Solicitors and New Ways of Working
During 2019 we were at the forefront of the response to the change in regulatory regime of the Solicitors Regulation Authority (SRA) as they sought to encourage innovation and different business models into the legal sector. With the challenges of Covid-19 in 2020 the models are, in our experience being explored more and more, we have spoken to a number of potential start-ups over recent weeks who are looking at innovative solutions to both the challenging market but also to their own personal circumstances as either they have determined that being in a large partnership is not working for them or is a financial risk, given the challenges of the wider market.
We of course are delighted to advise each and every individual who is ready to be advised but if you are thinking of operating a different legal model we would encourage you to purchase and read Partner Paul Bennett’s book, ‘How to be a freelance solicitor’ which even if you are not interested in being a freelance solicitor may be helpful as Part 1 of the book focusses on business planning issues for lawyers and the experience over recent weeks is that those who have thought about their business case whether using this book or one of the various business books out there get to the point of deciding what is the right option for them far more quickly and effectively and it makes sense therefore to challenge your business thinking and create a business plan before seeking to instruct us as it will enhance your planning and it will also enable you to start trading at the earliest potential opportunity.
A number of those instructing us are developing innovative business models which are about to launch which may not themselves be freelance solicitor models but may be either chambers or collectives, working in a non-SRA regulated entity or joining an umbrella law firm which provides the back office but the employment is effectively self-employed with the individual able to work from home.
As always with business decisions there is no right or wrong answer but there is a right answer for each individual and we would encourage those thinking of trying something different to take a look at Paul’s book and thereafter to instruct us.
The book can be purchased here.
If you need help on starting a legal business or with your structure, do get in touch firstname.lastname@example.org