My Journey on Passive Income that 99% Population Don’t Hear About (9)

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Continuing from last post, my lawyer and I are both straight shooter. After all, we’ve known each other for quite a few years, and I’ve been lending money on my own for a number of years while helping others do the same; meanwhile, he has become a leading personal injury lawyer in BC with frequent media appearances and commentaries, while even writing curriculum for law school textbooks. So we went straight to the point. 

He mentioned his current pain point was that the number of cases came to his way has been increasing significantly, reaching several hundreds. Each case requires an upfront disbursement of around 10k-30k for medical reports and other documents to take on the case. At that time, it meant he will have to put around 6M upfront in order to own those cases. At the same time, some of his peers were retiring, and would like to give him first right of refusal to buy their cases (for the disbursement cost amount) due to his reputation. If he doesn’t have the cash to buy, then they will sell the cases to other law firms. Each time there were about 200 cases which meant he would need about 4M to acquire them. So, his existing cases and the offered cases from retiring lawyers at the time added up to 8 figure disbursement cost upfront, and of course he didn’t have that cash. 

So, I was curious. The legal industry has existed for so long, and he definitely wouldn’t be the first one to encounter this problem.  So where did all the lawyers and law firms get their capital from for all these years then? Till next time!

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