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law4sho

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  1. definitely make sure you get insurance for your work on the side. I've been in this position, some other thoughts: workload will become a major issue: if you do a really good job on your side gig - you may 'suddenly' be referred a lot more work. If you turn the work down it may actually affect your reputation. So you need to anticipate and have a plan. Clients will be like: "can you do this or not? why are you turning away work? I don't care if it is a side business or not, I demand responsiveness or I'm taking my business elsewhere etc" If you do a really good job and actually make a lot of side income, word may get around and eventually get back to your boss/department. That may cause some office politics issues: your boss: "I pay this guy less than me, but if you add his 'side income' he actually makes more than me, that f*cker! how do I assert my authority when he/she makes more than me?, need to get rid of him/her etc". (may not matter if your job is ending in about year anyways though) psychologically, you may also fall into the trap of losing motivation for both your main job and the side gig - "I don't need to do a good job at work, i have my side gig as a back up.... (5 minutes later)... I don't need to be serious about my side gig, I have main job (maybe my contract will be extended)" etc... (and you start doing a poor job at both) not sure what kind of work you are thinking of doing, if you are doing something that's higher risk (e.g. litigation), gotta make sure stuff like this doesn't happen: a self-rep on the other side, or your own client somehow finds your main job's department number and starts calling random people in your building asking questions about their 'file'. etc, you are smart, but sometimes clients are crazy/stupid.
  2. I'm not "questioning" the OP's motive. I'm actually curious, there are lots of interesting business related fields, why PE specifically? My comment regarding the OP needing to be specific was in response to someone other than the OP. How do we know that OP doesn't actually have a more specific reason? Maybe he has lots of specific reasons. If it helps: I actually used to want to be a PE lawyer when I first started, but now I wouldn't want to do it even if you offered it to me. I like my current area better etc (still business related).
  3. as a bit of a tangent - as I've been getting older I'm starting to think about this: should i deliberately try to impress upon younger lawyers that I'm above them as a way to maintain social standing (not in an asshole-ish of a way but in a calculated way)? if I don't do it would they start to get really arrogant around me and treat me like shit because they don't know any better?
  4. careful, sometimes they self-identify as "the senate" gotta make sure first before you engage in any bargaining
  5. associate: "sir madam" partner: "My lords and ladies" managing partner: "Your highness"
  6. I think the OP needs to be more specific than this, lots of things are fascinating and lucrative.
  7. agreed, emphasis on this. if one has to ask random strangers online how they can make a lot of money, one is clearly not yet a shrewd business person lol
  8. Going on a bit of a tangent: anyone have thoughts on the best way to recruit good employees - admin/clerks and such (it seems like the most difficult part of running a small practice). i know there are recruiters but I've heard it's expensive and the results are mixed. Looking around at other small firms in my area there seems to be a lot of family involvement - e.g. office manager is actually spouse, receptionist is sibling, nephew/cousin etc etc... but this avenue is not open to me.
  9. thanks for the suggestion - and oh for sure. I know these are probably unlikely outcomes but I'm just paranoid at this point having ran into some sketchy characters in the past, just wanted to make sure I'm not missing some super obvious/convenient method that everyone else already knows about.
  10. I'm mostly thinking about what if they have to order tax certificates, federal incorporation, name searches, or other items online etc - the websites would usually just accept credit card information (and they would just ask for the three numbers on the back), it's a lot faster than mailing a cheque. But allowing the employees to do this would mean they see all the credit card information which presumably they can use on other 'websites' that are not related to the practice etc. For major purchases it's not that often, but we do have a lot of NUANS searches and federal incorporations every month... etc (the NUANS search is only $13.80 and happens pretty often)
  11. Some thoughts on the above: I've noticed some online vendors don't even ask for the PIN, they ask for the 3 numbers on the back - which I'm not sure if it's as easily changed without changing the card number as well, and if we change the card number we will have to inform all the automatic vendors that uses that card which is a hassle... (but I'll ask the bank again about this). I mean yes we can take legal action if there is something fishy but if they take incremental small amounts (e.g. $50-100 a month) that would just be annoying... and not worth chasing after. Also: I'm expecting to have more and more employees not less, so cancelling the cards is not an option (also same automatic vendor issue as above). I suppose I can give each new employee their own credit card with a low limit... but this sounds like a major admin burden ... I'll likely have to go to the bank personally to fill a bunch of forms each time there is someone new or if there is a switch...
  12. Hmm, looks like I'll just have to keep writing all the cheques myself. Just a bit worried that it might become unmanageable at some point if on one particular day we have too many deals. My concern regarding having staff see what's in the general account: if they see how much money is in there they might demand a raise lol - I will be paying them the market rate but still... (and I can't just move it all into a personal account since i"m incorporated and there will be tax consequences). another related question is: does your firm give staff access to credit cards for procuring supplies or paying for certain disbursements? if so, what if a staff member leaves the firm? does your firm switch to a new credit card every time? e.g. what if the departed staff use the credit card for improper purposes after they leave? the risk is much more limited since we can just put a low limit on the card, but again - if we have lower level staff that comes and goes it would be tedious to have to switch it every time...
  13. I think it might be a good idea for there to be a thread at the top to help people who run small practices with office/logistical issues (but I appreciate that may not be inline with the idea that this is a law "student" forum - I started as a law student here when I first signed up but that was 10+ years ago lol). That being said I have the following question for fellow sole practitioners: how do you manage bank account access with your admin staff? my bank said they either have to give my delegates full access to both the general account and the trust account or there is no access at all... sounds very strange, I don't necessarily want my staff to see how much money (or how little) the firm is making on a day to day basis (ie have full access to the general account). What's everyone else's experience with the banks? If it's just my bank I'd seriously consider switching banks (I'm using Scotia, I know a lot of people use TD). also another concern: what's to prevent employees with trust access from suddenly stealing the money and disappearing into South East Asia? Do we just have to call the police in that case? seems like a pretty high risk with no logistical means to mitigate... or am I missing something? (I tried asking the bank too, but seems like they don't have an easy way to reverse the transaction if it's discovered after the fact...)
  14. Europa Universalis 4... conquer Vienna with the Ottomans by 1500.... and then conquer Constantinople with the British by 1600... and then colonize the Americas .... with the Japanese... before the Spanish even does it
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