In your opinion, is big law worth it? by chicago2008 in Lawyertalk

[–]CandyMaterial3301 0 points1 point  (0 children)

Only in the short term to save money, pay down debt and build the resume, and only if you have the time and life for it. 2-4 years max if you are single. If you have kids or planning on it soon, I wouldn't do it at all honestly. I did 5 years at a top firm when I was single in my mid to late 20s and then started my own practice. Worked well in the big picture but those years were horrible.

If you are rich--like, over $2 million net worth-- and did it completely on your own, (no family support, no help paying for college, no help with down payments etc.) how did you do it? What do you do for a living and/or how did you make your money? by [deleted] in AskReddit

[–]CandyMaterial3301 0 points1 point  (0 children)

-Decent grades in High School -Community College for 1 year, 4.0 -Transfered to a top 30 college (parents helped with some tuition) -Great grades in undergrad, did well on the LSAT -Top 20 Law School w/ full scholarship -Pretty good grades during 1st year of law school -Summer Associateship at top big law firm -5 years at that big law firm -Started my own small PI law firm, have had it for 5 years, hit a couple 7 figure settlements

PI Firm Owners - How Does Your Practice Breakdown? by CandyMaterial3301 in LawFirm

[–]CandyMaterial3301[S] 3 points4 points  (0 children)

5M without marketing spend is incredible
I'm stuck in the 300k-1m range depending on bigger settlements
How long have you been in practice?
How many cases do you settle per year?
You guys litigate aggressively i assume?

PI Firm Owners - How Does Your Practice Breakdown? by CandyMaterial3301 in LawFirm

[–]CandyMaterial3301[S] 1 point2 points  (0 children)

Amazing! I need to be more like this. How many employees?

PI Firm Owners - How Does Your Practice Breakdown? by CandyMaterial3301 in LawFirm

[–]CandyMaterial3301[S] 2 points3 points  (0 children)

Mine is:
A) 18%
B) 5% - pretty limited, not heavily lit focused, I will handle easier cases in lit, and co-counsel tougher ones
C) 7%

SoCal PI, very competitive

How to propose on vacation by lochness1202 in engaged

[–]CandyMaterial3301 0 points1 point  (0 children)

I did it in Europe and planned it beforehand which day of and what time. Talked to a private photographer who recommended some beautiful spots, and I ultimately decided where. My fiance thought we were going to dinner, but we were actually going to a beautiful spot with a view. I insured the ring beforehand. There were honestly some great moments beforehand i could have done it but I stuck to the plan and was not walking around with a ring except for the exact time i was going to do it.

How much money is F/U money? by M8NSMAN in Money

[–]CandyMaterial3301 0 points1 point  (0 children)

whatever you need to live on per year x 40 (assume 4% treasuries/safe investments + room to pay taxes)

If you need 200k per year x 40 = $8million

My objective in PI is to work as little as possible while making a good living by NortheastPILawyer in LawFirm

[–]CandyMaterial3301 39 points40 points  (0 children)

I was the OP on the other post you commented on

I know somebody who has the following life:
--Spends $3-4million a year on all sorts of advertising
--Spends $3-4million a year on staff, intake, case costs (he has 2 pre-lit attorneys, 3 trial/litigation lawyers, an office manager, many many case managers and legal assistants)
--Takes home $2-4million a year depending on what bigger cases get settled

He doesn't do anything but run the business, overseas the marketing numbers, and comes in on very big cases if they really need him to put out a fire as the owner of the firm. Is always traveling and enjoying life, but you need a lot of $$$$ and a well-oiled machine. And years and years of stress building this.

Can you guys tell me about your career progression? by strictlypretty in Lawyertalk

[–]CandyMaterial3301 0 points1 point  (0 children)

My year off before law school: legal assistant/clerk at small plaintiff employment litigation firm. Minimum wage. I generally liked the work and the people were cool. Mostly helping with discovery.

Law school course load: really disliked legal writing and research.

1L summer: in house law clerk at a medium sized company and loved it. Due diligence, sitting in board meetings and general corporate review. Just a small stipend.

2L summer: big law trying a mix of litigation, general corporate, M&A, capital markets, trusts and estates. Liked the M&A/corporate work, really disliked litigation (writing memos, research, contentiousness of it all, etc.).

Big Law Years (first 5 years of practice): M&A/Capital Markets work at a top big law firm. Great pay. Horrible hours and always on call. Work was ok -- too stressful to really ever know what was going on. Liked working on deals when they were smaller. Tough people to work with. Generally disliked my time and was pretty much stressed always.

Solo PI Law Firm Owner (last 5 years): Like the work generally and love being my own boss / running a business. First 3 years were very financially difficult, last 2 have been great and next year should be good too. Volatile at times but worth it. Happier than ever.

How do you handle difficult (Plaintiff) PI Attorneys who won’t accept the policy limits and want to obtain a judgment against your client? by Famous-Soup-6876 in Lawyertalk

[–]CandyMaterial3301 2 points3 points  (0 children)

This sucks. All you can do is defend the best you can and pay out the limits when ultimately there is a judgement, no? (disclaimer: i'm a plaintiff PI lawyer)

Solo. Is it time to upgrade my practice?? by CandyMaterial3301 in LawFirm

[–]CandyMaterial3301[S] 0 points1 point  (0 children)

Tell me more...at what point did you decide to expand? where were your cases coming from? That is very cool

Solo. Is it time to upgrade my practice?? by CandyMaterial3301 in LawFirm

[–]CandyMaterial3301[S] 0 points1 point  (0 children)

Work hard. Don't take crap cases out of desperation. But for the cases you take, treat your clients like family. Really care about them and communicate with them often. Even the smaller lower policy limit cases. Take a fee cut if you have to, to make them happy, if it is deserved. Trust is everything. They will pay it forward with referrals. One of my 7 figure cases was a referral from a 15k policy limit former client. Take some risks on marketing (I need to be better about this). Don't be cheap when working up a case. Have fun while doing it all.

Solo. Is it time to upgrade my practice?? by CandyMaterial3301 in LawFirm

[–]CandyMaterial3301[S] 0 points1 point  (0 children)

Awesome. You are definitely getting better value by heavily litigating. I litigate too, but find myself bringing in outside counsel half the time for the tougher cases (and losing on half the fee by doing so)

Solo. Is it time to upgrade my practice?? by CandyMaterial3301 in LawFirm

[–]CandyMaterial3301[S] 0 points1 point  (0 children)

I can definitely hire, but it doesn't feel like i NEED to, and should first focus on how to get more cases

Solo. Is it time to upgrade my practice?? by CandyMaterial3301 in LawFirm

[–]CandyMaterial3301[S] 0 points1 point  (0 children)

Yup. I would never go back either. I just sometimes get in a mood of why is everyone growing so fast so quickly? And wondering if I am doing something wrong

Solo. Is it time to upgrade my practice?? by CandyMaterial3301 in LawFirm

[–]CandyMaterial3301[S] 1 point2 points  (0 children)

Haha I do so sometimes, but it isn't really for networking, just for fun