Building a Next Generation Law Firm
The Emergence of the Innovators
The past year has made it impossible for those in the legal sector to ignore the need for change. With remote working adopted across much of the legal market, it quickly became apparent what law firms have needed for years, if not decades. A move to progress from traditional methods to modern systems and commercial thinking. Yet, while these traditional law firms continued to drag their feet on improving their methods of operating, others seized the opportunity to innovate in the legal sector, and they didn’t go unnoticed.
In a recent report, Arden identified one up-and-coming innovator in the legal sector, but another was in hot pursuit. Armed with advanced IT infrastructures, flexible working environments and client-focused delivery, two forward-thinking approaches merit some consideration, with the potential to become considerable threats to the status quo in the legal sector. So, what are they and, more importantly, what is best for you?
The Consultancy Model
According to Arden, the legal consultancy model is the latest key innovator model in the legal sector. Stimulated by the need for remote working, the legal consultancy model offers lawyers a high-quality practice infrastructure without the back-office costs, offering lawyers a more cost-effective method of providing their services to clients. This has been particularly beneficial during the pandemic, where many firms have been met with a need to invest and improve, all while facing historic lows.
For the latest generation of lawyers, Arden saw the legal consultancy model as a way of relieving the pressure of achieving an equity partnership, by instead encouraging lawyers to achieve a healthy work/life balance while maximising earnings.
All sounds great, right? So, what’s the catch?
When joining a legal consultancy model, you’ll be provided with a platform, brand and infrastructure, in return for a percentage of your revenue. As self-employed consultants effectively using this model as an operating platform, Arden reported that lawyers will retain an average of 70% of their billings, with the remainder being shared with the consultancy firm. All the time this builds brand value for the consultancy firm.
If only there was way to reap the benefits of the consultancy model and maximise the brand value too but without the need to set up your own regulated law firm.
The Regulated Platform
Introducing the regulated platform.
Bamboo is a flexible platform, offering lawyers the opportunity to pursue their own practices with their own brands, without having to start a regulated law firm. Having responded to the cries of lawyers in need of a more flexible working solution, the regulated platform delivers the insurance, systems and people required to start a law firm. However, by handling all of the back-office processes, Bamboo enables lawyers to choose when and how they work, prioritising client focused delivery just like a consultancy model but it adds the advantage of creating a brand – “your own name over the door”.
Following the recent growth in working from home, the regulated platform has become the perfect solution for lawyers looking to continue working remotely, encouraging them to take back control of their working environment and methods. From new entrants to established firms to retired lawyers, the regulated platform is for anyone wanting to succeed in the changing legal market under their own name.
What’s more, with Bamboo, your law brand will have all the advantages of the consultancy model under your trading name and you’ll pay between 10 and 30% of your revenue for the full package. What’s more you can use the marketplace that Bamboo offers to find a buyer or merger partner for your firm at any stage through to when you want to retire completely.
The Final Verdict
If you’ve recognised the need for change in the legal industry and want to start your own law firm because you are interested in having more control over your practice and client relationships, Bamboo is the place for you. With a law firm operating system and dedicated team of legal experts, at Bamboo, you’ll find everything you need to navigate and adapt to the changing legal market, enabling your law firm to not only survive but thrive.
So, if you’re interested in joining Bamboo and starting your journey as an innovator in the legal sector, now is the time to get in touch.