A solo lawyer can be taking a substantial amount of money out of a practice and yet still own a business that is not particularly profitable.
Fair compensation for a principal’s labour is not the same thing as a fair return on ownership and investment.
This guide helps you think about what your practice is actually producing for you as the person who both works in it and owns it.
It considers profitability, owner return, independence, revenue and margin, lifestyle versus growth, owner dependence and reinvestment.
There is no simple universal number.
There is one overriding question:
Given the money, work, responsibility, risk, independence, flexibility and professional satisfaction involved, is it actually worth it?
If you own a solo law practice, this is a question worth answering properly.
Get the guide, stand back from the day-to-day running of your practice and work out what it is really paying you and what you are getting in return for everything you put into it.
A solo lawyer can be taking a substantial amount of money out of a practice and yet still own a business that is not particularly profitable.
Fair compensation for a principal’s labour is not the same thing as a fair return on ownership and investment.
This guide helps you think about what your practice is actually producing for you as the person who both works in it and owns it.
It considers profitability, owner return, independence, revenue and margin, lifestyle versus growth, owner dependence and reinvestment.
There is no simple universal number.
There is one overriding question:
Given the money, work, responsibility, risk, independence, flexibility and professional satisfaction involved, is it actually worth it?
If you own a solo law practice, this is a question worth answering properly.
Get the guide, stand back from the day-to-day running of your practice and work out what it is really paying you and what you are getting in return for everything you put into it.
