I am a very recent graduate of law school. I had previously considered opening a solo practice in my current mid-sized city but I have recently been handed an interesting opportunity. An attorney in a more rural area is retiring and offering a situation where I would transition into taking over his solo practice. The deal we discussed would be 500 a month for rent of the building he owns (well below market value) and 20% of net for him. In exchange I receive the entirety of the practice and his agreement to two years of mentoring. Obviously his clients could leave but the area is extremely undeserved. It would also not require any direct payment on my part. I am seriously considering this but I wanted other opinions. Any help or comments would be much appreciated!
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