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[jeremystrause]

Do large, medium, or small law firms typically pay more?

[khazzah]

Pay scales are strongly correlated with firm size, all else being equal. So large firms pay the most.

[bleedingpen]

Pay scales are strongly correlated with firm size, all else being equal. So large firms pay the most.

As an associate, yes that is true.  Doesn't necessarily hold true at the partner level. 

[khazzah]

Pay scales are strongly correlated with firm size, all else being equal. So large firms pay the most.

As an associate, yes that is true.  Doesn't necessarily hold true at the partner level. 

You're right, I was referring to associate pay.

I would have guessed a strong correlation between Per-Partner-Profits and firm size also. But I don't have any data on that.

[bleedingpen]

Pay scales are strongly correlated with firm size, all else being equal. So large firms pay the most.

As an associate, yes that is true.  Doesn't necessarily hold true at the partner level. 

You're right, I was referring to associate pay.

I would have guessed a strong correlation between Per-Partner-Profits and firm size also. But I don't have any data on that.

The partners at medium sized boutiques are absolutely killing it. 

[khazzah]

The partners at medium sized boutiques are absolutely killing it. 

You mean "IP boutiques"? And you're referring to the current economic climate?

I haven't seen any data, but I guess what you're saying makes sense: GP firms have non-performing practice groups (e.g., real estate) dragging them down; boutiques, by definition, do not.

But by the same token, if the boutique's specialty sector takes a nosedive, revenues and thus partner profits at the boutique will suffer. While over at the GP, the profits are pulled up by practice groups that are working for other sectors of the economy. For example, maybe an uptick in the bankruptcy practice balances out the downturn in the real estate practice.

[asdfasdf]

Ms. Huzzah, aren't you a partner at a medium sized firm?  You should have some data, no?  I am curious how would a solo starting up without a major client (but a regular source of income) fare in this economic climate? 

[khazzah]

Ms. Huzzah, aren't you a partner at a medium sized firm?  You should have some data, no? 

I'm not free to share any data that I have about my firm. You can find data about revenue and profits at some law firms in the legal press, stuff like the AmLaw 100 survey.

I am curious how would a solo starting up without a major client (but a regular source of income) fare in this economic climate? 

Not sure what you're asking. I mean, you obviously need clients to generate income. There is no magic formula for getting and keeping clients.

[BobRoberts]

"I am curious how would a solo starting up without a major client (but a regular source of income) fare in this economic climate? "

Not sure what you're referring to, with regards to 'regular source of income.'  From a non-IP-related dayjob?  From a steady flow of small businesses for IP work? 

As hard as I try (and I'm sure, others as well) to sell IP as an integral part of a business strategy, many small businesses see IP costs as discressionary.  IP spending is down on the list, and often gets a small budget, especially in this economy.  With individuals, even more so.   Perhaps with a regular income source, you can weather the storm (that *might* be getting better?).  But as a solo, you still have malpractice insurance, basic equipment, software, advertising and other office costs to get your office going.  Bar fees, and CLE fees comes out of your pocket (if you have CLE requirements in your state).  I'm sure that there are other fees as well that I'm forgetting in this very cursory communication.  The up-side is control over your schedule/Quality of life (in most cases), that you may not have when working in a small, mid or large boutique/firm.   

In short, from my experience as a solo, business has slowed the last year or two, with more focus on the 'must adress' issues
9i.e., company 'x' infringing my patent, or my Trademark') and less on the 'wish list' type of things (i.e., it would be nice to pursue Patent and Trademark protection on this whole line of goods, but lets stick with 'word mark only' protectin for just this mark, and only seek patent protection for these 2 (out of 5) inventions).

Good luck.

[asdfasdf]

"I am curious how would a solo starting up without a major client (but a regular source of income) fare in this economic climate? "

Not sure what you're referring to, with regards to 'regular source of income.'  From a non-IP-related dayjob?  From a steady flow of small businesses for IP work? 

Hi Bob, thanks for responding.  I have a regular income that pays the bills and does not require work.  It is also enough to pay the licensing, computers, etc.  This income is indefinite in duration.  I could also pay for a small office but I am not sure that an office outside of the home is necessary.  I know of at least a few patent prosecution attorneys who run their practices from their home.

I am wondering how to get clients in patent prosecution in particular.  I do have some limited experience in patent prosecution (about 3 years).  I was thinking of starting off with overflow work from large law firms.  I have acquaintances from law school that work at big firms.  I was also thinking of advertising where patent counsel from high tech companies might be looking.  It is my understanding that some companies hire solos to do patent prosecution rather than having their big firms do the work.  Thoughts?

By the way, you addressed the primary reason for my wanting to start a solo rather than working for someone else - control over the lifestyle.  I've worked for law firms and know the demands this would place on my time.  Understandably, my short term income and career goals are very modest.

[khazzah]

I was thinking of starting off with overflow work from large law firms.  I have acquaintances from law school that work at big firms.  I was also thinking of advertising where patent counsel from high tech companies might be looking. 

Personal contacts is one of the best sources for work, so the overflow idea sounds like a good bet. I suppose it wouldn't hurt to advertise to folks that don't know you, depending on how much the ad costs. 

If you haven't already, join the IP section of the local bar and start networking there too. As another networking opportunity, I note that some cities have associations for independent inventors, and I know some solos (and even small firms) that target this niche.

It is my understanding that some companies hire solos to do patent prosecution rather than having their big firms do the work. 

Yes, some corporations -- usually ones with a large patent portfolio -- rely heavily on this model.

I am not sure that an office outside of the home is necessary.  I know of at least a few patent prosecution attorneys who run their practices from their home.

IMHO, the only time it makes sense for a solo to rent office space is if the situation at home simply doesn't allow for working at home (e.g., kids at home all day, you live in a 500 sq. ft. apartment).

[blakesq]

I am a solo with my own office space.  But I started out working out of my home.  Once I was making enough money that I was confident I could handle the increased overhead, I rented office space.  The main reason I rented office space was because I was going stir crazy at home.  Now, at least theoretically, I can leave work at work, and concentrate on the family while at home. 

IMHO, the only time it makes sense for a solo to rent office space is if the situation at home simply doesn't allow for working at home (e.g., kids at home all day, you live in a 500 sq. ft. apartment).

[khazzah]

I am a solo with my own office space.  But I started out working out of my home.  Once I was making enough money that I was confident I could handle the increased overhead, I rented office space.  The main reason I rented office space was because I was going stir crazy at home.  Now, at least theoretically, I can leave work at work, and concentrate on the family while at home. 

IMHO, the only time it makes sense for a solo to rent office space is if the situation at home simply doesn't allow for working at home (e.g., kids at home all day, you live in a 500 sq. ft. apartment).

Perhaps I didn't express it very well, but your situation is what I meant to cover by "situation at home simply doesn't allow for working at home" :-)

[blakesq]

I wasn't disagreeing with you Khazzah.    I could have continued working at home, "stir crazy" is probably not a real ailment, not like "Space Madness".   I remember being in the condo all day working, and my wife would get home around 5:30 pm, and I would immediately have to leave, because I was tired of being cooped up at home all day. 

[asdfasdf]

Karen and Blake

Just wanted to say thanks.  I appreciate you sharing your experiences.