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re: OT Lawyers -- quick question about practicing
Posted on 2/2/15 at 6:16 pm to TheOcean
Posted on 2/2/15 at 6:16 pm to TheOcean
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!
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!
This post was edited on 2/2/15 at 6:20 pm
Posted on 2/2/15 at 6:31 pm to McLemore
quote:
you sort of see how the logic games section of the LSAT is germane
Oh man that brings back some repressed memories. Thanks for the insights.
Posted on 2/3/15 at 8:32 am to Carson123987
quote:Geographically, where is the best location to practice (Houston, New Orleans, Miami)? Is Baton Rouge a viable option?
maritime
Posted on 2/3/15 at 8:36 am to chinhoyang
quote:
Management employment law is a tough area for new lawyers to get into - especially representing unionized plants. Plaintiff's employment law is tough, but is fairly easy to get into for a new lawyer.
Issues with practicing management labor and employment law:
HR people think they are lawyers. In many cases, they won't ask for advice until the suit rolls in.
More and more employers have liability insurance, and the insurance company often picks the cheap lawyer - not the specialist.
Plant reorganizations and shut downs hurt. In 1989, I represented 19 major plants in a midsize Texas town (many Fortune 500 plants). I now represent three - the only three that are still left.
Probably depends on region and industry. L&E isn't as hot here as it was two years ago, but it's still steady in Atlanta.
FLSA collective actions are taking up so much time of large law firms they're pushing ERISA and discrimination defense matters off on other firms. With the cyclical fire/hire environment of the last 5 years or so, there are always employment agreements and separation issues as well.
Posted on 2/3/15 at 9:21 am to McLemore
quote:
-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.
Lost me there.
Posted on 2/3/15 at 9:40 am to TheOcean
practice changes. you need to be versatile and change with it. Currently ID is suffering from the move to in-house and captured firms, as well as billing programs designed to cut fees. ID firms are thus shrinking in many areas. Prolly not the best area to go into at this minute, but that could change.
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