If you started your own law firm tomorrow, how long do you think it would take you to get to taking home £200k pa?
Sir Woke XR Re… 11 Aug 22 10:30
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serious answers only 

Honestly I'd probably never get there 

Would have to do completely different work (or 'pivot' as the LinkedIn people say) and it would have a while to scale it up enough to even make 100k profit 

No time at all.  First and only conveyancing instruction, as soon as funds hit your client account.  Possible downside is having to immediately "pivot" somewhere the SRA won't find you. 

Pumpers - it’s just working capital m7. Use the funds from the next client to pay off the current client and Robert is your father’s brother. 

Completely net net i.e. post all taxes via whatever route, so post tax profit as a sole trader or post tax salary plus sustainable rate of post tax divs as a small ltd co ? And just me, maybe some admin support but no other fee earners ?

If I went back to what I was already doing a couple of years ago before retiring, then 3 months.

If I hadn't already run my own practice and was just breaking out from a big firm with a decent reputation and I had at least some existing contacts in my sector to go at, AND I WAS AT LEAST 15 YEARS YOUNGER AND HAD MORE AMBITION, then maybe 12 months.

Isn’t it embarrassing that you make less than an NQ at a US firm despite being 20 years qualified and have only working at butt munching city firms with similar hours and expectations (minus 10% than a US but plus 20% being in finance as opposed to most other areas).

Is it not further embarrassing that you seek in an ideal world to make maybe as much as one of these 23 year olds in a few years.

There are no questions marks at the end of either of the foregoing because they are not questions.

Every letter of each word you type is like a little tear.

Like the tears of those 23 year olds when, in a few years, they cancel their holidays because there’s a big deal on.  And all their weekends, and week nights.  And hobbies. And friends, and family.  And everything really.  Still, at least they’ll get to keep kudos, and mental breakdowns.

Pretty sure Laz was coining FNY before Biggie had even learned to vvank.

I dont think you do your own thing for purely money but more the flexibility and autonomy.

I reckon about 18mths

origination timeframes lengthy in my game

but virtually anyone can get in if they lowball on price

Do not lowball on price ! If you're competent, quote market fees, If you're not competent, don't go out on your own.

I don’t have a “following” but in finance hardly anyone does
 

What’s that thing which comes out of people’s bottoms?

in order to assert that something will never happen in a manner that implies you think you're winning a point on the internet, you first have to established that anyone postulated it would happen

tarquin fail

no followings in finance

it's either institutional, or each deal is won afresh

brand is for twots, following doesn't exist, admin is just another type of work

it's about how hard u grind in this game sun

only thing that pays off is slog

only differnti8r is how hard you slog

I set up in 1994 with no clients. IN the first year I made about £72,000 including speaking and writing income which is about £122k today (inflation since 1994) so not £200k.

I am certainly glad I did it. I have not earned as much as had I been a partner at the top firm where I started when I qualified but the lifestyle, control, power, choices have more than made up for that eg I can retire when I want, I can work when and how I want to do so; no one tells me what to do. I take every decisions. No internal meetings. A lawyer child could be my trainee. I can work until I die or retire early - entirely my choice.

 

However it is not for everyone. I like working alone and have deliberately not even taken on a secretary. Other people like colleagues and office chat and the social side (whereas I have never had a day of my entire life so far when I have had as little contact with others than I would have preferred).

I always say to people however that the only thing that really matters is will you be able to generate clients and keep doing so.

I'd do it like this. Hire only extremely hot female lawyers. Spend big on a website with their details and get it noticed. Pitch for media/sports/etc work. With mandates secured on the basis of a salivating client base, sell the business. 

i reckon it would take c.6 months 2 get all admin sorted and on-board the clients i would b able 2 bring across. i’d hope 4 more than £200k net tho

find two - three clients who have mid-level internal legal, but who cannot justify the cost of a kick-ass General Counsel.  Set up an SPV and provide GC modules - they can subscribe for 3 or more 4hr GC modules per week, at £750 per 4-hour block.

 

If you're fully occupied, you get £325k per annum.  I'd do that, if I wasn't doing what I'm doing.

i dont know anyone who has regretted setting up on their own. most earn more than they did in employment.

(and heh @ pumpkin)

Same model as Jelly.  Based on current contacts and strong relationships I suspect that number would be achievable in year 1.  No initial pitching probably required.  After that, I'd have to act drastically to mitigate a severe drop-off and that's one of the things which holds me back (I also like my colleagues where I am).

Advice I once received about why people don't set up:

1. they're not good enough; and/or

2. they don't think they're good enough.

 

I did it. 
 

Hit over 200k net net in year one. 
 

Wild horses would not drag me back. 
 

I had an anchor client which gave me the confidence to go. Plus the fact that I realized I was really really good at making other people money so I might as well do it for myself. I know this is ridiculous but one thing that worried me was the IT set up as that is not my forte. I said ‘how hard can it be if the square toed shoe brigade do it” and low and behold it was doable. There are many many learning points. The big issue is you have to constantly be marketing for (and winning) new work