Office

Initially, I imagined leasing a small executive suite in or near downtown. I wanted a reception area, an office, and some extra space for what I was going to call the “mailroom” – a place for filing, copying, faxing, postage, etc. I was hoping to find 500-750 square feet for $1000-1400 a month. There were a number of offices that would have worked too – but nobody would budge off their 5 year term requirement. As arrogant as it sounds, I want to the option to grow in 2 or 3 years.

Then I got a call from an old undergraduate buddy. He’s graduated from the University of Texas law school in 2007 and practiced in Philadelphia biglaw until he was laid off in February. He opened his own shop afterward. A mutual friend informed him that I was about to open my own shop.

Long story short, he has extra space and offered me one of his two spare offices at a very reasonable rate ($475 a month, utilities included). He also offered to bring me in as a true partner for a tiny buy-in ($1000 and I have to outfit my office out of my pocket).

To partner or not

My potential partner was very honest about his income and cash-flow. After paying the firm’s bills, he’s averaged about $2500 take-home each month, which seems pretty great given the age of the firm. His primary work has been entity formation, though he’s done some estate/tax planning as well.

If I come in, we would both forgo a draw for the first 2 months while I build our personal injury practice. I would also be lead on any probate case should one come up. My potential partner has never stood before a judge in court.

So the positives:

• a decent cash flow already in place,
• entity formation and estate planning forms developed,
• great office space and a trained receptionist/secretary,
• I get to build and guide our personal injury practice from the ground up.

And the negatives:

• I’m lead counsel and I’ve never really tried a case,
• I find probate work terribly boring,
• I have a partner.

Just looking at that list, it seems like I should partner up. If you guys see anything I missed, please let me know. I told him I would let him know by October 1.

Tags: Life

Posted on Sunday, September 20th, 2009 at 12:11 pm . Filed under Life.
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