Matthew Fornaro on Walking Away from One of the Ten Biggest Law Firms in America

What happens when a South Florida attorney who has spent a decade inside two of the region's biggest law firms is on the verge of taking a job at one of the ten largest law firms in America, pauses, and asks himself one question: is this it And then makes three digits — actual three digits — in his first month while the phone mostly does not ring? In this episode of the Trustcast Show, Zane Myers speaks with Matthew Fornaro of Fornaro Legal in Coral Springs, Florida — an AV Preeminent rated attorney with over twenty years of court-tested experience, licensed in Florida, New York, and the District of Columbia, a faculty member at the Jim Moran Institute and Fast Track where he trains new business owners Matt explains what to do the day a partner stops holding up their end of the deal — and the answer, as with most business law questions, depends entirely on whether you have an LLC or a corporation or a handshake deal, whether you have governing documents, and what those documents actually say They also discuss the two biggest myths about suing someone — the first being that winning a lawsuit results in a stack of money appearing in your hand when what you actually get is the right to try to collect from someone who may be fully judgment-proof in debtor-friendly Florida, the second being that attorney demand letters accomplish what people expect, which in Matt's experience happens less than ten percent of the time and the other ninety percent produces either no response or a stupid one Matthew Fornaro is the founder of Matthew Fornaro, P.A., Fornaro Legal, in Coral Springs, Florida, an AV Preeminent rated attorney with over twenty years of court-tested experience, licensed in Florida, New York, and the District of Columbia, a faculty member at the Jim Moran Institute and Fast Track, and a commercial and business litigation attorney who was in Florida, New York, and DC courts simultaneously via virtual appearance on the same day — which is the kind of detail that could only happen after COVID changed how federal and state courts work. Connect with Matthew Fornaro: fornarolegal.com Coral Springs, Florida — serving Palm Beach, Broward, and Miami-Dade counties and statewide Florida Also licensed in New York and the District of Columbia 00:00 Introduction to Matthew Fornaro 00:31 A decade inside two of South Florida's biggest law firms — and the offer from one of the ten largest firms in America he turned down 00:56 The metaphysical pause: if I take this job, what is my career really — just a series of bigger firms until retirement? 01:37 No equity, no clients, at-will employee — and deciding to build something of his own 02:23 The first month: three digits of revenue and a lot of silence 02:35 No business education, no training in how to run a firm — learning on the job 03:23 The double life: being both a litigator and a small business owner simultaneously 04:56 Published a law school article on gray market goods and the internet in 2002 — and most of what he predicted came true 06:08 Typical clients: construction, e-commerce, entrepreneurs, startups — industry agnostic 06:21 Litigation versus transactional — disputes that need resolving and businesses that need forming 07:49 My partner stopped holding up their end of the deal — what are my actual options? 08:12 It depends: LLC, corporation, partnership, handshake deal — governing documents determine the answer 09:50 The most pragmatic move: reach out first before you pull out the arrows 10:29 How do I know if a dispute is worth taking to court or just walking away? 10:37 Cost-benefit analysis, business decisions, and re-evaluation as you go 11:15 Do I actually need an LLC and when should I switch to a corporation? 11:32 Consult an attorney AND an accountant, ideally together, before you do anything 12:22 The wrong structure when you fail: problems. The wrong structure when you succeed: larger ones when you try to sell or scale. 13:55 What happens on the day someone calls about a business dispute 14:04 Full intake: who is involved, do you have documents, what does the other side say, are you actually the bad guy? 15:10 What happens when the client turns out not to have been fully honest about the facts 15:35 Independent due diligence as an attorney, colorable claims, and when you have to address the problem directly 16:20 Withdrawing from a case when the client's dishonesty is a deal breaker 17:01 Ongoing general counsel and retained relationships — seeing the full course of a client's business over time #MatthewFornaro #FornaroLegal #TrustcastShow #SouthFloridaBusinessLawyer #SmallBusinessAttorney #CoralSpringsLawyer #FloridaBusinessLitigation #BusinessDivorceLawyer #AVPreeminent #CommercialLitigation