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re: So you wanna be a personal injury lawyer?
Posted on 4/1/25 at 12:13 pm to TigerHornII
Posted on 4/1/25 at 12:13 pm to TigerHornII
quote:
Well, in most states, you have to either be a licensed plumber or have one on staff to buy a plumbing business.
You have to have one on staff to pull permits and most states require you to have a license to do much if any work involving public water systems but anyone can own the company. Bechtel Engineering is one of the largest non public businesses on the planet and they do plumbing work, as well as all other trade jobs, in every state in the union and there ain't a single licensed contractor in their executive ranks who is qualifying the business to pull permits....they hire license holders for that express reason. They are hired hands, they ain't owners.
1
Posted on 4/1/25 at 12:14 pm to 777Tiger
quote:
has to be a law/rule pushed by attorneys, doesn't make sense
More courts, and it doesn't make sense.
A lot of the regulation of lawyers doesn't make sense.
Posted on 4/1/25 at 12:16 pm to AwgustaDawg
quote:
I have a very good friend who I have known since I was a kid...he is 35 years older than me at 94
Ole boy is still practicing at 94?
Posted on 4/1/25 at 12:17 pm to SlowFlowPro
quote:so pretty much lawyer
More courts,
Posted on 4/1/25 at 12:24 pm to Cold Cous Cous
quote:
Because lawyer-client relationships are not (theoretically) for sale, and a non-attorney owner should not have control over the legal advice/decisions made by a lawyer and his client. You can disagree with this, and I'm really not interested in arguing about or defending the rule, but this is what the rationale is. As a parallel one might ask whether medical services have improved since we moved from a doctor-ownership model to a large corporation-ownership model. They've certainly become more profitable
As a side note, law firms are an extremely capital light business that have very little in the way of hard assets; it's just personnel costs. So traditionally there was little economic incentive for lawyers to even want to bring in "investors," in the usual sense of the term.
This makes some sense. Is it not normal though for investors to finance large class action suits for a slice of the pie? I assume most of those, if they actually exist, would be lawyers and non lawyers alike, no?
Posted on 4/1/25 at 12:31 pm to AwgustaDawg
quote:
This makes some sense. Is it not normal though for investors to finance large class action suits for a slice of the pie? I assume most of those, if they actually exist, would be lawyers and non lawyers alike, no?
Debt not equity.
Posted on 4/1/25 at 12:34 pm to Cold Cous Cous
quote:
Debt not equity.
So the financiers do not have any input into how cases are handled or other aspects? If they do one can call them Aunt Sally they are still acting as an owner.....
Posted on 4/1/25 at 12:52 pm to Dolphinepride
Texas does not permit non-lawyers to have a controlling interest in a law firm.
This post was edited on 4/1/25 at 1:06 pm
Posted on 4/1/25 at 1:19 pm to Cold Cous Cous
quote:
Strange posting because only an attorney can buy a law firm, and any attorney with $7M to spend already has a very profitable law firm.
Is this true across all of the states? I was shocked that some professional offices like veterinarian offices can be owned by anyone in some states.
Posted on 4/1/25 at 1:28 pm to ClassAct
quote:
Texas does not permit non-lawyers to have a controlling interest in a law firm.
Same for accounting firms
Posted on 4/1/25 at 1:32 pm to Barrister
quote:
WTF? Which ones? I had not heard of this.
IIRC Arizona was considering it.
Posted on 4/1/25 at 3:07 pm to AwgustaDawg
quote:
You have to have one on staff to pull permits and most states require you to have a license to do much if any work involving public water systems but anyone can own the company. Bechtel Engineering is one of the largest non public businesses on the planet and they do plumbing work, as well as all other trade jobs, in every state in the union and there ain't a single licensed contractor in their executive ranks who is qualifying the business to pull permits....they hire license holders for that express reason. They are hired hands, they ain't owners.
Bechtel almost certainly uses subs, but they probably also have licensed people on staff to pull permits.
Posted on 4/1/25 at 5:02 pm to Cold Cous Cous
quote:
any attorney with $7M to spend already has a very profitable law firm.
You don’t need $7 mm to buy it. You could take on debt.
Posted on 4/1/25 at 5:56 pm to Cold Cous Cous
quote:
Strange posting because only an attorney can buy a law firm, and any attorney with $7M to spend already has a very profitable law firm. So I'm not sure who the potential buyer is here.
Maybe someone looking to acquire market share in a market they don’t currently operate in on a regular basis?
Posted on 4/1/25 at 5:56 pm to ChiTownBammer
quote:
I've toyed with the idea of opening an automotive repair shop down here even though I'm not a mechanic and definitely not licensed. I would just hire a couple certified mechanics and let them handle the repairs while i drum up business for them. I realize auto repair isn't on the same level as plumbing
I don't know of any states that require a license to be an auto mechanic. You say you are one, and you are. You can get ASE certifications and such, but they aren't required to legally fix cars.
Some states, such as in Florida and California, require businesses that repair motor vehicles to register or obtain a license, but the individual mechanics who work there require no license.
Posted on 4/1/25 at 6:29 pm to TigerHornII
quote:
They work on contingency only, taking 33% of total settlements in standard cases and up to 45% in complex litigation.
quote:
personal injury
Not saying some PI attorneys aren't excellent litigators, especially when they get in front of a jury, unless they are breaking ground in a new mass torts area it isn't what most people consider complex litigation.
With only 7-10 new cases a month they are giving away the settlement mill profit. If you are averaging well over $100k per case in revenue and trying a lot of cases to good verdicts you could build up a very lucrative Auto/WC/SSD practice in-house. You are going to have to get the logistics of handling a volume side but I bet you could double the revenue in a few years. It could function like two firms with the current side taking on the trial work on higher value cases.
Posted on 4/1/25 at 6:37 pm to TigerHornII
I don’t know a single successful PI attorney that could sell his business and the buyer could just step in and keep it rolling.
That’s not how it works. Very successful PI lawyers may be slimeballs, but there’s usually a reason they succeed where thousands of others don’t, and it’s not a transferable reason.
That’s not how it works. Very successful PI lawyers may be slimeballs, but there’s usually a reason they succeed where thousands of others don’t, and it’s not a transferable reason.
This post was edited on 4/2/25 at 7:09 am
Posted on 4/1/25 at 9:26 pm to Sus-Scrofa
Probably hauling it out of Austin before it is unlivable for normal people
Posted on 4/2/25 at 7:21 am to TigerHornII
quote:
Bechtel almost certainly uses subs, but they probably also have licensed people on staff to pull permits.
Becthel only uses subs under special circumstances (niche installations etc). For the most part they perform most of their work with their own forces. Most of the work they do does not require permitting...it is either federal projects where the AHJ is the agency paying the bills or it is a state or municipal project where the AHJ waives their responsibility. When they do need a permit they do indeed have people on staff who can qualify their business to pull a permit. I have pulled a few permits for Bechtel over the years in Georgia and once each in North and South Carolina. I was not even on their staff for 3 of those, I was a 1099 consultant....
Posted on 4/17/25 at 6:29 am to 777Tiger
quote:
I have a friend that has owned a huge and very profitable electrical contracting company for 45 years, she is neither an electrician nor an electrical engineer, she is however, a very smart businesswoman
I bet her company gets a lot of government contracts for being a woman owned business.
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