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XP: Anyone do contract work?
I am considering doing some legal contract work. I am an attorney who was laid off this spring and I took some time off and am now looking for work, but thought I might do some contract work in the meantime.
If you do (or have done) any contract work in the past, what are some things I need to consider or think about? (taxes, costs, hourly rates, insurance, etc.) Any thoughts/suggestions would be greatly appreaciated as I am not quite sure where to start.
Re: XP: Anyone do contract work?
I freelance with my former company, so rates are pretty set and they take out taxes for me. I'd see if you could find someplace like linkedin to network and see what typical rates are and what people would suggest. Or a legal organization that addresses freelance work. I learned a lot as a medical writer joining a linkedin group (one person even asked about where there rates fell in the grand scheme of things) and checking out a freelancing workshop through my area medical writing organization.
GL
Our little Irish rose came to us on March 5, 2010
Don't drink the water.
Disclaimer: I am not an MD. Please don't PM me with pregnancy-related questions. Ask your doctor.
Not to distract from the original topic, but would you mind if I PM you with some freelance questions? I am looking to start doing some freelance work but have been wanting to talk with someone who has some experience. Or, if you don't mind, please PM me your email and I will shoot you an email with a few questions. TIA!
I've done legal contract work - there are two ways you can do it- through an agency or independently. Doing independent work is a little more challenging in that you have to find a firm or practitioner willing to hire you and it can be competitive, but you can usually make more hourly. (Although in my personal experience the amount per hour can vary greatly, especially in this economy. And a contract attorney willing to work more cheaply will sometimes get the position over a more qualified candidate.) Going through an agency is a little more steady work, but the rates are usually predetermined, so you don't get a lot of say.
In my experience, insurance has always been covered by the firm/practitioner. Usually it's an easy addition onto their own malpractice policy.
As far as taxes, that can also vary. I've had a couple contract positions that have not taken taxes out, but more have. If taxes are not taken out of your paycheck, make sure you set aside the money as it comes in, or on a fairly regular basis so you're not in a big surprise come tax time. Make sure you keep tabs of your mileage, parking, and any other expenses because those can also be used during tax time to lower your taxes.
I've done per diem. You need to have a good relationship with someone who is willing to give you work (& it's even better if they are willing to tell others about you). I told everybody I knew that I wanted this kind of work & asked them to spread the word. You can take out an ad in your local law newspaper.
If you are willing to go this route you may want to consder hanging out a shingle to see what walks in the door. the ABA has a great program called Suddenly Solo / Successfully Solo. They also sell a great book by Jay Foonberg. (check the spelling of his name).
Find out what the hourly rate is & be flexible depending on your experience. You send a bill, they send you a check. You pay all your own insurance etc. You can bill them for parking & travel if you mention it up front.