As A Sole Practitioner
If you are starting a firm, practice needs should always be met first, and personal needs should be the minimum expense necessary to maintain a reasonable, not elaborate, standard of living in the beginning. One goal to seek is to build up at least a six-month cushion of savings to avoid drawing anything out of your practice.
As A Partner in a Firm
If you are a partner in an existing firm, you are personally responsible for the debts and liabilities, in addition to having put in your own capital. Spending sleepless nights wondering how to improve the efficiency and growth and profitability of the law firm is a given.
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