New Year, Many New Firms
We regularly get enquiries about our services from start-up law firms. They are generally solicitors who have realised that they want to work for themselves, that they don’t really like the management style of their boss or Partners, or that they want flexibility that their current role doesn’t allow them. They are sometimes niche practitioners who know with some confidence that clients will follow them, but are just as often practising in areas such as conveyancing, family law, or personal injury.
Lately we can add to that list people who have been made redundant by their firm due to Covid-19 related uncertainty, and those who have realised by working remotely for the best part of a year that they don’t actually gain very much from all the back-office infrastructure and cost their current firm has, and could very easily and seamlessly set up on their own. For example, one recent new enquiry told me that she has realised they don’t really need a receptionist to answer the phone – calls can be easily diverted to the relevant Partner, and they definitely don’t need multiple typists – it turns out that typing emails, or short letters, themselves isn’t that difficult or time consuming.
Just as importantly, and often above everything else, the people starting these firms realise that working for themselves can mean earning more – they receive all the fees they earn, minus a few overheads (that they are in control of) – rather than a far lesser sum, often as little as the traditional professional services business model (roughly 33.3% to the Fee Earner by way of salary, 33.3% to the Equity Partner, and 33.3% towards overheads/costs).
So, if you have started the new year with a resolution to set up your own firm, please do get in touch for an informal chat about it. We have been through this many, many times before with all different types and sizes of firms. We are very well placed to recommend some things you may want to think about, some networks you may want to join, some systems or processes you may want to put in place, some people you may want to consult with on, for example, which bank may be best suited for your needs, and of course we can chat through our service offering to ensure accounts rules compliance, payroll and accounting are taken care of, all without the burden of employing somebody.
We have a vast amount of legal industry knowledge and experience, and a wide network of contacts. We would be very pleased to share these with you, if it helps you along your journey.
Gregor Angus. Senior Business Development Manager
