How easy is it to set up a law firm?
It's not easy, we'd suggest. There are hurdles to overcome. The obstacles revolve around the Regulations, Compliance requirements, Panel needs (for conveyancing chaps), PII cover and the required Marketing activity. The paperwork battle, in general, can be quite a process to go through.
You know this already. You've become jaded by the prospect of working for others, indefinitely, and are considering striking out on your own. The process is what separates you from those who are happy to work for others.
With Blakemores going bust (March 2013), along with a host of others, and changes to referral fees and the rise of ABS's (etc) a developing thread is the need for firms to be ran as efficient businesses.
We're not suggesting specific penny pinching or cost cutting but there needs to be a specific business plan.
X expenditure generates Y income over the course of Z timeframe. Not complicated maths but in the first instance setting up a law firm can be a very intense experience. It's easy to lose focus.
And then, apart from the larger weightier matters, you've got to wade through the smaller details such as, "what name should I adopt", or "what does Times Roman say about me on my letterheads" or more to the point, "who can I offload certain matters to so I can simply fee earn" ?
That's where we enter the conversation.
In conjunction with our successful law firms we can provide various services, on a pick and mix, basis;
A mentoring service
Provide quotes for Professional Indemnity Insurance
Outsourced COLP & COFA
Outsourced Legal Cashiers
Create a specific brand. ie. "Your Name, National Solicitors"
Build a marketing Website and start work on getting the site found on Google
and build a forward thinking marketing strategy.
You might want to work with us on all these points or simply feel we might be of assistance in one or two areas.
And you might have read all this and decide not to set up a law firm on your own. If you want to benefit from the experience of others and work within an umbrella scenario we can help via our Fee Sharing model.
For further details please either call us on 0845 603 0708 or complete the Enquiry form on the right and we'll call you back.
Set up a Law firm