Celebrating 10 years! 2007-2017

3MM Book of Business

What type of transactions and/or services must a transaction noobster11/24/17
may as well ask how many types of snow there are dingbat11/24/17
This is an incredibly vague question. In my firm, the partne lolwutjobs11/24/17
You asked this question in another thread. The answer isn't pauperesq11/24/17
You're going to need to leverage the labor of associates. I guyingorillasuit11/25/17
Guessing the order of importance is (1)- (3) salesman, (4) loblawyer11/26/17
@guyingorillasuit -- when referring to consumers, are you sp noobster12/03/17
High volume collections lawyers who only deal in legal paper orgdonor11/25/17
orgdonor -- love your name! Can you elaborate? What do noobster12/03/17
noobster (Nov 24, 2017 - 7:14 pm)

What type of transactions and/or services must a transactional and litigation attorney perform to generate three million dollar per year in firm revenues?

Does anyone have examples in terms of billing entries at say a medium and big law firm?

If Tim Cook is my father, how much can I expect to bill Apple on an annual basis?

Reply Like (0)
dingbat (Nov 24, 2017 - 9:26 pm)

may as well ask how many types of snow there are

Reply Like (0)
lolwutjobs (Nov 24, 2017 - 9:48 pm)

This is an incredibly vague question. In my firm, the partners with a 3mm book have several other of counsel, associates, and partners working on their matters. The biggest single client for one of them gets billed about 500k a year, but most are anywhere from 50k-250k. The work I do is industry specific--i.e. we do all transactional, regulatory, and litigation work related to that specific industry

Reply Like (0)
pauperesq (Nov 24, 2017 - 11:47 pm)

You asked this question in another thread. The answer isn't going to change. You're going to need multiple institutional clients and multiple attorneys working for you to generate $3m in billables.

Reply Like (0)
guyingorillasuit (Nov 25, 2017 - 2:17 am)

You're going to need to leverage the labor of associates. I know lots of firms who serve consumers and other individuals, and gross far above $3MM for the owner(s). So, you don't absolutely need institutional clients. What you need is a constant stream of clients, and several partners junior to you who can be trusted to manage teams of associates. You will also need marketing, advertising, and PR staff, which is an additional cost center. This can probably be done in any type of practice. In some types of practice, you may have a higher capital requirement, so you might need a large credit line.

The folks I know who succeed in running these types of firms are not only great attorneys, but also great managers and great salesmen.

Reply Like (0)
loblawyer (Nov 26, 2017 - 8:12 pm)

Guessing the order of importance is (1)-
(3) salesman, (4) manager and then (5) lawyer.

Reply Like (0)
noobster (Dec 3, 2017 - 7:52 pm)

@guyingorillasuit -- when referring to consumers, are you speaking of class action suits? And when referring to individuals, which type of law are we talking here?

Reply Like (0)
orgdonor (Nov 25, 2017 - 9:28 pm)

High volume collections lawyers who only deal in legal paper can do this as well. Need to go to some VERY lame conferences though to build a book.

Reply Like (0)
noobster (Dec 3, 2017 - 7:51 pm)

orgdonor -- love your name!

Can you elaborate? What do you mean?

Reply Like (0)
Post a message in this thread