Lawyers who take advantage of side hustles to boost earnings and improve financial security may find that having multiple streams of income reduces reliance on just one source for earnings.
One way for lawyers to make extra cash is narrating audiobooks. Another strategy would be writing and monetizing their own legal blog; you could provide LSAT and bar exam test preparation tips as well as analyze commercial leases on it.
Fee-based work
Most lawyers charge their clients for their services via a fee; this could be either an hourly unit rate or flat fee. Some law firms even operate on contingency basis – meaning they only get paid if their client wins their case.
Lawyers earn additional income through business ventures and additional sources, such as writing books or appearing on television programs. This extra earnings often allows them to pay off student loans and live comfortably.
Lawyers looking to increase profits should prioritize finding suitable clientele. Not every person or situation will fit your firm well; an unsuitable client could cost time, money and reputation over time. Consider investing in marketing to draw new clients to your firm while increasing its return-on-investment (ROI). Additionally, pre-screening could save time and resources during intake processes while accepting credit cards may simplify payment processing more efficiently.
Tutoring
Law school can be expensive, and many law students struggle to cover its cost. Luckily, there are ways for lawyers to supplement their income while simultaneously gaining valuable work experience – tutoring and freelance work are two such opportunities available to lawyers who wish to supplement their income streams with extra income-generating strategies.
Legal tutors are in high demand, especially for LSAT preparation and bar exam tutoring. Many legal tutor positions are part-time and flexible enough to fit around a student’s schedule; tutoring allows them to put what they are learning into practice outside of class.
Legal professionals can make additional money through creating online courses or digital products. For example, lawyers specializing in real estate could create courses on how to buy or sell properties; these online courses could then be monetized via affiliate marketing or ads and become a steady source of passive income. Furthermore, legal virtual assistants may earn a living providing administrative tasks remotely for clients.
Real estate
Lawyers frequently invest in real estate due to its numerous tax benefits and ability to generate passive income. Lawyers can invest this way by purchasing individual properties, investing in Real Estate Investment Trusts (REITs), or using multifamily syndication; multifamily syndication involves using a property sponsor who finds investors for multifamily investments before managing them for them on an ongoing basis with rent payments collected regularly from each tenant.
Lawyers looking to invest in real estate have an ideal investment vehicle: multifamily properties. This investment option offers them time freedom while still producing steady cash flows for investors.
Television shows like Suits and Partner Track have popularised the legal profession, while news articles often discuss large deals being done by law firms. Yet what lawyers truly earn depends on how they spend their time and which clients they serve.
Side hustles
No matter your goals – whether they include finding extra income streams, increasing law firm brand recognition, or saving more aggressively – side hustles are an efficient and convenient way to meet them. Just make sure that the side hustle you choose won’t interfere with family life or health, though modern technologies have made starting successful side businesses much simpler – from apps such as Pomodoro and Block to keeping focus while working through work to AI tools providing customer support 24/7.
Not only can side hustles provide financial benefits, they’re also great ways to explore new passions. For instance, if you specialize in real estate law as an attorney, writing a book could not only earn you some extra income but help develop and broaden your legal skills further and expand your career opportunities.
