ALL >> Legal >> View Article
Personal Injury Attorneys Hindsight In The Pi World
Personal Injury Attorneys Hindsight in the PI World
In this episode of Trial Lawyer Nation, Michael Cowen sits down with Cowen | Rodriguez | Peacock partner, Sonia Rodriguez, for another installment of TLN Table Talk to answer the questions of our listeners. This episode focuses on advice for our up-and-coming personal injury attorneys on the things we know now and wishes we knew earlier in our careers.
Starting right off in the broad sense of the industry, we start with a question about what advice would we give to a lawyer who is in the first 2 years of practice.
Learning the hard way, Sonia states why it is critical for a successful personal injury law practice to understand the difference between a PI practice and a typical business practice when you are talking to bankers and lenders.
The discussions you’ll have with bankers and lenders about lines of credit and assets in regards to your practice can sound like a foreign language to certain bankers, so you really need to find a bank that knows the PI practice and knows that many times the assets you have are going to be intangible, and are more likely to be in your file cabinet or on your server.
Michael also points out how the banking regulations have also tightened up in recent years where it has become harder for PI lawyers to borrow against their case list. To this point, Sonia suggests once you have a few years under your belt, you should start saving/hoarding your money so you can borrow against your own investments and savings when you want to.
They both agree once you hit your first big case, you don’t want to start living like that has become your new lifestyle every year or every month and you need to live below your means for a long time.
Michael recalls avoiding the temptation to go buy the expensive Mercedes and shares how his first house was only $67,000, which was in stark contrast to other lawyers who went out and bought big houses and could barely pay their credit cards or make it month to month.
It was with this foresight and now shared knowledge, that Michael reveals his early financial habits have led him to build the successful practice he has today.
Providing additional advice for PI lawyers just starting out, Michael weighs the pros and cons of gaining experience by starting in a district attorney’s office (hint – it’s not advised…and for good reason). He goes on to suggest several much better ways to gain experience and learn from other attorney’s experience, this podcast being one of them, which will prove to be more advantageous in building a solid foundation for a personal injury practice.
Thinking from the other end of the spectrum, Sonia also offers advice regarding business relationships and how they are bound to change over time and shares the key factors you need to consider before entering into a partnership, regardless of the current or past relationships status.
A lesson the majority of seasoned attorneys would likely agree with, hindsight being 20/20. Michael, being one of them, recounts one of the things he knows now that he wishes he knew earlier, and how he wishes he had spent a seemingly small amount of money early on to hire a lawyer to draft his agreements with other lawyers.
Being lawyers, he says, “we think we can do it ourselves,” and in the process, we end up overlooking the holes in an agreement and only looking at it through rose-colored glasses as if nothing will ever change in the relationship. Michael reveals, in his own hindsight, the amount of money he’s paid out on legal fees to draft things for him now, has turned out to be less than 1% of what he’s paying people that he wouldn’t have had to pay had he had those agreements in place. LESS THAN 1%!
Read and listen to the complete podcast: https://triallawyernation.com/episode/34-sonia-rodriguez/
In this popular trial lawyer podcast, Michael Cowen and his guests explore critical topics distinctive to the legal profession - specifically focusing on developing extremely efficient law practices, securing a competitive edge in the industry, and wildly excelling in the courtroom.
Legal Articles1. Employee Protection Exceptions In Minneapolis, Minnesota
Author: J. Ashwin Madia
2. The Best Selection On Book Publishing Attorneys For Writers – Way To Feasible Agreement
Author: Addie Stewart
3. How Is Contract Challenges Among Broad Concerns For Publishing?
Author: Addie Stewart
4. What Does A Bad Faith Lawsuit And Why Should You Care?
5. Finding The Right Family Law Attorneys In Milwaukee Wi Is Not A Tough Task
Author: Magner & Hueneke
6. Major Benefits Of Hiring Criminal Lawyer In Uae
Author: Dr. Hassan Elhais
7. Do Fathers Have A Chance Of Winning Child Custody In Unmarried Couples?
Author: jos binoye
8. 7 Tips For Choosing A Divorce Attorney
Author: Stange Law Firm, PC
9. The Cooperation Of Coronavirus Attorney Anaheim
Author: The Morris Law Group
10. Beginners' Guide To Business Intelligence Tools
11. Divorce Lawyer
12. Common Roles And Duties Of Lawyers
Author: Lester Ong
13. The Best 10 Bail Bondsmen In Lee County, Fl
Author: Maria Perkins
14. How Do You Know The Right Attorney For Your Claim?
Author: Zane Norman
15. What Are The Benefits Of Best Online School Attendance Management System?
Author: saloni shah