Celebrating 10 years! 2007-2017

Net worth 500k liquid, been working JD advantage coastal city; time to go solo? Where?

I am in a trap JD advantage job and haven't had any success hoosierdaddy09/01/17
If I had that money and no debt I'd be looking to get out of loblawyer09/01/17
The way to make a small fortune in private practice of law i wolfman09/01/17
What type of work are you doing now? Even if dead end, it so thirdtierlaw09/01/17
Hmm that's hard to say. If your salary is decent and your sk isthisit09/01/17
Thanks for the input. I worked as a paralegal in a big firm hoosierdaddy09/07/17
"I wanted some ideas from the board if I was overlooking a b onehell09/07/17
Additional thought about the Philippines: Pretty cool. I was onehell09/07/17
Go family law. You can listen to people complain how horribl nighthawk09/07/17
Lol hoosierdaddy09/07/17
hoosierdaddy (Sep 1, 2017 - 2:46 pm)

I am in a trap JD advantage job and haven't had any success moving around, anything else I've been offered anywhere looks like a lateral move to no where. I have a JD but never practiced. Late 30s now. Have a good nest egg per the subject line plus I have a healthy retirement account. I feel like it is time to take some risk. I live in an expensive coastal area and would like to escape. Have a long term GF who is willing to move and has flexible work. What would you do with an eye towards practicing and where would you go?

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loblawyer (Sep 1, 2017 - 3:52 pm)

If I had that money and no debt I'd be looking to get out of private practice, not into it. I actually like my job, but there's far easier ways to make a living imo.

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wolfman (Sep 1, 2017 - 3:54 pm)

The way to make a small fortune in private practice of law is to start with a larger one, IMHO... Does your JD-preferred job give you knowledge/contacts in any area of law? If not, I think you're in a similar position to any new grad, apart from being (much) better capitalized...

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thirdtierlaw (Sep 1, 2017 - 4:02 pm)

What type of work are you doing now? Even if dead end, it sounds like you've done quite well for yourself. Or did the money come from elsewhere?

It's hard to make a suggestion without knowing what skill sets you already have.

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isthisit (Sep 1, 2017 - 5:10 pm)

Hmm that's hard to say. If your salary is decent and your skills transferable for when you inevitably get fired or laid off, I'd stick with it.

Now if you want to be independent and make your own hours and so on, than you have to go solo. There's a very real possibility that your venture fails but who knows. What JX/practice areas would you practice in?

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hoosierdaddy (Sep 7, 2017 - 9:52 am)

Thanks for the input. I worked as a paralegal in a big firm that focused on trials. I accrued several years with large amounts of overtime. I took a break for school. In my third year my firm hired me back in a tech role based on my tech work in litigation support. I don't have computer training. I don't wish to be a litigation tech manager and it would be difficult to find a position without a connection outside my firm. In short I work in lit tech without ability to move around to more senior position and I understand how trials and the courtroom work. I appreciate the posts suggesting I not consider practicing. That is certainly an option. I could continue where I am for 5 to 10 years and then quit and head to Phillipines. I wanted some ideas from the board if I was overlooking a better option.

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onehell (Sep 7, 2017 - 12:47 pm)

"I wanted some ideas from the board if I was overlooking a better option."

I don't think you are. Putting in a few more years and then retiring to a beach in some low-COL paradise abroad sounds pretty awesome to me, and way better than moving to another state and paying thousands to retake the bar and get licensed just to hang a shingle and do the kind of high-stress, crappy cases that are likely to walk in the door.

It sounds like your job, while not very fulfilling and a bit of a trap, is stable and pays well and has enabled you to save up a nice nest egg. If you're a decade or less away from being able to retire, it sounds like sucking it up awhile longer is exactly the thing to do.

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onehell (Sep 7, 2017 - 6:42 pm)

Additional thought about the Philippines: Pretty cool. I was just googling and learned you can get a retirement visa called the "SRRV Smile" as long as you are at least 35 years old and can deposit $20,000 USD in a local bank and leave it there untouched for the duration of your stay, which can be indefinite. No proof of income is even required; they just infer the existence of income from the fact that you are able to survive without touching that 20k.

If you were to sell off your illiquid assets and save aggressively for the next 5-10 years I bet you could get to a million bucks and retire to a place like this pretty easy. idk what the COL is but off a mil I bet you could generate enough passive income to support a modest lifestyle in such a place.. Very interesting.

And even more interesting for all the poorer expats. It's crazy that a 35 year old can get indefinite stay in a foreign country with only 20k. The catch is you can't touch it as long as you live there, but still those are very permissive requirements for a retirement visa.

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nighthawk (Sep 7, 2017 - 12:05 pm)

Go family law. You can listen to people complain how horrible their significant other is and how miserable they are. It is also a JD-advantage job because you need to deal with that garbage all day, not actually doing work. Making money would be very tough but right now that is not your issue.

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hoosierdaddy (Sep 7, 2017 - 5:51 pm)

Lol

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