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INTRO Transitioning from law to entrepreneurship and willing to help others along the way

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NesLDN

New Contributor
FASTLANE INSIDER
Aug 10, 2019
5
8
14
Hi all,

I actually posted in the Insiders intro section last year but realized I hadn't actually introduced myself to the wider community yet!

To cut a long story short, I come from a legal background and am based in London, UK. I graduated from university a few years ago with a law degree, achieving a First Class Honours while ranking #3 in my law school.

Although I considered moving into a top corporate law firm, I chose against it due to the notoriously stressful work culture associated with such firms. As many will know, work-life balance is non-existent in top firms, and I wasn't willing to commit my all to a firm that would be happy to replace me in seconds if I burned out as many in the industry usually do.

Instead, I ended up working as an
outreach legal adviser. This entailed helping people in crisis situations with their legal issues, mainly defending them in court proceedings where they stood to lose their homes due to high rent arrears. I would negotiate with judges and our clients' landlords in order to get more time to sort out our clients' situations whilst I chased up money owed to them by local councils.

Although I was very successful in keeping our clients in their homes, being around them taught me so much in terms of life lessons. I realized that anyone could fall at any moment, and this led me to explore different income streams, business and entrepreneurship.

Ironically, I ended up leaving my role just before Covid-19 rocked the world. Fortunately however, I had saved up a good amount of money to prepare myself for future rainy days. I owe this again to the life lessons mentioned above!

I have since been studying various areas of e-commerce such as internet marketing, social media management and import/export to name a few. I now feel ready to jump in and really accelerate my learning by doing, but am still hesitant to risk too much capital during such an uncertain time.

I figured that, at the very least, I could help others who are braver than I am by assisting those who are currently taking action on this forum with different elements of their business. I am happy to help out for free, as I would benefit from the deeper knowledge and insight whilst contributing my own skills and labor.

If you do need any help, feel free to post in this thread or shoot me a PM :)

Thank you for reading and wishing all of you all of the best with your endeavours!

NK
 

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Speed112

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Dec 5, 2013
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Bucharest, Romania
I have since been studying various areas of e-commerce such as internet marketing, social media management and import/export to name a few. I now feel ready to jump in and really accelerate my learning by doing, but am still hesitant to risk too much capital during such an uncertain time.

Welcome!

That's really great. Don't be too afraid of risk, as it's a welcome companion for any successful entrepreneur. Risk management is a very valuable skill, and one that can be learned and trained like any other. But, most importantly, there is no better time than an uncertain time to invest capital for the good of others...

Because times of uncertainty are times of great need. Times when great pains come to light and people are reluctant to solve them. Times when brave entrepreneurs are faced with great opportunity.

So be brave, and use your knowledge to create value.

The expected value of such bravery is higher than it's been in a decade. Resigning yourself to a supporting role would be a shame.

Although... Support is incredibly important as well, and times of great need are also in short supply of helpers. So thank you for your suggested help.

Hope your efforts prove very valuable :)
 

ShepardHumphries

Contributor
I've Read UNSCRIPTED
Feb 5, 2020
68
82
109
Hi all,

I actually posted in the Insiders intro section last year but realized I hadn't actually introduced myself to the wider community yet!

To cut a long story short, I come from a legal background and am based in London, UK. I graduated from university a few years ago with a law degree, achieving a First Class Honours while ranking #3 in my law school.

Although I considered moving into a top corporate law firm, I chose against it due to the notoriously stressful work culture associated with such firms. As many will know, work-life balance is non-existent in top firms, and I wasn't willing to commit my all to a firm that would be happy to replace me in seconds if I burned out as many in the industry usually do.

Instead, I ended up working as an
outreach legal adviser. This entailed helping people in crisis situations with their legal issues, mainly defending them in court proceedings where they stood to lose their homes due to high rent arrears. I would negotiate with judges and our clients' landlords in order to get more time to sort out our clients' situations whilst I chased up money owed to them by local councils.

Although I was very successful in keeping our clients in their homes, being around them taught me so much in terms of life lessons. I realized that anyone could fall at any moment, and this led me to explore different income streams, business and entrepreneurship.

Ironically, I ended up leaving my role just before Covid-19 rocked the world. Fortunately however, I had saved up a good amount of money to prepare myself for future rainy days. I owe this again to the life lessons mentioned above!

I have since been studying various areas of e-commerce such as internet marketing, social media management and import/export to name a few. I now feel ready to jump in and really accelerate my learning by doing, but am still hesitant to risk too much capital during such an uncertain time.

I figured that, at the very least, I could help others who are braver than I am by assisting those who are currently taking action on this forum with different elements of their business. I am happy to help out for free, as I would benefit from the deeper knowledge and insight whilst contributing my own skills and labor.

If you do need any help, feel free to post in this thread or shoot me a PM :)

Thank you for reading and wishing all of you all of the best with your endeavours!

NK
Thanks for your awesome intro on this thread, what areas of entrepreneurship most interest you? I assume the e-commerce items you mentioned?
 

Matt Sun

Bronze Contributor
Speedway Pass
Oct 21, 2017
146
303
170
Argentina
My sister recently got her lawyer degree. She started working in a firm in the most junior position. I'd always try to plant the seeds of entrepreneurship in her thoughts. What would you say to her about entrepreneurial opportunities in the legal world ?
Thank you.
 

NesLDN

New Contributor
FASTLANE INSIDER
Aug 10, 2019
5
8
14
Welcome!

That's really great. Don't be too afraid of risk, as it's a welcome companion for any successful entrepreneur. Risk management is a very valuable skill, and one that can be learned and trained like any other. But, most importantly, there is no better time than an uncertain time to invest capital for the good of others...

Because times of uncertainty are times of great need. Times when great pains come to light and people are reluctant to solve them. Times when brave entrepreneurs are faced with great opportunity.

So be brave, and use your knowledge to create value.

The expected value of such bravery is higher than it's been in a decade. Resigning yourself to a supporting role would be a shame.

Although... Support is incredibly important as well, and times of great need are also in short supply of helpers. So thank you for your suggested help.

Hope your efforts prove very valuable :)
Thank you very much for your kind words and insights :)

I am working on shooting a bit more from the hip after living a life of playing it safe.

After saving a good amount of money, I quit my job without another job lined up in order to learn about and pursue different opportunities without the pressure of legal casework constantly bearing down on me.

I also then went on to invest a large amount of money in an events based business before we started hearing about the first Covid-19 cases. That bad timing has led to a lot of my money still being tied up but I am confident that I can get it all firing up once normality hopefully returns.

This setback has unfortunately pushed me back into the playing it safe zone for a while but I still feel that shouldn't stop me from helping others with their pursuits and learning from other aspiring entrepreneurs. I am hopeful that by helping others with their businesses and contributing to their good results, I am able to build up my competence and confidence again to go ahead and start taking some more risks! :)
 

NesLDN

New Contributor
FASTLANE INSIDER
Aug 10, 2019
5
8
14
Thanks for your awesome intro on this thread, what areas of entrepreneurship most interest you? I assume the e-commerce items you mentioned?
Thank you for your kind words and interest in my thread!

I'd say e-commerce is the most interesting but also, and I don't fully know why, but I would just love to travel to different expos and present a great product that people can benefit from. The idea of being out there and interacting with consumers, answering questions and generally impressing them with something really beneficial would be such a thrill I think.

I am still very open-minded however and just happy to learn about other areas of entrepreneurship too, as I don't feel I can completely write anything off without having at least tried it first.

That's also why I think it's cool to just help people out and get involved because such experiences tend to be eye-opening. You might find that you could be really good at something you thought you'd never be typically interested in :)
 
Last edited:

NesLDN

New Contributor
FASTLANE INSIDER
Aug 10, 2019
5
8
14
My sister recently got her lawyer degree. She started working in a firm in the most junior position. I'd always try to plant the seeds of entrepreneurship in her thoughts. What would you say to her about entrepreneurial opportunities in the legal world ?
Thank you.
Thank you for your post!

It's a difficult one because from my experience, the way the sector is set up doesn't really lend for much in terms of inspiring opportunities for entrepreneurship.

Of course, you could always qualify as a lawyer and go on to open your own firm years down the line but the likelihood of it being a 'fastlane' venture is very small. It would depend on various factors such as the practice areas your firm would be operating in, and even then, you're most likely going to be working there too with your employees.

The other thing is the very high earning corporate lawyers are working crazy hours for that money. I have a very successful friend for instance who works from 8am-2am regularly, and so he doesn't really have the time or energy to pursue other opportunities as he's always tied up with work at the firm.

Although this work does give you amazing skills that could serve you well as an entrepreneur, such as contract drafting and negotiation, your time and efforts are constantly demanded by the firm, so it's hard to look outside and see other opportunities. You barely even get the time for hobbies, which is why so many lawyers end up with that tunnel vision and climbing the corporate ladder mentality.

With that being said, the best entrepreneurial opportunities I have been hearing about within law itself tend to be with legal software/legal tech. There has been a lot of rumbling about automating certain processes in law, so if she was interested in learning more about the shortcomings of current legal tech/software packages and how they could be improved, then there could potentially be a LOT of money to be made.

That is all I can think of right now but I will definitely add anything else I can think of. I would also love to hear any ideas she or anyone else with a legal background can think of :)
 

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