Quote:
Originally Posted by Karak
ACShark,
As much as I enjoy your posts, you are possibly giving dangerous advice. Things aren't the same starting out now as they were for you. One cannot overcome this job market by super networking, finding a niche and combing his FB friends. It's not that easy anymore.
Law school costs more, more people are going into debt for it, the market is massively oversaturated and the industry just suffered its greatest economic collapse in the history of the nation. One simply cannot work his way to financial independence now. Couple that with the fact that $$ wise you can do just as well with an undergraduate degree.
Honestly, going to a TTT or lower without a lock job (from a family member) or full ride at this point is very close to financial suicide. If you graduate in the bottom half of your class, no amount of networking is going to get you a paying job. There's just too many better qualified candidates out there.
Karak,
I agree the market for the new attorney in an established law firm is weak. What I am suggesting is that, for the person who is willing to suck it up for a while, there is light at the end of the tunnel. (btw we said the same thing about how it is worse now than it was for those guys who were 20 years or so before us too. We were also right just as you are. It still doesn't render it impossible or even dangerous.) The highest earning guy from my then TTT law school couldn't identify the Bill of Rights in the Constitution but he kills it money-wise everyday. He started in Toxic Tort work when there was NO money in it. He is one of the highest paid lawyers on earth. No we didn't go to Harvard, we went to Hofstra. I have said it before. CREAM RISES. BE CREAM. He may have been last in the class by the way. No one ever asked me my class rank or how I did on any class after I went into private practice. They asked "do you know how to handle XYZ?" I answered: "I will before we ever hit the courtroom. I learn fast. It only took me 6 years to get through a year of law school" Then I would wink. I would assure them that I could handle their matter and that I would also have another attorney look at my work just to have a second set of eyes on it.
Nowadays, Bankruptcy, Foreclosure, Civil rights, Internet law, are all cooking. Real estate is dead...for now, so you move on to another related area Mortgage refinance. Debt Structuring. Whatever floats your boat. About 8-10 years ago, there was a lawyer who only wanted to argue appeals in the US SUpreme Court. No one except the Solicitor General has that job. He wasn't the Solicitor General. He stuck to his guns wrote amicus learned how to fish for the cases and viole' la a new specialty was created.
Same for Asbestos and Mesolthelioma cases. I never heard of the disease in 1984, nut I helped win a 3+Million dollar settlement for a client 10 years ago. It was my only Meso case, but I brought it in and I associated my friend and we won. I was 42 years old. Only 15 years or so out of law school. It was my first Million dollar case. The next would come about 9 years later, now, I have 3 in the oven. (amazing how those suckers can multiply)
Everyday I watch in the courthouse, as young lawyers with gumption are picking up cases right and left while the old war horses who could likely kick each one of the young guys a**es are dying off, dinosaur style, cause they either couldn't or wouldn't keep up. When we were young, I'd run off with my wife to an ABA or NACDL or ATLA meeting. "Why are you spending the money and your free time going there?" they'd ask."Our CLE around here is cheaper and just as good."
Yeah I already knew what they were teaching. I'd been seeing it every day. No I went to Vegas, Orlando, DC, Chicago, Boston, San Francisco and learned what the people at the ABA or NACDL were doing. CUTTING EGDE WINS CLIENTS AND CASES which begets more and better clients and cases.
Of course the best position to be in (after inheriting a position or getting one in the job market) is to find a lawyer who is older and is seeking a younger guy to train and maybe purchase his practice. If that older lawyer will provide rent abatement and basic services, then I think it is not as hard as people make it out to be. Really what has changed for the small or medium size lawyer? We all get our cases in the beginning from family and friends. Who else is going to give a guy just out a case?
We also all make friends, how many and how we work on them to provide cases is a different story. If you want to make money you have to work the contacts and you have to ASK FOR THE WORK. Too many think it is low hanging fruit. It isn't, even wills are a tough sell now a days.
Yes I know that you have loans. but so does everyone. Learn to put off your enjoyment a while longer. Used cars, Staycations, no IPad, old laptops, a regular phone instead of the latest I-thing. Gym memberships? Only if you are getting work out of the gym otherwise go pick up stones.
A lot of you will have to find 2d jobs. Night shift stuff. Find Jobs with access to Wifi and a lot of slow time (clerk in an all night Dunkin for example) so you can work on your cases. I drove cabs, worked night construction, and was a watchman.
If you see bills piling up as you head into law school, instead of a summer abroad or a trip to the WSOP, get a job on a construction site or doing handyman work. After work, drink Genne not Guinness but hang out with the guys, Construction accident work is very lucrative. If they know you and like you, well they may call you "Professor" or "College Boy" during working hours, but they will come to see you later when they need you and you will be repaid in Spades.
Use the money you make to start paying down bills not buying a car. Oh and while I am on the issue, It is not legal or ethical, to ask for or receive a portion of fees for referring a case when you are not a lawyer. Doesn't mean that the guy to whom you bring work from the construction site can't sign a contract with you for the following summer guaranteeing you $$$$$ for your work next year. Lets face it, we can all name a summer associate or three who got their job because Daddy or Mommy is in charge of a client of the firm and could move their business to a firm that sees things as they do... that their son is the second coming of Learned Hand (mixing thread metaphors
)
Speak to every pastor and rabbi in the neighborhood. "I am new. I handle small claims matters for 125 dollars per appearance, 250 for a traffic appearance no matter how many tickets. I write basic no trust wills for 300 per will AND I will give a free upgrade in 5 years if they are members of the parish/congregation." Again none of these kinds of cases take much time, 1-3 hours each. Now multiply by a number of cases a week. 2 small claims, 2 traffic appearances and 2 wills brings in 1.25K a week or 5.3K a month or 65K a year.
Be inventive. Auction off a service for a charity preferably on the Radio. They are all doing stuff for Christmas now, Offer to represent a buyer at a closing must be a first time buyer in XYZ County. You do a good deed, *sorry for the pun, you get publicity, and you make friends with people who run charities. (Often they know rich people who occasionally need a little dust busted.)
Hell if it isn't against the rules in your state do it on EBAY.
Take Paypal, credit cards, cash. Keep your office expenses to less than 40 percent of what you bring in. Add up your loans, rent at home, office costs and what you need to live on to survive, and divide by 20 hours a week. Then do it by 30 then 40. When that amount comes to about 100-200 an hour, you are where you need to be. Remember to be active in the bar. Meet lawyers, ASK FOR WORK. not a job. WORK.
Go back to the law school, ask the profs if there is anyone they know of in need of a hard working lawyer who doesn't over-charge. No you aren't there asking for a job or a reference, you want to know if there is a law student or a person who called them seeking advice that you can advise, preferably for a small fee. If you were a good student (not Law Review but a solid guy/gal) they will not only send you stuff, they will mention it in the faculty room too.
Bring your best moneyed hardest cases to your mentor. Ask him if he will either help you set a fee, take the case and cut you in, in exchange for your work, or take a portion (25% or less) as a consultant and appearance fee. IF you meet the client with him, and he charges more, then your fee goes up too.
Learn edification. I can tell you how great I am, but if someone else does it I have instant credibility. Work it our with your friends and mentors that they talk you up in front of potential clients. Do it for them too. Do it unsolicited. "Wow Bob, Tony is a great lawyer. Good choice. You are LUCKY to be in such good hands." They will catch on and do that for you too.
Learn not to reinvent the wheel. Get on list-serves and ask the people there if they have a form for what you are doing and are willing to share same. Often on List-serves people just post an attachment. If you haven't heard of SOLOSEZ find out what it is and join (it's free).
I completely agree Karak, it is a jungle out there, however walking into that jungle without a map and a plan is crazy. You aren't going to shoot an Elephant with a pellet gun, but kill enough quail and you will eat pretty good.
AC
BTW unless you have tried it, don't knock it. I did it. I did it 28 years ago and again 10 years ago. It was easier the second time around, but it was still tough. I expect that more will fail than will prosper, however that is true of everyone of life's endeavors. I can only assure you of one thing. Those that do not try will never succeed. Those that only half way commit, will fail half way in. Those that "Burn the Boats" go ALL THE WAY, and succeed, will have everyone else looking at them years from now and saying "why didn't I do that."