach this situation? I thought fostering might help.

like

If you get the free gold card through your AMEX platinum card do you get all the same points earning that comes with the normal gold card?

like

Do all of the Big 4 firm hire FDD or TAS interns?

Has anyone here ever worked as a foreign correspondent? What was it like?

like

Do you think the news catastrophizes everything too much?

likesmart

Hi, i am going to have final round soon and, yoe 16. Including 6 years onsite experience. AZURE big data architect. If i clear final round, how much I can ask (current is 34LPA). I have offers from LTI,TCS and few other companies (mid level). Need your input for my role growth at Tiger . Thanks

like

You think it’s safe to use your work computer for interviews? Specifically logging out of your work Teams account and signing into your personal account? Paranoid if big brother is watching...

likefunny

Anybody can tell me what the first or second year senior associate salary is at PWC in a high COL city?

Just wanna say I accepted a new job in LA and looking forward to seeing what this city is like. Been in DC for 7 years

like

Anyone lived at Crossing DC? Thoughts on the place?

like

How many of you have been called back to office or have already received the intimation of the same?

If yes, what is the expected date to rejoin office?

like

just gave notice and already feeling free as a bird

likeuplifting

Which type of boss you prefer the most??
1)one who understands your needs development and meet your requirements
2)leave you alone with trust
3) who keeps on tracking you

like

Additional Posts in Small Law / Solos

🧐What prompted you to pursue small law or going solo? Would you recommend it to others?

Drop below 👇

like

I find myself doing “favor” work for friends and family somewhat often. I don’t want to charge them, and just trying to help them out of a unjust situation. However, I wonder what my risks are here.

like

So I just accidentally found out that the senior associate in our office makes almost 3x the amount I do per month. For background, we have 4 attorneys, the senior associate has about 9 years more experience than I do (I have 6). This person should be paid more than me, I have no problem with that. Is it normal for there to be that big of a difference in pay? I just want to know if I’m getting screwed.

like

I believe improving one’s sales conversion rate is something everyone want to improve but no one wants to admit they would like to work it. Funny how lawyers will spend thousands on seminars to improve trial skills. But this topic is not discussed in our profession. I have read books in sales. But am unable to find any for lawyers. I want convert every lead I can. Does anyone have tips, books, cle’s or studied this topic?

like

Do you guys think the first few years of practice are the hardest typically?

like

I’m seriously considering starting up a solo shop. I have a very reliable stream of business (family friend has one patent that was infringed multiple times, huge firms have taken a few of these on contingency). Pros: I don’t have law school debt; I could follow these large firm’s general trajectory in prosecuting these cases; high risk tolerance (no kids, mortgage, etc). Cons: I’m inexperienced generally (class of 2019), and not familiar with patent law specifically. Thoughts?

like

Been thinking about striking it out on my own. Have some top notch litigation and transaction experience in the construction and energy space. I’ve represented small shops up through global players. Thoughts? Recommendations? Advice?

like

Some success, now what? I started a solo practice July 2020. I’ve been successful in building a book of business sufficient to satisfy my overhead and provide me with a respectable income. I want to grow my practice somehow, but I’m stuck at figuring out how. I do mainly corporate transactional work and some litigation. Any advice?

like

Hello,

I am a 2nd year attorney in a small town location applying for jobs at small firms only (5 attys or less). Therefore recruiters and HR contacts and advice do not apply.

Can anyone share their best experiences as a similar job applicant, or as a partner who as managed the hiring process?

So far I have sent one "cold call" application via email, directly to the managing partner with a cover letter and resume attached. No response.

Should I follow up? Is there a better procedure? TY

like

Thoughts...10+ years practical/management experience in/around legal field in FL (includes state government, in-house non-profit, civil practice, etc.). Two years ago took a job to relocate closer to where I want to be...but not sure if being valued and compensated appropriately. It’s a smaller firm, salary $75k, not too much in way of bonuses so maybe $5k, but always step up to plate with assisting management as leader for operational contributions and I meet annual revenue goals around $300k.

like

Looking for purchase health insurance for business. Has anyone bought health insurance through their solo practice as a corporation. Any recommendations as to who to use. Small firm 1-5

like

Working in a small firm of 3 attorneys. Mostly immigration and PI work. How much commissions should I get for the cases I bring in?

likehelpful

Seeking advice on savings/retirement. Since I am a solo attorney like many of us here, I don’t have a 401k, options etc. can anyone recommend or explain the pros/cons between the different options available for the self employed? Best way to set up a self retirement plan? Roth IRA, vs self employed 401k, etc.. not sure what else there is.

TIA

like

I have my own practice for past 5 years and have spent a lot of time building up brand and reputation. I'm thinking of bringing on partners but am trying to figure out how to structure compensation, profit sharing and equity while maintaining control. I dont want to do associates bc I need someone with more experience than I can afford. Does anyone have any ideas on how one can up a law firm?

like

Anyone have any tips or advice on what to do when you’re representing a contractor who will receive membership interest in a startup company as compensation and the startup has expressed they do not have attorney to draft the company docs such as the membership transfer agreement and the amendment to the operating agreement? Nor do they have the funds.

like

Quick question:

Can a New York registered attorney (solo practitioner) file a diversity jurisdiction lawsuit in a federal court of another state other than NY, (while residing outside the US, and not running an office in NY)? Any thoughts on this? Thank you!

like

Our firm is growing fast and we need to add another attorney to keep up with the work. Our compensation package is 20-30% higher than what others firms in our area are offering. However, I’m still finding it difficult to get qualified associate to even apply for the position. I think part of the problem may be because we are located in a mid-sized city rather than a major metro are