I misread this initially and it struck me as a very modest and realistic plan. Now that I realize you're looking to draw $1,000/week (that's after tax?) it's still potentially doable, but certainly harder. To put that in context, to take home $52k you're looking at earning around $80k or more by normal standards. That's $80k after practice expenses. Now as noted before, you can obscure what you really need to earn for a while because the tax bill won't come due until the end of the year. But it will come due. And $80k is a lot to need when you're just setting out on your own. It's a decent associate salary for a three-year call to begin with. Needing to make it on your own, almost right away, is a stretch.
My best advice would be this. Keep your overhead in practice and in life as low as you possibly can. You can control that a lot more than you can control the business that walks through your door. You can do very well in sole practice. Don't be discouraged if you need to scrimp at the beginning, because that doesn't mean your whole life will be like that. But success in the beginning does take some early sacrifice.
In terms of cash flow, I was going to give you some advice that worked well for me. If you take agency work from better established lawyers, to start, they'll generally pay you right away and won't wait to bill their own files. So that gets something coming in immediately to keep you going. If you wait until you're able to bill your own files, from start to finish, then even stuff you bring in on day one might not mean money in your pocket six months later. But that said, taking agency work isn't going to bring you the sort of income you're talking about right off.
Whatever else you decide, I agree with going sole sooner rather than later, if that's your end goal. The longer you wait, the greater your obligations will be. Best thing I ever did was make the leap early, when I was still living cheaply.
Anyway, good luck!
I'm in my 4th year at UofL in Calgary and currently have the following stats:
I'm practicing the LSAT test and lowest I've had is 163. Highest I've had is 167.
Work Experience: I've been working in Business Development full-time now for about 3+ years. Before that worked at a bank full-time and before that retail jobs. Always worked 30+ hours a week to support family.
Reason for low CGPA is one BAD year dealing with a lot of personal problems.
I know I won't get into UBC, Osgoode, UVic and UofT. But my goal is Queens. My list includes Dal, UofC, USask, Western, Ottawa, and UofA.
What are my chances in these schools? What about the other schools? I'm open to go to any school that takes me but would LOVE to go to Queens. and If not, then one from my list.
Definitely hard to say but I think I've done some considerable volunteering and leadership stuff that I really hope helps my case, but again it's really hard to know what other people applying to a holistic school look like.
I did a lil calculation and my CGPA is only like 2.9, I have some serious regrets about how I used my time in my first few years of university but not much can be done now. I am taking 4 more classes currently to bump myself but as I'm sure you know, its insanely hard to see a lot of movement. I took 4 spring/summer classes and got 4 As, it only moved my L2 GPA by 0.015. Sigh. I'm also signed up for 4 more in Winter but those aren't considered. So if all goes as planned i'll be more in the 3.6L2/3.0 CGPA range going into the 2020 cycle but obviously that doesn't help me for 2019.
Anyways, just trying to be as strategic as possible. Again, my expectations are not high and I'm not banking on getting in for 2019- obviously it would be a nice surprise though if I managed to claw my way in somewhere