Last year I convinced my firm to back my sports & entertainment initiative, but now I am opening my own practice, as inevitably THAT is the way to go if you really want security, freedom, and more money. Risky at first? You bet – but even in this economy, the margin on legal work, when done right for competent clients, is very high and blows the doors off most other lines of work. Keep plugging every one!

Gene: I am a 4th year qualified lawyer who has worked in some of the leading law firms in Sydney, Australia, as well as for a hedge fund financier in Mayfair, London. Throughout my 5 years of working in law (in tax, finance, hedge funds) I was never happy, despite the big salaries I was being paid. I studied law for the prestige and money. I practised in the areas I did because these were supposedly, the ‘best’ areas, according to my peers.The economic crisis was great for me because it forced me to reassess my priorities and take a risk. I was fortunate enough to get into one of Australia’s leading sports agencies and I love it! I get to use my law alot but I’m not trapped in an office, surrounded by alot of, let’s say, ‘interesting’ people.I don’t know one friend in law who likes their job … the majority of corporate lawyers are pretty miserable and now alot are losing their jobs. They tend to be pretty risk averse, so they don’t know what to do. If I had my time again I would definitely do a law degree because it is such a versatile, interesting and practical degree. However, don’t feel you have to practise in the ‘best’ firm, in the ‘best’ practise area. Do what you enjoy and don’t listen to anyone else. Then you will be the most-fulfilled in your job.It’s worth noting too that while law firm salaries are high, they are capped (unless you make partner which hardly anybody wants these days). If you are an agent or in another entrepreneurial field, your salary can be lower but also much higher than a lawyer and there is no cap. To those lawyers losing their jobs – take a chance and do something you have always wanted to do. If you have practised law you can succeed in any field.

CommentI I have 18 years of trial experience, criminal, civil, and appellate. The costs have risen in court and the attorney fees are less than what I made in the mid 1990’s. Criminals cannot make their probation fees, divorcing parents stay married as opposed to paying the cost of divorce. The last people paid now are the attorneys. I sell raw land too to help pay the bills. When I see the high salaries of sports figures and the perception that a lot of folks in the agent business are unethical and dishonest, I have pondered a jump into the sports agent business. I live in a rural area—what would be your advice to get started?

The economic crisis was great for me because it forced me to reassess my priorities and take a risk. I was fortunate enough to get into one of Australia’s leading sports agencies and I love it! I get to use my law alot but I’m not trapped in an office, surrounded by alot of, let’s say, ‘interesting’ people.

I don’t know one friend in law who likes their job … the majority of corporate lawyers are pretty miserable and now alot are losing their jobs. They tend to be pretty risk averse, so they don’t know what to do.

If I had my time again I would definitely do a law degree because it is such a versatile, interesting and practical degree. However, don’t feel you have to practise in the ‘best’ firm, in the ‘best’ practise area. Do what you enjoy and don’t listen to anyone else. Then you will be the most-fulfilled in your job.

It’s worth noting too that while law firm salaries are high, they are capped (unless you make partner which hardly anybody wants these days). If you are an agent or in another entrepreneurial field, your salary can be lower but also much higher than a lawyer and there is no cap.

To those lawyers losing their jobs – take a chance and do something you have always wanted to do. If you have practised law you can succeed in any field.

follow @JohnWPeterson on twitter

follow @JonesOnTheNBA on twitter