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law4sho

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  1. law4sho

    Methdology in Law

    if you have to ask in this kind of place it means you probably shouldn't be writing it
  2. law4sho

    LSO Referral Service

    I usually get a couple of paying clients from it every year. The quality of the clients is (expectedly) not very high. But the annual fee has justified itself in pure numerical terms - at least in my case.
  3. law4sho

    Creative Resumes

    did they also send a mugshot? lol
  4. law4sho

    Dollar value of an articling student?

    I agree, but that just means they are being overpaid lol
  5. law4sho

    Professional Corporations

    that's interesting, can you be more specific?
  6. law4sho

    Professional Corporations

    ya, not all. though I do wonder if someone had a high level of income why they wouldn't use PC for tax purposes....
  7. law4sho

    Starting Your Own Practice

    I started my practice in a locale that has other sole lawyers, I messaged them for coffee and made some friends. You can also attend networking events for soles, people are surprisingly willing to help out and lend a hand. If I get something weird, I'd just refer to another lawyer and use it as an opportunity to establish a working relationship... The only other alternative is to research the hell out of it and try to do it yourself, but you'll have to decide if it's worth your time or not...
  8. law4sho

    Professional Corporations

    I'm incorporated, advantages: tax disadvantage: firm name is WAY too long when it appears on the business card I'm of the understanding in a LLP the individual partners are actually PCs... not sure about associates though... can someone who is not an individual be an "employee"? etc I tried to offer my services to a larger firm as an independent contractor a while ago, which may allow for the PC arrangement, but they mentioned there are some issues vis a vis lawpro coverage if you are a contractor rather than employee...
  9. law4sho

    Starting Your Own Practice

    I'm not sure either, and its not a strict rule, but that's what I heard from multiple people. That's an extreme example you are giving, could be because the ratio of revenue/expense is pretty steady in this industry for people who have stable practices, and you can always try to 'reduce' expenses - but you can't just wave your hand and make new revenue appear. Again, i think that saying is not a 'rule' to determining the value, it's just a quick way of estimating the value. One would have to look at all the financials and details of course. edit: it's kind of like that saying that an employee usually generates 3 times the value he/she is getting paid, but lets say you start a new business that only generated $100 in sales over the first 2 months, you are not about to literally pay your employees $33 in aggregate for the 2 months of full time work...
  10. law4sho

    Starting Your Own Practice

    that guy who had $900k revenue was taking home about 50% he wanted $1.3 million for the practice lol (i didn't buy in case you are wondering) another example for the OP: i ran into another person who was looking to 'sell' their practice because they ran into trouble with the law society and has been ordered to retire. His revenue is around $200k, taking home about 50%, in the end he tried to sell to me for only $5000.... didn't take it since it could be trouble addendum: generally the valuators i've met all told me the value should be around 1 - 1.5 times one year's revenue (not profit), but there are so many factors involved you really have to look at it case by case.
  11. law4sho

    Starting Your Own Practice

    I started my own practice a couple of years ago and it has been a good experience so far. Profit/revenue varies widely between practices, when I first started I considered buying someone else's practice, I've seen financial statements showing annual revenue as low as $80k a year (purely sole), to ones as high as $900k a year (he has 2 associates and 5+ clerks working for him). Both of these people are in GTA and are around retirement age... both have general solicitor practices (small business/real estate/wills+estates etc) If you have the personality, and got some money saved away I'd say it is worth a try.
  12. law4sho

    Imposter Syndrome

    I had this when I first started, but now I experience the following type of "impostor syndrome": I feel like everyone ELSE AROUND me are frauds LOL
  13. law4sho

    Privilege is...

    I think you are being too hard on yourself
  14. law4sho

    Privilege is...

    well, if we make comparisons like that people are just gonna drive themselves crazy - there is probably someone in a third-world country working even harder than her and making even less, but you are not about to turn to the single mother and ask her to donate her money to the third-world worker (because she's the one who's technically "more privileged" in that comparison). if you really pretty bad about other people's plight, nothing's stopping you from making some voluntarily donations...
  15. law4sho

    Privilege is...

    well, you presumably did do hard work to get to where you are - just enjoy? edit: last recession did have some noticeable impact on the legal industry, if anything we are already overdue for the next one. if anything we should "enjoy it while it lasts" - James Bond
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