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2021 - Solo Attorney - Revenue check-in
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Date: December 3rd, 2021 11:38 AM Author: Citrine drunken tank dilemma This is for solos only...not those with multiple salaried attys on staff. 1099's are ok.
What's your 2021 revenue shaping up to be?
I'm at multi-m as a true solo. Have more cases in a similar vein that we'll be preparing to file soon to try to capitalize on the payday in 2022. |
Date: December 3rd, 2021 1:00 PM Author: Citrine drunken tank dilemma (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43551825) |
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Date: December 3rd, 2021 1:05 PM Author: Heady pea-brained indian lodge kitty about $530K but i have a lot of overhead (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43551874) |
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Date: December 3rd, 2021 1:10 PM Author: Citrine drunken tank dilemma what yr are you as solo? congrats! (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43551920) |
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Date: December 3rd, 2021 1:06 PM Author: Slimy business firm doctorate (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43551889) |
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Date: December 3rd, 2021 1:14 PM Author: Translucent Place Of Business I'm at $0 for the year. Actually maybe I had 2-3 delayed checks for one case I cashed this year, cant remember. Permitted a payment plan for one settlement cause of Covid. That wld only be 3-4k tops, so that's my revenue. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43551946) |
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Date: December 3rd, 2021 1:28 PM Author: aromatic selfie parlor It's me plus one partner (no other attorneys)
800k with 350k expenses, although 100k expenses are rent we pay to the LLC we own. |
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Date: December 3rd, 2021 1:30 PM Author: Sticky multi-billionaire About 1.5 mil in fees this year. Purposefully pushing a big chunk back into next year. Next year should be 2-3 mil.
Expenses about 500k but a lot of that goes into assets. Bought a super cool office building this year. |
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Date: December 7th, 2021 5:19 PM Author: Citrine drunken tank dilemma Explain how I can buy an office building. What's the value of that to you after purchase? I have 4-5M in revenue this year and want to desperately reduce my tax exposure. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43574840) |
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Date: December 8th, 2021 1:09 AM Author: Citrine drunken tank dilemma (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43576800) |
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Date: December 8th, 2021 4:00 PM Author: Sticky multi-billionaire So I should know more about the specifics of this given that I recently did it but here goes.
I bought my office building for 700k at the end of 2020. This is my first full year with it.
I pay myself (separate holding company) the exact amount of my mortgage every month. That gets written off as an expense (but as income for holding co but more than zero'd out by below write offs).
~3% of building value automatically written off as depreciation each year.
I paid ~$100k to renovate the building. All written off/depreciated + adds value to asset.
Mortgage interest written off (I think).
Paid ~50k for furniture etc for office. All written off + depreciated I think.
All utilities/improvements/repairs get written off through holding co. Holding co should be a net loss each year if you're doing it right.
Ideally your office building gains value. A lot across the street that is ~60% my lot's size just sold for a mil. I am in an area with crazy growth tho. Lucky timing.
I'm going to buy a nice monument sign, add siding, etc next year. Prob another 100k written off + value added.
Add all that up and I'll estimate I reduced my net income by ~200-300k in the first year while actually gaining value.
Probably some more stuff too. They gave me a MONSTER fire insurance policy on it so if it ever burns down I get paid.
Happy to revisit this once I get my final taxes. I'm curious as to the total value myself but it seems like a no brainer if you have the $ and need write offs. Plus if I ever need to I can take out a loan against its value down the road. |
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Date: December 8th, 2021 4:16 PM Author: Dashing Very Tactful Community Account Ratface 180000 (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579627) |
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Date: December 8th, 2021 4:17 PM Author: godawful azure stain philosopher-king Any tenants or just you? (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579630) |
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Date: December 8th, 2021 4:18 PM Author: Sticky multi-billionaire I have a staff of 4 + me. I do have an extra office that I may rent out to a buddy at some point. Call it $1k a month. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579636) |
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Date: December 8th, 2021 7:09 PM Author: godawful azure stain philosopher-king 180 (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580400) |
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Date: December 8th, 2021 7:54 PM Author: aromatic selfie parlor Your doing it wrong.
Your operating business should be a tenant to your real estate llc under a triple net lease. Your firm pays insurance, taxes, upkeep, and maintenance. Anything you can think of gets paid by the firm. And you pay your holding co the maximum amount of rent possible.
This is because it reduces your income in the operating biz, which is subject to payroll tax. You still pay the same income tax on your holding co, but you can avoid payroll tax. Also, you make sure you can cop that sweet depreciation in the holding corp.
If you have a cpa and they didn’t tell you this, fire them. Otherwise, get a cpa. |
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Date: December 11th, 2021 7:20 PM Author: Sticky multi-billionaire that's what I'm doing but I will admit I don't have it all quite figured out yet. I suppose I could raise the "rent" to above the mortgage but figured this makes sense to start.
Everything expense wise is paid through firm. I write mortgage checks from my firm operating account. Not sure if that's the proper way to do it.
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Date: December 12th, 2021 2:33 PM Author: aromatic selfie parlor It's not the proper way. I told you the proper way itt. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43597447) |
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Date: December 3rd, 2021 1:32 PM Author: hairraiser university filthpig Tons of solo pumo millionaires on XO (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43552098) |
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Date: December 7th, 2021 5:18 PM Author: Citrine drunken tank dilemma (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43574830) |
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Date: December 7th, 2021 5:19 PM Author: khaki legend Not sure, but working on getting a judgment that will basically double it. Other side will surely drag it out into next year. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43574841) |
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Date: December 8th, 2021 1:11 AM Author: awkward indecent den $620k so far for the year.
Third year as a solo post-biglaw. |
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Date: December 8th, 2021 1:57 PM Author: awkward indecent den (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43578922) |
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Date: December 8th, 2021 1:58 PM Author: Abnormal Spruce Stag Film I am technically a solo attorney. $0. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43578929) |
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Date: December 8th, 2021 4:19 PM Author: mint travel guidebook forum 180 (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579640) |
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Date: December 8th, 2021 4:06 PM Author: Electric outnumbered telephone About $140k (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579580) |
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Date: December 8th, 2021 4:08 PM Author: slap-happy haunting voyeur headpube Current legal fees so far this year are $8,930,479.99 according to Quickbooks. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579594) |
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Date: December 8th, 2021 4:09 PM Author: Sticky multi-billionaire answer mah office building question CSLG (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579600) |
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Date: December 8th, 2021 4:10 PM Author: slap-happy haunting voyeur headpube Waste of money to buy a building where I am. Costs are really high and the cap rates are really low. There is a ton of unrented office space in the area and the price per square foot is super cheap to rent. I just did a new lease for $2.15/sq foot for 4,500 feet. Id rather put my money into stocks/crypto/apartments. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579607) |
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Date: December 8th, 2021 4:11 PM Author: Sticky multi-billionaire Very fair. Curious how the apartment game goes. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579612) |
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Date: December 8th, 2021 4:13 PM Author: Multi-colored circlehead plaza (read comp masterman) (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579617) |
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Date: December 8th, 2021 4:11 PM Author: Naked know-it-all organic girlfriend goal in life not a lawyer but revenue was $540k this year (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579609) |
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Date: December 8th, 2021 4:21 PM Author: idiotic partner $40,267.10 YTD. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43579652) |
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Date: December 8th, 2021 7:12 PM Author: flushed jet-lagged boiling water base I should be over $100k in revenue after this month's billing, assuming they pay before the end of the year (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580417) |
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Date: December 8th, 2021 7:24 PM Author: mint travel guidebook forum 180 (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580461) |
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Date: December 8th, 2021 7:42 PM Author: flushed jet-lagged boiling water base pales in comparison to the bros ITT though (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580538) |
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Date: December 8th, 2021 7:47 PM Author: hairraiser university filthpig Do you think you'll be able to expand next year? (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580563) |
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Date: December 8th, 2021 8:38 PM Author: flushed jet-lagged boiling water base yes. the pace is picking up big time right now. I barely have any time for anything during the day anymore and am working my ass off. I have multiple contingency cases going on right now that hopefully will start to see fruition soon. I intend to raise my rates a little bit in 2022, and be a lot more selective in what I take. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580767) |
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Date: December 9th, 2021 4:24 PM Author: idiotic partner What's your rate? (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43584601) |
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Date: December 9th, 2021 5:09 PM Author: flushed jet-lagged boiling water base under $300/hour and it will still be under $300/hour after I raise it. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43584814) |
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Date: December 9th, 2021 5:12 PM Author: idiotic partner Do you get resistance from clients regarding your rate? (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43584827) |
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Date: December 9th, 2021 7:37 PM Author: flushed jet-lagged boiling water base most of the time they are like "oh ok" since my rate is lower than a lot of my solo peers with similar experience.
If its some complete low income shitlaw client, then yeah they balk at it sometimes. But these are the types of clients that i am going to start filtering out more.
I intentionally set my rate a little lower to attract more clients in the beginning (and COVID made it really hard for most of 2020). If I get up to $300/hour this year, great, but I am happy getting much less than that since I keep it all. I have a contract attorney gig as well helping out a local whiz kid where I get all the hours I want for $125 an hour, and that has been helpful to my bottom line and I'm getting some pretty high level lit experience with it. Although I would love to get busy enough with my own stuff that I don't have to do this anymore.
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Date: December 8th, 2021 7:46 PM Author: Wild tantric psychic chapel I'm hoping to clear $25k-$30k by the end of the year, but that represents only about six months' worth of income. I went solo in May. I obviously don't compare with other poasters on this thread, but I guess you have to start somewhere. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580555) |
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Date: December 8th, 2021 7:47 PM Author: hairraiser university filthpig Practice area? (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580560) |
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Date: December 8th, 2021 7:48 PM Author: flushed jet-lagged boiling water base not terrible way to start. keep it up (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580564) |
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Date: December 9th, 2021 6:19 PM Author: Naked know-it-all organic girlfriend goal in life keep it up man (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43585165) |
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Date: December 8th, 2021 9:13 PM Author: Hyperventilating field Between 1 - 2 years in. Clearing between 150k and 170k depending on some corp defendants fold before the new year
How do I organically get more PI/maritime cases in California?
I keep making not great cases (pure property damage, real estate lit, landlord-tenant) pay but wow, it makes it hard to market when 90% of your time is spend sniping defense attorneys' motion to dismiss/demurrer with WestLaw and fielding clients calls asking for updates---
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Date: December 9th, 2021 5:23 PM Author: Citrine drunken tank dilemma Let me know if you’re open to cross-referral of cases. I come across PI cases every so often in CA. I do commercial / biz lit. (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43584876) |
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Date: December 8th, 2021 9:14 PM Author: exciting incel 42k (TSINAH) (http://www.autoadmit.com/thread.php?thread_id=4977905&forum_id=2#43580934) |