Unless you’re independently wealthy and focus exclusively on pro bono legal work (in which case, congratulations!), you’re working to make a difference in your clients’ lives and make a profit while doing so. A profit, not just a living.
Taking profit from your practice shouldn’t be treated as a bonus, it should be part of your operating principles. At Atticus, we teach our clients to take 35 percent of total revenues off the top as profit, with the remaining 65 percent for everything else, including your market-rate salary.
Pay yourself a salary that reflects the work you do, no matter whether that’s $75,000 or $500,000. You pay your staff and associates (if any) a good wage, and you have to take one, too. That 35 percent before expenses is more time with family and friends, more and longer vacations, more satisfaction from the work you’ve chosen.
To get there, you might need to break old habits and adopt new ones.
As a solo or small practice attorney, you’re responsible for nearly everything that goes on in your firm — but that doesn’t mean you have to do everything. In fact, trying to do too much can stunt your growth and profits by taking time... Read More