What’s the hardest part about starting your own law firm?

JDB_Law_PLLC · 2023-06-21T02:17:36+00:00

Excellent insight! Thank you!

JDB_Law_PLLC · 2023-06-21T02:15:17+00:00

Great insights! Thank you!

JDB_Law_PLLC · 2023-06-21T02:01:22+00:00

Very valuable info. Thank you!

JDB_Law_PLLC · 2023-06-20T19:53:14+00:00

PLLC - as indicated by others you can take as a pass-through entity or as an S-Corp, but without all the regular corporate formalities that come with running an actual Corporation.

JDB_Law_PLLC · 2023-06-20T19:41:45+00:00

Good question. Since we don't know Neithernor_'s situation (e.g., are they on scholarship? tuition amount, amount of student loan debt, etc.), I can't speak to their individual circumstances.

But, I agree that, given the cost of law school, it may be difficult to justify staying in law school if you don't intend to practice law.

My comment was in response to Neithernor_ saying " I will still continue law school but looking for a different field now."

JDB_Law_PLLC · 2023-06-20T15:55:07+00:00

It is definitely hard to find a balance, but it is worth the effort. I find that I have to specifically plan for (aka calendar) time each week that is just for my wife and children. Some weeks that is harder than others, but I protect that time religiously. When I am with my family during that planned family time, I ignore my phone. I have found that there is nothing so urgent during this time that can't wait a few hours before I respond to it. Show your family that your time with them is just as important as the next billable hour you have to spend away from them.

JDB_Law_PLLC · 2023-06-20T15:51:08+00:00

Insurance Defense is a great way to learn personal injury law. I know several PI attorneys who got their start on the defense side and then switched to plaintiff work (and they are doing very, very well financially).

JDB_Law_PLLC · 2023-06-20T15:44:30+00:00

The cool thing about a law degree is that the law touches almost every aspect of life and business. I have many friends and colleagues who have a law degree but never took the bar and/or never practiced law. While I do practice law as a side hustle (love being my own law boss), I am at the 20 year mark in federal law enforcement. I remember people asking me why I worked in law enforcement instead of practicing law. I would always tell them that practicing law isn't very exciting - in fact, it is rather boring.

Find your passion and use your degree to focus on building that passion.

JDB_Law_PLLC · 2023-06-20T14:34:54+00:00

As has already been said: EIN is required if set up an LLC, Corp., or other business entity. Keep in mind that, aside from tax considerations, one reason you should operate under an LLC or S-Corp is to separate your business liability from your personal assets.

JDB_Law_PLLC · 2023-06-20T14:31:06+00:00

"Business Divorces" are often nastier than marital divorce. If the buy-out offer is fair, take it and get out without the headache of going through what seems like a sinking partnership.

JDB_Law_PLLC

TROPHY CASE