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law4sho

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  1. law4sho

    Professional Corporations

    that's interesting, can you be more specific?
  2. 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....
  3. 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...
  4. 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...
  5. 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...
  6. 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.
  7. 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.
  8. 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
  9. law4sho

    Privilege is...

    I think you are being too hard on yourself
  10. 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...
  11. 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
  12. law4sho

    Drafting a Master Service Agreement

    she's the prostitute not me. and that's my point, OP should be careful with his friend, you never know what's really happening, it's not like people are constantly falling over themselves to give you non-stop full disclosure of what they are really up to. further points to consider, vis a vis 'clients' who comes to students: 1) presumably the OP is fairly young and surrounded by people of his own age, what situation are those people in? are they people who are also students who recently graduated with a lot of debt? or worse? people who failed their program and in a lot of debt? (and they are trying to get out of that situation by "starting a business"?) been there done that, there are people in that batch who are desperate/delusional/resentful - presumbly OP has the appearance of someone accomplished and successful - why are they approaching the OP all of a sudden? could it be for some nefarious/irrational purpose? 2) also seen a strategy where someone calls you to ask for 'service' to hook you into a face to face meeting - only for it to be a trap: they just want to get in front of you to pitch their own services to you. (high pressure sales pitch, where they show up with 10 people and refuse to let you leave the room unless you make things super awkward) 3) having dealt with hundreds of clients now - I can tell you some business people are simply mentally ill, if they are making the wonky decision of hiring a student right now, they will ask for even more ridiculous stuff later on. (they are not necessarily being malicious, but that doesn't mean they aren't delusional/stupid). Especially business people who've lost a lot of money recently, one way they comfort themselves is by thinking that they can make it all back and more in the next deal if they 'do it right' - e.g. "by lowering overhead through hiring students instead of actual professionals teehee" - (um no, just stop).
  13. law4sho

    Drafting a Master Service Agreement

    wtf? jesus yes i agree if the friend asks initially without realizing, that's understandable. If after the OP explains to them what an articling student is, and they STILL want 'service' while seemingly avoiding licensed lawyers, then you know something is up. not sure which situation is the OP is in, if its the latter, I'd be worried about the motives of his so called "friend". presumably they are trying to run a legit business yes? why are they put themselves and OP at risk for no good reason? The reason I raise this point is because I've ran into such scenarios, an example: when I was in 2L a friend of a friend called me about a landlord tenant issue (apparently she owe her landlord $5000 due to the fault of another tenant and might get kicked out), I told her i'm a student and she should talk to legal aid or local lawyer. She initially agreed but called me again the next day asking me the same question - I asked them if they've contacted legal aid as I suggested, they said "no" (without giving an explanation), but kept on ranting about how they need money and woe is them - passive aggressively suggesting that I am "their only hope" and I need to do something etc - boohoohoo - pretty soon it became apparent: she wasn't even looking for legal help, she was trying to suggest that she sleep with me and I just pay her the $5000 to bail her out - needless to say I was pretty annoyed. I can give the OP more examples if he wants, sometimes the problem is the so called 'client', they are fully aware you are just a student, and they are targeting you for this reason. A lot of times it comes int he form of stroking your ego, e.g. - trying to make it look like even though you are a student you can 'get business' etc, the student thinks they are the ones being 'entrepreneurial' when in fact they are the one being manipulated.
  14. law4sho

    Drafting a Master Service Agreement

    I mean, whether it's well taught or not is an excuse or defense if shit happens. I've been out for several years, can I recite all the law society rules? no. so what do i do? follow your nose - if you feel you need to hide it, something is probably wrong. key in the OP's case that actually jumps out at me is the behaviour of the 'friend' - why do they go for the articling student when they can just hire a normal lawyer? like if you have a disease, why not just go to a qualified doctor? why avoid the doctor and go to the medical student? what the hell is the patient hiding? (and it's not a matter of cost, it's a matter of expertise/qualification)
  15. law4sho

    Drafting a Master Service Agreement

    no trust me, i went to one, some stuff they didn't talk about do they have a professional responsibility course? yes. are they always well taught? not necessarily.
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