Top Entertainment Attorney Shares Advice on Building and Sustaining Wealth
By Andrea Williams
Today, the multi-hyphenated entertainer is commonplace. No longer do celebrities limit themselves to one field or one business venture – actors are directing and penning bestselling books while recording artists front clothing lines and high-end fragrances.
But, as hard as it to believe, it wasn’t that long ago when entertainers routinely relied on one check from a record label or production company. Then, in the mid-nineties, attorney Darrell Miller began introducing a revolutionary concept that forever changed the thinking – and financial portfolios – of his clients and, ultimately, the general public.
His “Seven Streams of Income” theory was the result of years of research into the earning habits of extremely high-wealth individuals outside of the entertainment industry. We recently spoke with Miller about putting this theory into practice for his clients and how it can be equally effective for non-celebrities, as well as his path to becoming one of the elite entertainment attorneys in the country.
You are definitely one of the most successful entertainment attorneys in the industry right now, and you’ve worked with a Who’s Who of some of the biggest celebrities. How did you break into such a lucrative field?
My first high profile client was Kim Fields. She had just finished getting her degree at Pepperdine, and she had done a national search for a lawyer. It turned out that I was the lawyer that she picked, and she afforded me the opportunity to be her general counsel and portal to a big firm. At the time I didn’t have a lot of knowledge because I was a relatively young lawyer, but she knew that I was a trustworthy person and someone that would make sure that her business was handled well. So she was a big boost to my credibility and my client book. We landed a series (Living Single) within a year.
So after establishing a successful independent firm that you operated for around 13 years, why did you decide to join a large firm like Fox Rothschild, where you currently practice?
For me the decision was very simple. I was very, very successful as a boutique doing one thing, and I starting seeing many of my clients become very successful enterprises. If you remember my theory of Seven Streams of Revenue, I’ve been practicing that for 15 or 16 years before people caught up. So a lot of those people that I was working with early on have now become successful in creating seven or more revenue streams, and that has created a lot of other areas of legal needs that are outside of my expertise. In my own shop, I would just shop that out and watch everybody around me make money. What I started doing was looking at how much money I was giving to other people, and I thought that if I was in a larger firm that could actually service my clients in those areas, it would come to my bottom line and make me and the firm overall more successful.