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.
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.
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.
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.
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