What Are 2 Ways For A Lawyer To Earn Millions
[00:00:00] What type of law do lawyers practice that are raking in the millions?
One of the biggest money earners is going to be personal injury. Anything to do with personal injury, people can do very well with that.
That's why you see them advertising their buses and giant billboards. You can make a lot of money doing that. Lawyers who work in large law firms can also make in the millions if they get to become partners there because those law firms can do very well. If you want to make millions of dollars as an attorney, there's kind of two ways you can do it.
You can do it with others, with partners and so forth, or you can do it on your own. And you have to think about that now, doing it with partners means you have confidence that if you're in a law firm, that you can be one of the best people there. That the law firm will provide you what you need to make more money.
You can also make a lot of money as an in-house counsel of a giant company. There are lots of ways that lawyers can make a lot of money, but you can also do it on your own and do it on your own means having your own business, and that means it could be being a personal injury attorney. It could be,[00:01:00] starting your own firm, it could be all sorts of things. And each of them have their own strengths and their drawbacks in terms of how to make money.
If you work with partners, what that means is you're going to be hung dependent on them partners for income and livelihood, and they can take that away from you at any moment.
If you do it on your own, you're going to need to make decisions on your own, and you'll be bound by those decisions. I think that it's a very good question will be found by those in the quality of your decisions is often better in a lot from because you're around people that understand how to do things better at the same time being bound on your bad decisions could also be hurtful.
One of the first people I dealt with, I was a couple of years into my job and I was doing what I do. And I got a call from a partner in a large law firm in Los Angeles. And he said to me, I want to get a job in the next a week because I'm quitting my job. So why is that? And he told me that he had gone out and gotten a this huge verdict of a $200 [00:02:00] million, for his case, and the firm received, 40% of that. So $80 million of it or something. In return, they gave him a $250,000 bonus, which sounds like a lot of money. But he had done all the work himself. He hadn't had any associates with him or anything. And he looked at that and said, I've just made this huge amount of money for my firm and they took the money and they opened up some offices internationally and around the country and basically screwed them out of all the money. And he was very upset. And so he was looking for another job. He'd worked for years on this case and along with other cases and had always made the firm money.
That's an example of being dependent on others for your livelihood. He had done that on his own, he would have been able to retire, and there was no reason because of this type of case, it wasn't even needed the firm. So you can also do things on your own. The problem is when you're doing things on your own, you have to learn how to pay people. You have to learn how to manage people. You have to learn how to bring in clients. You have to learn how to do payroll. You have to have people coming at you trying to take things from you [00:03:00] and you have all these issues that you'll need to take care of on your own. And, that's the problem of working on your own is that you don't always know where you're at, very difficult. So lots of people that don't have business ability, they may not be able to bring clients. They may not be able to handle the business. They may not be able to say no. They maybe taken advantage of, I know lots of people that have started their own firms and their outcome does very well and I know lots of people that have failed. But if you want to make a lot, the best thing you can do is really in many cases to do it on your own. But that's very difficult. It's also very difficult to enter with others. That's also a very good way if you feel like you could do so in a large firm or with partners, but partners fight all the time, everything's difficult.
You have to figure out really what's best for you. What type of environment is best for you? What type of option of doing things on your own is best for you? I know lots of people, like I know partners with big firm and a one story that's actually very sad.
A guy who was doing very well. He'd been at a firm and made partner at [00:04:00] faster than anybody in the whole history of the firm, was making millions of dollars as a partner and probably not millions over a million dollars as a partner. And then decided he wanted to start his own firm. And he went and did that and tried for a year and failed. The failure of it was so traumatic for him that he would, he was very upset and he just had a heart attack, very young, like in his early forties and died.
The point of this is that it can be very difficult to do things on your own, the same type of people that can do things very effectively in a law firm are not always the same and get along well with others and be liked and given work and taken care of and how decisions help made for them are not always the same sort of people that can get things on their own.