I've been following this series for years and love it! You've got a great mindset that your son will get a lot of value from. Being a new dad myself this year, it is truly an unparalleled gift. God bless, and I wish you success in your endeavors this year!
Hi Jack, love the content since finding you in August 2023. Massive congratulations on your son, best decision you could've made. Hope you don't mind but couple of questions: 1. Why are the property reserves not included in net worth? Presumably their a restricted account, but still an asset you're holding 2. Similarly why not show full property income rather than surplus/net? 3. Shouldn't retainers be omitted from the firm valuation with just billables being the basis of valuation? Could be different in US but in UK we have regs requiring separation. 4. Are you adjusting for your wife's share of assets/income? 5. Are you discounting any of the steam cleaners value? Obviously you've structured the sale as a seller financed which is relying on the new owner (and their credit worthness) to repay 6. From your associate salary video your looking to 3x salary in billables. With 1 managing attorney, senior associate, and associate - per firms site - along with a possible paralegal your looking at £900k revenue target, which you say you've hit. Unless your losses this year were front ended hows the firm still loss making? From experience in UK we have a much higher fee earner to backend ratios 7. Are you drawing any salary from the firm currently or waiting on profit? Keep going with the series and good luck Dave
$800 of net rental income from over half a million dollars of real estate means you're overleveraged. Real estate appreciates over time, and you get tax benefits, but you're being eaten alive in the personal loan debt interest. I would sell the rentals. Use the proceeds to pay off the personal loans and save the rest for reserves. Go all in on the law firm. Find a mentor to coach you on how run your law firm better. $100k in gross income and breaking even means something is going wrong. Too much overhead or too much soent on marketing. Consider calling into Dave Ramsey's Entreleadership Podcast. He can point out any inefficiencies going on
Happy new year Jack. I was wondering which bank gave you credit cards cash advance promotion? My Bank of America credit cards have been giving me these direct deposit cash advance promotion from last 3 years but haven’t received any promotion from them recently.
Can’t imagine closing $100k/month at the firm and not turning a profit. Looks to me like you just don’t want to work and hire someone for everything. Managing attorney is the perfect example.
I don’t get why Jack doesn’t sell his houses. He has virtually no reserves for 2025. Unfortunately right now it’s a coin flip if he’s going bankrupt or not.
if the firm isn't sustainable you're being very unethical by hanging on to those clients. they need a law firm that will exist in six months to handle their matter.
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I've been following this series for years and love it! You've got a great mindset that your son will get a lot of value from. Being a new dad myself this year, it is truly an unparalleled gift. God bless, and I wish you success in your endeavors this year!
Dude, your resilience and persistence is inspiring, and it WILL payoff if you stay the course.
Congrats on becoming a father. Wish you all the best for 2025
Congratulations on the birth of your son! Let’s stay positive #DuffleyNation
Do you have a video going over your marketing strategy?
Debt king
Congratulations Jack on having a boy, enjoy it they grow pretty quick.
Hi Jack, love the content since finding you in August 2023. Massive congratulations on your son, best decision you could've made. Hope you don't mind but couple of questions:
1. Why are the property reserves not included in net worth? Presumably their a restricted account, but still an asset you're holding
2. Similarly why not show full property income rather than surplus/net?
3. Shouldn't retainers be omitted from the firm valuation with just billables being the basis of valuation? Could be different in US but in UK we have regs requiring separation.
4. Are you adjusting for your wife's share of assets/income?
5. Are you discounting any of the steam cleaners value? Obviously you've structured the sale as a seller financed which is relying on the new owner (and their credit worthness) to repay
6. From your associate salary video your looking to 3x salary in billables. With 1 managing attorney, senior associate, and associate - per firms site - along with a possible paralegal your looking at £900k revenue target, which you say you've hit. Unless your losses this year were front ended hows the firm still loss making? From experience in UK we have a much higher fee earner to backend ratios
7. Are you drawing any salary from the firm currently or waiting on profit?
Keep going with the series and good luck
Dave
great update. Glad you are making all the right moves. Wish you a happy new year and I am sure 2025 will bring a ton of prosperity for you !
Happy New Year, Jack, and congratulations to you and your wife on the birth of your son! And Jameis knows what’s up!! lol
$800 of net rental income from over half a million dollars of real estate means you're overleveraged. Real estate appreciates over time, and you get tax benefits, but you're being eaten alive in the personal loan debt interest. I would sell the rentals. Use the proceeds to pay off the personal loans and save the rest for reserves. Go all in on the law firm. Find a mentor to coach you on how run your law firm better. $100k in gross income and breaking even means something is going wrong. Too much overhead or too much soent on marketing. Consider calling into Dave Ramsey's Entreleadership Podcast. He can point out any inefficiencies going on
anyone else following along support by watching some of the older videos! #DuffleyNation
Based 😎
Happy new year Jack. I was wondering which bank gave you credit cards cash advance promotion? My Bank of America credit cards have been giving me these direct deposit cash advance promotion from last 3 years but haven’t received any promotion from them recently.
tldr: net worth lower than when started 5 years ago with a lot more debt.
Can’t imagine closing $100k/month at the firm and not turning a profit. Looks to me like you just don’t want to work and hire someone for everything. Managing attorney is the perfect example.
I don’t think it’s that at all. I think it been an far to heavy focus on scale / growth rather than efficiency
@@LetsGoBlues314 nah dude is lazy as hell
Things seem to be turning around a bit, fingers crossed 2025 is your breakout year.
I don’t get why Jack doesn’t sell his houses. He has virtually no reserves for 2025. Unfortunately right now it’s a coin flip if he’s going bankrupt or not.
Imo there is a 90%+ chance he goes bankrupt if he doesn’t sell his houses. Selling the houses is pretty much his only way to avoid bankruptcy
if the firm isn't sustainable you're being very unethical by hanging on to those clients. they need a law firm that will exist in six months to handle their matter.
Who the hell is going to buy Duffley Law for 275k
@@Tendomcgoobin the valuation makes little sense for churning money with few repeat clients