What’s the likelihood of succeeding in starting your own personal injury firm?
I know there isn’t a straight answer but I was hoping to hear from personal injury attorneys or from those that know one.
I’m debating on jumping in but I’d take a pay cut because a lot of the firms in California seem to only pay $150k if you have 2-5+ years of experience and I don’t see any sort of percentage deal in the job descriptions. And I can’t seem to find any jr. associate positions so I’m assuming they’d pay less.
The only reason I’d make the switch (currently doing family law) is because the work seems interesting and with me wanting to start my own firm, the money would be nice too. I’d likely stay for 2-3 years until I got some clients.
However, there’s a ton of mixed opinions online regarding how personal injury attorneys do. I saw one past post on Reddit about some 38 year old that made $6 million/year and had a net worth of $15 million and it only took him roughly a decade to reach that.
Then you get people saying that a lot of personal injury attorneys might do great one year and have to close shop the next because they lost too much money on cases or they just couldn’t get enough business.
So it seems insanely risky and I want to make sure I’m not romanticizing it because I know a lot of people like to think they’re outliers but I wasn’t sure if the likelihood of success was actually achievable or if it’s more of a pipe dream that would take a significant amount of luck to achieve.
Basically I want to know that if you hustled and handed out business cards and did as much marketing as you could, would the chances of achieving a $1 million income be realistic? Or is it like trying to start a coffee shop hoping it turns into Dutch Bros.?