Next week there's going to be a new flock of Oklahoma attorneys. In celebration of that event, I've decided to show you my balance sheet beginning from October 1, 2008 to today. You'll see I haven't made great money, but I've been able to pay the mortgage, a car payment, utilities, and feed my 2 kids. If you'd like some advice on how I've done it, check out this post.
ABSOLUTE LEGAL SERVICES, LLC - PROFIT & LOSS SHEET (Oct 1, 2008 - April 8, 2009)
Ordinary Income/Expense
Income
Hourly Fees 2,986.28
Legal Fee Income 17,898.87
Uncategorized Income 196.01
Total Income 21,063.16
Cost of Goods Sold
Subcontracted Legal Services 107.66
Total COGS 107.66
Gross Profit 20,955.50
Expense
Advertising -19.87
Automobile Expense 133.75
Bank Fees 254.40
Business License & Permits 100.00
Computer & Internet Expense 717.00
CLE 40.00
Dues & Subscriptions 50.00
Insurance
Professional Liability 275.95
Meals & Entertainment 146.20
Office Supplies 399.42
Postage & Delivery 119.28
Printing & Reproduction 15.00
Reconciliation Discrepancies 1,786.41 *Note: be more detailed on CC tracking
Rent 0.00 *Note: I save a lot b/c of my arrangement
Repairs & Maintenance 32.17
Research Services 240.00
Telephone Expenses 582.67
Travel Expense -29.70
Utilities 247.40
Total Expense 5,090.08
Net Ordinary Income 15,865.42
Other Income/Expense 84.95
Net Other Income -84.95
Net Income 15,780.47
Here's a few notes on the list. It's a little skewed because I just had (April 6) a significant contingent settlement that netted a large portion of the amount. I've noticed that a few of the numbers (ie "utilities") were misplaced and now are in their correct category (telephone). Also, you'll note that there's no student loan payments, poverty has it's advantages (said with jest and a smile). Those have to be considered in your solo decision.
For 6 months, I'm particularly satisfied. If I closed the practice today, I'd average about $2,600 as a monthly paycheck. Right now, that's only $31,000 per year. Sure, I could make a lot more working for someone else (maybe), but I'd have to sacrifice some things to do it.
The greatest thing I've seen is that you can do it, but you have to be smart. If you let yourself get carried away (I have on some things), you're going to burn.
ABSOLUTE LEGAL SERVICES, LLC - PROFIT & LOSS SHEET (Oct 1, 2008 - April 8, 2009)
Ordinary Income/Expense
Income
Hourly Fees 2,986.28
Legal Fee Income 17,898.87
Uncategorized Income 196.01
Total Income 21,063.16
Cost of Goods Sold
Subcontracted Legal Services 107.66
Total COGS 107.66
Gross Profit 20,955.50
Expense
Advertising -19.87
Automobile Expense 133.75
Bank Fees 254.40
Business License & Permits 100.00
Computer & Internet Expense 717.00
CLE 40.00
Dues & Subscriptions 50.00
Insurance
Professional Liability 275.95
Meals & Entertainment 146.20
Office Supplies 399.42
Postage & Delivery 119.28
Printing & Reproduction 15.00
Reconciliation Discrepancies 1,786.41 *Note: be more detailed on CC tracking
Rent 0.00 *Note: I save a lot b/c of my arrangement
Repairs & Maintenance 32.17
Research Services 240.00
Telephone Expenses 582.67
Travel Expense -29.70
Utilities 247.40
Total Expense 5,090.08
Net Ordinary Income 15,865.42
Other Income/Expense 84.95
Net Other Income -84.95
Net Income 15,780.47
Here's a few notes on the list. It's a little skewed because I just had (April 6) a significant contingent settlement that netted a large portion of the amount. I've noticed that a few of the numbers (ie "utilities") were misplaced and now are in their correct category (telephone). Also, you'll note that there's no student loan payments, poverty has it's advantages (said with jest and a smile). Those have to be considered in your solo decision.
For 6 months, I'm particularly satisfied. If I closed the practice today, I'd average about $2,600 as a monthly paycheck. Right now, that's only $31,000 per year. Sure, I could make a lot more working for someone else (maybe), but I'd have to sacrifice some things to do it.
The greatest thing I've seen is that you can do it, but you have to be smart. If you let yourself get carried away (I have on some things), you're going to burn.
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