How do you get a lawyer to work for you?
In the U.S., it takes around $100,000 for a lawyer and $250,000 to get a full-time lawyer to do your business, according to a new report from law firm PricewaterhouseCoopers.
In India, the average salary is $1.8 million.
Here’s how you can get your own lawyer for free, for less than $100.
Pay off your credit card debt.
You should start paying off credit card debts at least a year before you are ready to open a bank account, according the report.
Take a month off work.
If you are in your late 20s or early 30s, take a month to start paying down your debt, said Amit Jain, a partner at the law firm Covington & Burling LLP who co-authored the report, “Achieving the Perfect Legal Workweek.”
“Your credit rating will take a hit, so be careful to pay off debt as soon as possible,” he said.
“The more time you spend paying down, the better your credit will improve.”
Take advantage of the retirement tax break.
There are many retirement savings plans that let you defer paying taxes on a portion of your income, such as 401(k)s, according Jain.
If your income is under $200,000 per year, you can take advantage of this by taking a tax-deferred retirement plan.
Start a business with your own money.
The best way to start a business is to pay the initial capital out of your own pocket.
Start with the minimum amount of money you need and then increase the amount to get the right balance between risk and reward, according Covingson & Burlings.
Don’t hire an accountant.
Your credit report and tax history can be used against you, Jain said.
You need to be careful with the information you give to a lawyer.
You may also be charged for things that are legally not allowed.
Learn how to make money from a legal practice.
A lawyer is not a good investment because they don’t pay off debts and they can’t take on more than one client, Jains said.
If it’s a business, the best thing to do is hire a professional, he said, so that you don’t risk having a client that you can’t pay.
Get a lawyer in the United States.
The average salary for a full professor is $180,000, according Pricewater, and the average compensation for an attorney is $230,000.
Jain recommends that people who want to hire an attorney in the U, Canada, or the European Union make sure they have a good financial plan, such a 401(K), before making a decision.
Start your own business.
The fastest way to open up a business in India is by hiring an Indian lawyer.
Jains recommends hiring an American or British lawyer, preferably one who is a partner.
Jaina Jain has a new book, “How to Start Your Own Business,” out next month.