Hi everyone,
I'm a 24 year old with a law degree currently working as a trainee lawyer. I'm curious if anyone has experience establishing a law firm as a 'fast lane strategy'. While perhaps not as easily scalable as other business ventures I figure it may still be a viable option via a human resources system.
The idea would be to establish and grow the firm to a point where I could step back and take on a passive role and eventually sell the firm as an exit strategy with the intention of retiring. The timeframe to reach this stage would be 10 years of less. A couple million would leave me satisfied.
I have a few questions you may be able to help with:
1. I read in an earlier thread on this forum that law firms generally have poor resale value. Why is this the case? How poorly are we talking?
2. Is it acceptable in the industry to remain a partner/shareholder while retiring/taking a step back from the day to day work? All the partners (I'm assuming they are equity partners) at the firm I work still pull huge hours.
3. Conventional advice is for a solicitor to work for a law firm for 3 years in order to become adequately skilled at legal work and to establish a network of contacts before branching off on their own. Do you think this advice holds true for someone on the fast lane?
I'm a 24 year old with a law degree currently working as a trainee lawyer. I'm curious if anyone has experience establishing a law firm as a 'fast lane strategy'. While perhaps not as easily scalable as other business ventures I figure it may still be a viable option via a human resources system.
The idea would be to establish and grow the firm to a point where I could step back and take on a passive role and eventually sell the firm as an exit strategy with the intention of retiring. The timeframe to reach this stage would be 10 years of less. A couple million would leave me satisfied.
I have a few questions you may be able to help with:
1. I read in an earlier thread on this forum that law firms generally have poor resale value. Why is this the case? How poorly are we talking?
2. Is it acceptable in the industry to remain a partner/shareholder while retiring/taking a step back from the day to day work? All the partners (I'm assuming they are equity partners) at the firm I work still pull huge hours.
3. Conventional advice is for a solicitor to work for a law firm for 3 years in order to become adequately skilled at legal work and to establish a network of contacts before branching off on their own. Do you think this advice holds true for someone on the fast lane?
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