Job Lock, Part 2

More on ‘job lock’ from TPM Reader SS

The affordable care act is going to allow me to finally start my own law firm. For 15 years, I’ve been working at big and mid-size law firms for a lot of reasons, but one of the biggest was the benefits. My husband is 17 years older than me and has a pre-existing condition. I have been reluctant to start my own firm – be a “job creator”, because I would have had to enter the private insurance market and probably pay a fortune for coverage – if I was able to even get coverage for my husband.

At these law firms, my compensation is based on my billables – and at best, in a given year, I take home 50% of what I bill. The other 50% is used to pay for services at the firm I don’t use – such as HR, secretarial assistance, document management, etc. My practice is lean, electronic and requires only a computer and a creative mind. As the owner of my own firm, it is likely that I will take home 75-80% of what I bill in a year, after taxes and expenses.

The ability to go to the Covered California website and get a plan for both of us solves one of the biggest issues I had with striking out on my own. Will I be working for a company in a year? No, so I won’t be a “worker”. Will I own my own business this time next year? Yes – and isn’t that what America is supposed to be about?

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