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Law grad here: thinking of taking the bar and becoming a solo, how fucking stupi
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Date: July 19th, 2018 5:02 PM Author: Galvanic meetinghouse d is this?
i graduated 3-4 years ago, been working in finance and have a CFA. jaded with working sps corporate jobs and thinking about taking the bar in february and hanging an estates/tax planning shingle. am i an idiot |
Date: July 19th, 2018 5:07 PM Author: grizzly new version Tax planning solos I know can crush the market but need that client INFLOW (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36460953) |
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Date: July 19th, 2018 5:14 PM Author: Galvanic meetinghouse state moar, pls. will i maek it (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36461019) |
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Date: July 19th, 2018 5:15 PM Author: Histrionic native you need to generate revenue to make money (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36461029) |
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Date: July 19th, 2018 7:19 PM Author: grizzly new version ljl (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36461879) |
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Date: July 19th, 2018 8:58 PM Author: provocative crackhouse odd case (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36462476) |
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Date: July 20th, 2018 12:51 PM Author: Peach odious knife go on (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465675) |
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Date: July 19th, 2018 5:50 PM Author: Wine double fault mood how can I become a tax planning masterman? Never took tax in law school (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36461306) |
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Date: July 19th, 2018 5:09 PM Author: Umber vibrant friendly grandma pit State net worth. (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36460967) |
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Date: July 19th, 2018 5:10 PM Author: Lascivious pervert spot You're not an idiot yet but will be if you do this. (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36460973) |
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Date: July 19th, 2018 5:10 PM Author: Lascivious pervert spot unless you have clients? (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36460979) |
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Date: July 19th, 2018 5:13 PM Author: Galvanic meetinghouse no clients. unrelenting urge to be my own boss and try to maek it. corporate career is going nowhere. i make like $150k.
the other thing i've been looking at is distressed debt investing, just going all-in on that. but i don't exactly have a lot of capital to burn. |
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Date: July 19th, 2018 5:11 PM Author: Umber vibrant friendly grandma pit Did you fail the bar the first time?
If so, dumb move because you will probably fail again. |
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Date: July 19th, 2018 5:14 PM Author: Galvanic meetinghouse never took it. was extremely jaded with faggot lawyers. but i've discovered that law is one of the few white-collar professions that gives you this much entrepreneurial flexibility. (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36461017) |
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Date: July 19th, 2018 5:53 PM Author: Titillating bearded sweet tailpipe parlour Take the bar, if anything just for kicks. I'm over 10+ years out and have never needed the license but I'm taking a shot at it next week. I like taking tests and professionally have 1/2 dozen + certs relevant to by field, so I get a perverse enjoyment from clicking through MC questions, figuring out the generic structure to write an MPT, and hopefully absorbing enough of the outlines to get 1/2 credit on the essays. Plus, these days if you take it in an MBE state and score above 270 you can cross-admit to a bunch of states (I think you need~280/290 for like AK and DE through) so you get a decent amount of mobility with it.
As for the area you're looking at, I'd say it depends on the market. If there are a decent number of people with HNW you might have a shot. Especially a place like the Bay Area, where "middle class" make $300-$600k so they have a decent amount of money, but they're not sophisticated enough to have proper wealth managers that might steer them to incumbent estate planners.
Since you have the CFA you don't even need to have a Series 63, etc. I know you're not talking about forming a RIA, but I'm saying you certainly could without any additional qualifications. |
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Date: July 20th, 2018 12:42 PM Author: Galvanic meetinghouse that's sort of the goal: form an RIA. but i need to get some clients first, right?
are you planning to practice or taking it purely for kicks? |
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Date: July 20th, 2018 1:06 PM Author: Titillating bearded sweet tailpipe parlour Generic "financial advisors" are going to go extinct, so you definitely need to think up what your unique value prop is to someone to use you as an advisor. Most people get an FA through their local branch bank. Others are using ones like Personal Capital or Betterment, etc. It's a tough, super competitive market. So, to the extent you can offer legal services like trust formation, that might be your angle.
I'm doing it mostly for when we slow down in a few years, taking it in the state we're considering early retirement to. |
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Date: July 19th, 2018 5:32 PM Author: Galvanic meetinghouse (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36461140) |
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Date: July 19th, 2018 8:53 PM Author: Geriatric sandwich How much savings do you have (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36462444) |
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Date: July 20th, 2018 12:43 PM Author: Galvanic meetinghouse $50K cash, several hundred thousand between wife and i in retirement accounts we can tap if shit gets bad. wife also makes like $200k (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465623) |
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Date: July 20th, 2018 12:44 PM Author: Geriatric sandwich What kind of Tax planning do you envisage doing? For businesses? Also how old are you (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465629) |
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Date: July 20th, 2018 12:48 PM Author: Galvanic meetinghouse hnw individuals preferably, but i would do anything in the beginning. 33 (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465648) |
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Date: July 20th, 2018 12:49 PM Author: Geriatric sandwich Why not just do PI for cslg? You have enough of a cushion for it (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465655) |
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Date: July 20th, 2018 12:50 PM Author: Galvanic meetinghouse no interest mainly
but would be interested in leveraging finance background if possible
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Date: July 20th, 2018 12:51 PM Author: Histrionic native no interest in getting rich as fuck? (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465671) |
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Date: July 20th, 2018 12:53 PM Author: Galvanic meetinghouse i admire the dude, but chasing fender benders isn't what i want to do. (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465685) |
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Date: July 20th, 2018 12:56 PM Author: Geriatric sandwich You said you hated chasing corporate jobs though (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465710) |
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Date: August 9th, 2018 10:06 PM Author: Citrine Coffee Pot Office Yeah he doesn't have any huge cases (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36589109) |
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Date: July 20th, 2018 12:59 PM Author: Peach odious knife If my wife made $200K I'd start a "solo practice" and just go golfing every day. Just churn 2-3 wills a month to cover rent and buy some firm branded coffee mugs. (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465731) |
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Date: July 20th, 2018 1:01 PM Author: Galvanic meetinghouse i don't know shit. how much can you charge for each will? is it easy income to supplement while i build a practice? (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465741) |
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Date: July 20th, 2018 1:02 PM Author: Peach odious knife I'm <><><>LITIGATION<><><> so I have no clue. I think a lot of firms use simple wills as loss leaders so that people will later come back to the firm for more lucrative assignments. My buddy down the street makes bank but he does more advanced tax planning strategies. (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465748) |
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Date: July 20th, 2018 1:06 PM Author: Geriatric sandwich What kind of tax planning does he do (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465774) |
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Date: July 20th, 2018 1:07 PM Author: Peach odious knife fuck if I know (http://www.autoadmit.com/thread.php?thread_id=4030400&forum_id=2#36465780) |