Leap of faith or stupidity?

[Genx87]

You need to weigh your client list, what % you believe will truely come with you, and how much revenue can be generated from them.

I have friends who are litigation attorneys and they did fine going out on their own. But others do M&A, Real Estate, Work Comp and they would have a much harder time of it. I guess not knowing what area of law you practice all I can say is what I opened my post with. Guesstimate a realistic revenue stream for yourself. And then determine if you can get by on it while you grow your client list again.

 

[RKS]

You need to weigh your client list, what % you believe will truely come with you, and how much revenue can be generated from them.

I have friends who are litigation attorneys and they did fine going out on their own. But others do M&A, Real Estate, Work Comp and they would have a much harder time of it. I guess not knowing what area of law you practice all I can say is what I opened my post with. Guesstimate a realistic revenue stream for yourself. And then determine if you can get by on it while you grow your client list again.

I'm currently doing civil litigation/PI I think I can get 1/3 or about 40 clients to go with me. If I can get 'just' $2500/case or even a minimal $1000 that gives me a good start especially with virtually no overhead. If I can pick up about 5 clients a month through minimal advertising or word-of mouth, I will be fine.

 

[Genx87]

I'm currently doing civil litigation/PI I think I can get 1/3 or about 40 clients to go with me. If I can get 'just' $2500/case or even a minimal $1000 that gives me a good start especially with virtually no overhead. If I can pick up about 5 clients a month through minimal advertising or word-of mouth, I will be fine.

Another thing a litigation attorney friend of mine did was open a blog. That helps get word of mouth out and generate advertising revenue. Granted his blog took off to the point he quit litigating. But when he was litigating he said he generated about 70K in revenue from the practice and 50K in blogging and it was rising yearly.

Something to think about to help offset any potential losses from leaving the practice.

 

[Corporate Thug]

well, anyone who wants their own practice has to hang their own shingle at some point. You sound like you're in a pretty good position to do it now esp. if you can take some clients so you can hit the floor running.

 

[Gibson486]

certain positions in my company are required to sign them up front. they also have to sign confidentiality statements to protect our inner workings. i didnt think it was that odd to sign when you get hired, makes more sense to have people know what they are getting into in the beginning.

I have always signed them on my way out. Also, for a lawyer, how can you have a non compete? Wouldn't that pretty much prevent you from being a lawyer again?

 

[qliveur]

Best of luck, OP. Go for it.

 

[hanoverphist]

I have always signed them on my way out. Also, for a lawyer, how can you have a non compete? Wouldn't that pretty much prevent you from being a lawyer again?

totally agree there. would be a weird one for me too. we made a service manager that wanted to start his own company sign one when he started guaranteeing he wouldnt go after any customers that were on our books for 2 years in the event he left the company, mebbe thats what it was geared around. no existing clients for a specific period of time.