re: OT Lawyers -- quick question about practicing

I have almost no overhead, no collection issues, and I am always officially looking for new clients and input in legal/real estate issues while I dine, travel etc, so I keep my tax liability low (including a legit but IRS red-flag home-office deduction).

I am also in the real-estate/property management biz (despite taking blood bath in 2008+), and because I own my RE law practice it all ties together for "real estate professional" status purposes (can deduct RE operating losses from ordinary income).

I could work it harder than i do (and will do so soon) and get into more of the business side. But if you specialize and really learn this stuff, and get the right clients, it is a pretty enjoyable and rewarding practice.

One way to make some bank is to put some skin in some deals. Sweat/brain equity, etc. Other related things: become a commercial RE broker/leasing agent, sell title policies, etc.

The stuff I do is intellectually challenging at times--you sort of see how the logic games section of the LSAT is germane once you get into some of the more difficult issues like declarations, easements, planning associations, sophisticated financing, cross-collateralization, etc. And the negotiation part is cool--learning what the market terms are where the property is located, making the most of your bargaining power without being an overreaching windbag.

I also still do litigation related to all this, and it's nice to know both the business/transactional/financing/"dirt" side and the dispute procedure/strategy angles.

it pays the bills and gives me freedom without boring or stressing me to death--that's ultimately what I care about!