Law Firm

[Skanderbeg]

I was so inspired after reading this book, it made me re-evaluate a lot of things. I'm a bit dismayed to see people trolling the message boards hoping to sell their network money-making systems, but hopefully they'll realize that no one here is really looking for that, but rather looking for developing their own thing.

At any rate, I recently finished law school and started work at a big firm, so I'm making good money, but the hours are a killer. I would be ok if I were hyper-efficient, but I'm not. So I finally got the courage to ask to switch to an 80% time schedule. After I decided to do it, I wondered why I hadn't thought to do it right away... The last 20% is the killer. The first 80% really gives you all the enjoyment and satisfaction of the work, without the pain and sorrow. I will still be making a big salary, but there is such a psychological block to doing this in this field. Not to mention the fear of stigma or repercussions. But, where I am at the moment, there would be worse repercussions if I hadn't gained the courage to do this.

I will be looking into better ways to work away from the office while being responsive, and how to make it appear that I'm not just living it up.

I also signed up for GetFriday, and will be trying them out with a couple of tasks, but may have to quit Starbucks to convince my wife it's not a waste of money.

Regarding a muse, I haven't yet had time to solidify my many ideas, but I think there has got to be some product I could sell, or some group I could market a re-branded product to in a successful way. My main difficulty is that I know absolutely zero about business and marketing, even though I have extensive education in many other things, including law. I also find it very hard to fathom what average people will go for, since I am more intellectual and not average at all. For example, I would rather study a language like Ferriss than watch sports...

The hardest thing is going to be taking advantage of efficiencies, since in Law practice, however efficient you are, you're only supposed to charge for the actual hours you spend, and as an associate, you have no control over your hourly rate. If I could have my own firm, I would do some cost analysis and try to go with fixed fees for most things.

[roblong70]

You'll get over that quickly. Nearly every firm bills "value hours" even though they will swear that they don't.

My solution, I went out on my own 11 years ago and haven't looked back. Pay is 1/2 of what I used to make, but with the advantages of ordinary and necessary business expenses, it's the same puchasing power.

Work hours about 50 a week. I want to generate cash flow from passive sources so I can spend more time with my kids (4). Really like the law but 80% is bullsh*t for ungrateful clients. 80-20 rule in action.

I want out unless I want the case.

PS I generate additional income through investment income now, but muses have real possibilities. I am also looking into outsoucing - man if I could just get someone to do 1/2 of the 80% BS work, the book is worth its weight in gold.

[Skanderbeg]

Yeah, they will up the bill if I do something too quickly, but I get none of that benefit. If I got that as a bonus, it would be nice.

Another toughie with law is confidentiality and export restrictions. If I go out on my own, though, I will definitely try to work something out with some indians.

Law is a fundamentally flawed model for making money beyond a certain point, because you as a human are a _required_ bottleneck. That's the advantage and the curse - it means you are in demand and can make bucks to a certain degree, but have to spend your personal time to do it. The only thing that potentially scales in Law is class action suits, or some other sort of big payoff in contingency litigation. Of course if you're with a firm, you don't see that much of it.

I am looking at my current work at the moment as a way to build some capital to help start passive income sources.

[HalfSwede]

I don't know anything about working as an attorney, but here's a story that might give you an idea...

About 8 years ago my wife and I went to an attorney to have some legal documents prepared. As an aside, this particular attorney has written several books, is a featured contirbutor to the MSN web site, etc. The books are in 18th edition...or something like that. I imagine most of the information doesn't change from year to year.

Anyway, we had him prepare wills, POAs, and ILITs. Basically, as you probably know, it was all boilerplate. In fact, when we first got back the will to proofread there were some instances where the attorney had not yet changed the name from his previous client to my wife's name. While we were sitting in his office (which happened to be in the basement of his home), he quickly made the corrections and printed out the revised copy.

So, he was working from a home office, had no support staff, and billed upwards of $2,000 for boilerplate will, POA, ILIT. The documents are very detailed and cover every contingency imagineable (not a simple 2-page will), but I imagine his hourly rate had to be in excess of $1,000/hour.

Develop a specialty that can rely on boilerplate documents, work from home, and then network with friends and family to find new clients. I would think over time you could make very good money working a few hours per week...and go off on a "mini-retirement" whenever you want.

[Batman]

I'm a bit dismayed to see people trolling the message boards hoping to sell their network money-making systems, but hopefully they'll realize that no one here is really looking for that, but rather looking for developing their own thing..

Where? :eek:

[Vagabond]

Where? :eek:

he was talking about that Tony Rush clown

[Batman]

he was talking about that Tony Rush clown

Did you do any research into the guy? - or are you summarily dismissing him and calling him a clown because he is a network marketer?

[Drewkerr]

Its funny how people bash something they don't understand. Even if he uses message boards for marketing, is that any worse than telemarketing or direct mail, radio or TV.

Since Network marketing was brought up I'm going to vent. People like to bash it or call it a scam becuase only a small portion of people that do it are successful and make the 6 or 7 figure income that they say it possible. Then again, any other job or opportunity is the same way, only a small part are successful.

[Talon]

I am looking for what price I should be expected for
2 letters both templates sent to two different groups.

[Wooderson316]

I also signed up for GetFriday, and will be trying them out with a couple of tasks

Start a blog or a running thread here and let us know how the experiment goes.

Like you, I am in an industry where I am a required bottleneck - I am a financial advisor. To remove myself, I have to hire someone to do my job. That is quite doable, but it may take more time than I want to devote to it.

[VitaminD]

I also find it very hard to fathom what average people will go for, since I am more intellectual and not average at all.

Assuming your spending habits are also "not average," you have some great potential niches to hit. Instead of worrying about not knowing anything about marketing, why not set up an Adwords account and learn in the real world in real time?

Also, it's not hard to brainstorm effectively, but you do have to set aside some time where you can be totally committed to it. Like Buddha under the Bodi tree, simply sit down with a pen and paper, and say "I'm not getting up until I have one feasible idea for my muse." Then, follow through.

[Brie0001]

You'll get over that quickly. Nearly every firm bills "value hours" even though they will swear that they don't.

My solution, I went out on my own 11 years ago and haven't looked back. Pay is 1/2 of what I used to make, but with the advantages of ordinary and necessary business expenses, it's the same puchasing power.

Work hours about 50 a week. I want to generate cash flow from passive sources so I can spend more time with my kids (4). Really like the law but 80% is bullsh*t for ungrateful clients. 80-20 rule in action.

I want out unless I want the case.

PS I generate additional income through investment income now, but muses have real possibilities. I am also looking into outsoucing - man if I could just get someone to do 1/2 of the 80% BS work, the book is worth its weight in gold.
-----------------------
Here is an excellent 80% resource:

James L. Pugh,
Internet Researcher/Risk Control Analyst/Corporate Trainer
P.O. Box 92, Milwaukee, WI 53201
(414) 745-3102
tmanpugh@aim.com

Summary Description
A creative and detailed corporate trainer who can manage knowledge, develop strategies, craft communications and support decision-making. Specific capabilities include the abilities to:
• Produce—business & marketing plans, sales forecasts, education plans, proposals and rfp responses;
• Design—telemarketing campaigns, marketing & sales literature and document & strategic management systems;
• Conduct—market research, feasibility & competition analysis, writing, sales training & critical thinking workshops;
• Publish—newsletters, customized workbooks, training materials and time-management products; and
• Develop—models and simulations.

[nyclawgurl]

I, too, am an attorney. I did the firm gig for a while and boy did it get old quick. I am now on my own and I do love it so. I have one addiction and it is to travel. It makes it very difficult to travel if you are in court every day of the week. Therefore, I have tried to narrow my business down to areas that require little to no court time. I have also concentrated a large part of my business on Federal cases that either a) settle or b) most appearance are telephonic.

I don't know if this will help you, but it sure has made a difference to me. I would love to say I made more at the firm, but I didn't. I make more now and I am sure I could make tons more if I advertised. I just recently put in a 300 ad in a local phonebook. That's it. My income is usually generated via referrals and word of mouth. But if you also put a dollar amount on the time I spend doing what I want and the quality time I have with my family, I am definitely rich.

I am now looking for something else to get my grubby paws on. I want to travel more and the slow months for this area are coming up. We usually slow down from the middle/end of October until January. Any suggestions? Thanks.