Otis said:
Really looking forward to paying my dues for about the next decade do that I can pay off the house, sock away a cushion, and then open up my own small practice out of my home. WIN
Can the folks who went out on their own chime in? I spoke to a guy recently who was working at a big firm in DC and finally had it. He joined one of those virtual firms and moved his family down to Palm beach. He said life is wonderful and he works when and where he wants and spends all the time he wants with his kids. Sounds like he is making pretty solid money too. I feel I am doing something wrong.
I never did BigLaw but I can give you some insight into the transition to working for myself.
Out of law school I worked for a solo and did a little bit of everything but mostly real estate and transactional stuff. Rarely went to court. For the most part I hated it but it paid the bills a little. I have a background in government and politics and when I got my law degree it was for that arena and not to be a trial attorney. But things changed and it was a good thing I had the law degree. A small firm local to my neighborhood started hiring for a replacement associate and I gave them a call because I knew one of the partners through real estate deals. It was pretty much a match almost instantly. The interview was more about picking my office then seeing if I was a fit for the job. Again, though, it was a small firm. My salary almost doubled but I still wasn't making 6 figures like many of the BigLaw associates seem to do.
The day I started the partners dropped dozens of files on my desk and pretty much told me to get them done. Much of the stuff I had really no clue about, but I pushed through and managed to get a few wins for the partners on summary judgment motions and settled a few PI cases with little out of pocket turmoil and I managed to make almost triple my salary without too much fanfare for them. All that did was have them drop basically the entire civil case load of the firm on my desk. So I was swamped constantly while they showed up late left early and played around in the office all day.
Now, small caveat there, one of the partners had a young son and he never, and I mean never, missed his kids games or school stuff. And because of that, he told me flat out that they will never expect me to be there if my kid had a game and as long as my work got done when it was supposed to and I was making the money I could go whenever I had to. So I am already in a different spot than most big law guys. I never missed a game or show. But after a few years of being the main business generator on the civil files and working my butt off I wasn't getting anywhere on partner track. I had to fight with them twice for a raise that both times still made me vastly underpaid for the norm in New Jersey, but I always was ok with that to an extent because I was still able to leave whenever I wanted to see a game or show. Vacations were tough and I had to give a crap ton of notice, but they let me have time so that we could do our Disney trips.
3 years ago it all came to boiling point. I was getting a lot of clients telling me, unprompted, that if I ever left the firm they would come with me (and these were clients that were with that firm for years before I got there). I also had almost universal respect from the local legal community and almost all of them were flabergasted that I hadn't gone out on my own given my reputation and what they knew I was making (it's a small community). This was the only point in my marriage where my wife and I couldn't stand each other. I was miserable, gained 40 pounds, smoked and drank like I was living the last days of my life and didn't care, and just generally a mess up and down. The stress of not moving ahead in the firm and knowing that there was at least one other firm that would hire me in a heart beat coupled with thinking maybe it was time to go out on my own was really too much to deal with. My marriage almost ended. I still remember a 3 day stretch where I literally did not sleep. I was researching opening a firm, dealing with a few cases going to trial, coming up with budget after budget on the house in case I did go out on my own and failed. Finally it was my wife who gave me the ultimatum - pick something or else.
And just as a really quick aside, my faith helped and I prayed a lot and I felt like every sign and signal and gut feeling was telling me to go out on my own. But that's another thread.
So, one night, I called a friend from church who owns a construction company and I asked him how much it would cost to retrofit a small office inside another firms office that offered me space. I took him over, he looked at what I needed and told me that he would do it for free if I bought breakfast. For whatever reason it was the sign I needed to know I should just do it. So I spent the next three days building an office inside an office and writing an exit memo that ended up being 50 pages long on every case I had active. I gave my notice and told them I would stay for a month so that I could train the new associate they would have to hire. They were pissed and after two days told me not to come back.
Which threw me and my plans a lot because I wasn't expecting that. I figured I had a month. But then, nothing. I wasn't ready logistically for the move, but they forced me so on a Thursday in August I didn't have a job and went to my new "office" with nothing to do but wonder what an awful thing I did to my family. That afternoon I got a call on my cell phone from a friend from church who said they had a friend who needed to talk to a lawyer immediately. I told them to come over to my new place. Client came in told me that they had a spouse who they just found out was cheating, hiding money, the whole most awful possible divorce scenario possible and said they wanted me to help. My first chance to name my own retainer, deal with my own client, intake it the way I want. I have to admit...... I was scared to death in that moment. I knew how much the case would cost in my firm. I knew how much they would take as a retainer. I figured there was no way that they would ever pay me that when it was obvious I was in gypsy mode office wise. For whatever reason I just figured what the hell and told the client that I would need a $10,000.00 retainer to take the case. Wrote me a check on the spot.
What happened after that is still amazing to me (and again, I will leave my faith part out of it). Within a week 70 clients from the old firm transfered their files to me. A handful of new clients found me. OVerall within a month I had more work then I could handle. And it just never stopped and hasn't to this day. There are peaks and valleys. I have had to deal with a 3 month stretch where no money came in at all. Some accounts have gone to collection and back at times. But every bill personal and business is paid up to date. I set my own rules, I screen my own clients, I answer to no one. I have fired clients that I just don't want to deal with, money or not, and I have taken cases pro bono that my firm never would have let me. I just left my office last Thursday with a tablet and a cell phone, bought a car (that thread is around somewhere.... I went with the Acadia by the way) and took the car to DC with the kids for a getaway. We still do our vacations. My marriage has never been better. The legal community I work in still holds me in high regard and it's now gotten where the titans of certain fields in my area actually refer me their overflow work now which is an amazing confirmation that they trust me to handle their clients in the stuff they specialize in. I have days in my office where I really just putz around on this website and do a few letters and keep everything running smoothly. I have days where I don't make it home until everyone is in bed because I'm swamped. But I still never miss a game or show. If not for the court appearance I have today I could just go play golf if I wanted to (although the snow kinda sucks). All in all I really wouldn't trade it for the world.
Our savings were destroyed in some of those valleys of no money coming in. It happens. But after three years I have blown away my salary at the firm working on my own terms. There is still stress. But it's a much different kind of stress. I've been approached by two very large firms who want me to come work for them on an accelerated partner track. At this moment they would have to pay me so much money to consider that that it would bankrupt them. I have it just way way too good. It's one of the many reasons why I am in awe of some of the guys and gals here that post that work in big firms or did, like you. I could never do that. I enjoy family time and down time just way too much to even consider doing that to myself. I could probably make a crap ton more money than I do now, but I'm not starving and the time I get with my family is worth more to me than a billable hour.
So that's my going out on my own story. I highly recommend it. It's liberating and scary as hell and good for all the right reasons if you have a head on your shoulders and do things the right way. It isn't easy, but nothing worth anything really is.