Why This Law Firm Bought A Private Jet To Save Money
Contact us to Add Your Business
Patterson + Sheridan LLP bought a $3 million private jet to travel from Texas to California at least once a month to meet with their clients. They explain why the cost of the plane is worth it to them and how they use it to get their work done more efficiently.
“Given the nature of our work, it’s important to be in front of our clients and be able to look feel and touch their technology,” Todd Patterson, a partner at the firm, which specializes in high-tech patents and intellectual property, tells CNBC Make It. He says the trips allow for face-to-face meetings that provide a more hands-on, in-depth experience than a teleconference or video call.
Plus, relocating or opening a satellite office in the Bay Area — where commercial real estate is 40% more expensive, salaries are 50% higher and competition for technical talent is more intense, according to a 2017 report in the Houston Chronicle — would arguably make it difficult for the firm to hire new employees and ultimately result in Patterson and Sheridan passing some of the additional costs onto their clients.
» Subscribe to CNBC Make It.:
About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.
Connect with CNBC Make It. Online
Get the latest updates:
Find CNBC Make It. on Facebook:
Find CNBC Make It. on Twitter:
Find CNBC Make It. on Instagram:
#CNBC
#CNBCMakeIt
Why This Law Firm Bought A Private Jet To Save Money
Also, the plane is a business deduction/ tax write-off.
The real reason why the law firm bought it but 🤫
*the poor sell time, the rich buy time*
Cash money, ain’t nothin’ funny.
These guys do both – middle class
These rich guys are selling their time too. Its just that their time is so valuable they can justify expensive time saving purchases like a private jet.
I wish I’d save money by buying a jet 😂
your not worth $400 an hour..
This video
“We’re totally doing work on the plane guys and not cocaine!”
NonyaBusiness! I don’t think god would want them to be doing coke.
@NonyaBusiness! you’re right though
I’m pretty sure they’re doing each other on that plane too.
When you blow your travel budget for the month and you have to stock your private jet with Walmart brand snacks.
@frisbeeeater y have a flight attendant? They take up space and
Waste money all they do is babysit
People on commercial flights
Well the jet is for money saving so they have to cut costs where ever they can.
frisbeeeater Why hire a flight attendant?
Great Value is the cheapest walmart brand too. So ironic. Lol
Great advertisement CNBC. People noticed and are talking about it.
Is it just me or does that blue like towel on the jet’s couch seat look tacky..
They are just advertising their company, I doubt it’s a permanent fixture
I mean they’re a group of lawyers, it’s self made money, not donations, not taxpayer money. They should do as they please.
sorry about that haha, definitely not for you
Andrew lol tag him, I thought that was for me
They’re gonna need that plane, their crew, a place to fly to, and all of those Great Value snacks when the Boogaloo comes.
It’s probably cheaper than paying their attornies the increased cost of living that they’d have to spend if they lived in Silicon Valley rather than Texas.
Rent is the only thing in CA that is expensive. Everything else is normal price.
@notdevinAnywhere near Silicon Valley is death lol. Assuming these lawyers would get luxury apartments. Plus they would have the deal with traffic constantly. To their benefit they get to bill their clients the flight hours as they work so they still make money 🙂
Matt Sezer
Yup, rent is soaring here in Silicon Valley
Matt Sezer if you are from Texas you do not leave Texas. Most Texans do not leave Texas
That sweet write off Grant Cardone gets for his jet fuel.
Zachary Laid Finding Freedom facts I seen that Vlad interview
The savings is even more because they’re not accounting for the cost of commercial tickets for 9 people as well.
@Daniel DuffieldAgreed.
Cons- Upfront cost of buying a jet
Pros- Fly Whenever, Billable Hours, No Lines saving hours of time, protecting the security of trade secrets and documents (imagine a case of lost luggage lmao that would be a nightmare for the firm)
The cost for someone to fly from texas to cali in business class is like $700-1000 so they saved an additional $5-6k
Wrong. The cost of flying 9 people on “the bus” is about $17,000 round trip (which includes gas and pilot expenses).
That is almost assuredly more expensive than commercial flying for them, BUT they justify it because they can charge billable hours and get work done on the way, whereas with commercial flight, due to the confidential nature of their work, they couldn’t.
They did, they said round trip commerical for 9 people is around $17,000, that was their basis to factor in wether or not the jet was cost efective
I like how they had to have a rock and roll background music to cover up the utterly lifeless soul crushed voice of the lawyers explains why it makes financial sense to own a plane…zzzzz
*Wendover Productions just released a video explaining why*
I like how this gentlemen invested their money on something that would be beneficial for the company and not just waste the money on other luxurious things. They do not need designer clothing.
Better then the pastor who bought a jet. These guys are doing business. “Smart”
John Wayne 😂😂
Meh, they just bill their clients for the cost so not an issue. Good lawyers are worth their weight in gold. Very few of them out there despite a sea of mediocre lawyers.
Friend:How is your new job?
Me:Nothing much I just take a jet to work.
Mohaamd_7 he cant use it because he has colon cancer
I think your supposed to use colon instead of a dash in this context.
*Rent it out,* there is a renting app for business jets.
@MaurazioThey could but based on the interview it seems that the need to be flexible to visit a client at any time
@NonyaBusiness! Net jets costs $6,000 to $8000 an hour, and members must buy at least 25 hours per year. That’s $150k to $200k a year, minimum. The video claimed they fly once a month from Houston to San Jose/ San Diego. That is roughly 3.5 hours and 1 hour out, plus 3 hours back. That’s 7 hours a month, roughly 84 hours a year. This firm claimed they spend $17k per trip or $204K per year ALL IN, meaning reserves, crew, and fuel. To fly that same amount of time on Netjets would cost $504K to $672K per year. Netjets typically begins to discount your hours above 100 annual hours. Unless you’re only flying 30 or less hours, Netjets does not make sense financially- unless you cant afford a jet’s upfront costs. If you buy big chunks of hours like, 100 or 200 hours, for your company to share or if you need multiple jets around the world, then Netjets is perfect. Other than that, its WAY to expensive.
if renting out means having it blocked already weeks in advance it might not really work for them
epSos.de what’s it called?
Literally shut the video off half way through because the music blew out my speakers while the talking could barely be heard. Rethink your audio editing.
yeah tell these people to get it right and redo the video if they want us to watch just how great they are doing. I mean, they are perfectionist right ?
3million jet with Walmart great value chips 😹😹😹😹
Okay? And?
@A M Even more than that, if you want a Boeing BBJ or an Airbus ACJ. But those guys are just tech lawyers, not oil barons from some Arabian Gulf state.
Great advertisement CNBC. People noticed and are talking about it.
I noticed that as well!
3 million is a “Walmart price” for a business jet that can fit 9 people. 😂 A high end one could easily cost 50 million….
Shocker: there are business scenarios where it makes economic sense to have a jet
Why do they think there’s such a huge number of them around? Duh