Your first year of going solo, what was your overall profit? How much did you spend on overhead and what did that consist of? Practice area? Thanks in advance!!!

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

First fiscal year (Jan-dec) the firm made about $50k. Overhead was low (virtual mailbox ($120/year), ring central ($240/year), website/Microsoft office package ($300/year), malpractice ($400/month)

Business, family law and PI at the time. It was super slow since we launched during the pandemic.

like

This is super helpful info. THank you for sharing this.

F

F

Our new partnership brought in $20,000 in our first month. Overhead of $5,000/mo. Two attorneys, no staff (yet).

Related Posts

Anyone done boxing classes? Curious what results were and after how much time. Do share!

like

Media Monks LA -

Are you guys back in the office yet? If not, do you have a sense of when you will be?

like

Can you ladies help me pick a bag? More pics below. Want it for a cute summer look to go with my lighter toned outfits.

Post Photo
like

Has anyone recently off boarded? I’m about to put my two weeks (three weeks since I’m taking a week off) and would love to hear how the experience was. Leaving for FANG so not a competitor

like

Open forum to share today’s successes, failures, chaos & support. See below:

I’ll say it. I am sick of ppl ruining my day. i wish everyone was a bit more understanding when it comes to unforeseen problems & road blocks. ESPECIALLY when it comes delivery.

I know we are all on edge rn- how could we not be? but I’ve had it with how rude and inhumane people are being to each other right now. I’m just trying to help. Why can’t we all be more flexible? (like their expected delivery date lmao)

Does anyone have advice on the best way to launch a newsletter? Or a good template? I am thinking of sending a mass email to my friends, family, and LinkedIn connections. The purpose is to share what I am doing and get some more subscribers. Eventually, I would like to get some sponsorships.

like

I'm reviewing books for our summer internship program. So far, pretty impressed by the students coming out of SVA. Some write "Creative Director: me" in credits for each project. Is that a thing? 😂

likefunny

I’m comparing the cost of some prescription claims data across a few choices. What other companies can I reach out to other than IQVIA, Komodo, Health Verity and Optum? Also please let me know if you work at Symphony and I would like to get a quote!

like

Any thoughts on a fun SPG / Marriott hotel in Dublin? Family trip, 2 kids (8 & 5)

like

Why can thanksgiving and Christmas be such harder days? I had a lovely day and am lucky enough that my latest bout of anxiety ended (more like mostly dissipated) about two months ago. I haven’t had high levels of depression in a while and I almost NEVER cry even when I’m depressed. Yet, I ended my day in tears today. Is this normal? I have so many blessings in life at the moment compared to other during such a horrible times bf really am appreciative. Is it guilt because others are suffering?

like

Anyone know how the Deloitte grading links in with McKinsey? What is a C at Deloitte the same as at McK?

likefunny

What does MDW security look like at 7:15-7:30am on Mondays? Haven't flown MDW in a couple of years and curious what to expect

Anyone knows what’s going on in BBDO

I want to know how much salary can I get as per current market in automation testing and yoe 2yrs and current ctc is 4.5lacs per annum.

like

#Selenium #Freshers #Job

Post Photo

Any recommendation for Cheap moving options from Wisconsin to Charlotte, NC.

like

Best book YOU read in high school (for me that's a shocking amount of years ago) and why it was the best! Go!

likesmart

Hi everyone! I work in personal lines and I’m looking to start selling more life insurance. I want to start with cross selling to those in our book of business. Does anyone have tips that they’ve found successful in starting the conversation? Term/perm convos etc? I’ve read up on our products and my boss doesn’t really train on this and it’s more of a figure it out yourself approach he takes so any tips would be appreciated.

like

Additional Posts in Small Law / Solos

Does anyone have a recommendation for a tablet or similar device that can be used in situations where it is too cumbersome to have the full laptop? I don’t have a big law budget. This is my first year as a solo, so something that can get the job done at the most economical price is the goal.

like

Favorite asset check company/firm? We are a CA boutique firm, so price will be a factor in our decision making.

like

What’s the starting salary for an entry level estate planning attorney at a small firm? HCOL

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

Cross-post: I’m currently a divorce attorney. I’ve been practicing for two years - one as an employment attorney and one as a divorce attorney. I recently received an offer to work as a ssi/ssdi attorney and I’m thinking about taking it. I would be advocating for people who were denied ssi/ssdi benefits. In the next year or two, I would like to go solo. Should I continue at my organization doing divorce law or do ssi/ssdi work? Any advice from ssi/ssdi/divorce attorneys is welcomed.

like

Anyone hear do estate planning but learned it on their own? My specialty is commercial real estate but I want to dabble in estate planning. Not sure if it’s something I can teach myself. Thoughts?

like

Good/bad/interesting experiences using a virtual office like Davinci, Regus, and the like? Setting up shop (law firm) in Philly and considering a virtual office.

like

What are considered the best IP boutiques?

like

Is company formation out of state the unauthorized practice of law? I'm a trademark attorney.

like

I'm looking to start my own practice. My experience is in corporate work. How can I develop that type of business? I'm really unaware on how to get small to mid size businesses. Do build a website? What about keeping the lights on in the meantime should I take some criminal cases?

like

Curious to hear from solos who've been in the game for a while. How long have you been a solo, what's your income, and how long did it take for you to reach that point?

like

For those who started their firm after practicing in biglaw and compete with biglaw, how do your rates compare to what you would be charging in biglaw? Right now I’m charging approximately half (~$500) of what I’d normally be billed out as a senior associate/junior partner (~$1000) and have more work than I can manage, but I’m hesitant in raising my rates too much b/c I don’t want it to adversely affect my client relationships or our ability to generate new business. Thoughts?

like

Requesting thoughts on developing a registered agent / local business advice (contacts, defense, small real estate masters, etc.) client book. I am thinking about developing semi-passive income streams for myself as a member of a small firm who does litigation and some of this work already. Any advice or anecdotal experience, anyone?

likesmart

How did you learn the “business” side of opening your own firm? How do you figure out the most basic things such as 1099/paying yourself/taxes/deductions etc? I can figure out the legal side and what software and things to get but no clue where to begin on the business side, including the “copyright” and all the fine print for your website even. Please help!

like

What’s your hourly rate? I’m a 6th year big law associate looking to go solo and trying to gauge statistics. Is there somewhere I can find average prices people charge/clients pay? Or any helpful resources in this regard at all? Will be doing commercial real estate. TIA!

like

I'm about a year in practice in PI work and may be leaving my job soon. I'm torn between looking for a new firm job or striking out on my own. Thinking I could take court appointed cases to keep the lights on while I build a criminal/PI practice.

What resources should I be consulting to plan what it would look like to start my own firm?

like

What was your primary motivation for going solo or starting a small firm? Would you say it went as planned?

like

How did you know you could afford to hire a full time attorney? Family solo.m of 2 yrs. Have 2 contract para (one works at least 40hrs per month/ one maybe 10 per month) and a contract legal assistant. Extremely busy but worried about the associate meeting billables.

like

How do true solos organize their days? I’m finding myself constantly on my heels instead of my toes and would like to hear some examples of how you lay out your days, time for admin, accounting, marketing, new clients, actual work, etc. Anyone have a great system that works really well?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal