Starting a Law Firm…
Are you a lawyer who has always dreamed of starting your own law firm? Have you always wanted the freedom to choose your own practices and manage how you handle client relationships?
In the past year, more and more lawyers have left behind the traditional law firm setting to start their own legal practices. It was reported that between March 2020 and March 2021 alone, 441 new firms opened, with their sights set on establishing their brand within the legal sector.
So, if you’re interested in joining the hundreds of other lawyers who have already taken the leap and opened their own law firms, keep reading, as we compare two very different ways you can go about setting up a legal practice.
With Bamboo
The first way that you can set up your own a legal practice is with the Bamboo Platform. By handling all the processes and applications usually required to start a law firm, Bamboo has been designed to save you both time and money, enabling you set up a law firm with ease.
Everything you’ll need to start a law firm with Bamboo:
A Brand Name
A Business Plan
Financial Projections
In just a few simple steps, you can be on your way to setting up a law firm on the Bamboo Platform. By providing SRA regulation, insurance coverage, a finance function, IT software and optional marketing support, the team at Bamboo covers everything else required to start a regulated legal practice. However, the benefits of using the Bamboo Platform stretch further than just a streamlined set-up process. When joining the Bamboo Platform, you’ll be joining a community of law firms, making it the perfect place to network and collaborate with other legal practices. Not only here to help your law firm grow, the Bamboo Platform also acts as a marketplace, enabling you to monetise and sell your entire law firm when you’re ready to retire.
When choosing the Bamboo Platform to start your law firm, you’ll receive knowledge and guidance from an expert team, designed to support your brand towards success.
Without Bamboo
The second option for starting your own legal practice is to do so without the Bamboo Platform. However, by doing everything yourself, the process of setting up your own law firm is likely to be more time consuming, expensive and stressful.
Everything you’ll need to start a law firm without Bamboo:
A Brand Name
A Business Plan
Financial Projections
Professional Indemnity Insurance
SRA Approval
Compliance with Account Rules
IT Software & Systems
Bank Accounts
Marketing & Brand Development
A Contingency Plan
In order to start a law firm, you’ll need to first complete a long list of applications and processes. The biggest hurdle may be finding an affordable quote for professional indemnity insurance that you must have in place to even make an application to the SRA. This is to ensure your law firm complies with all regulatory rules and insurance requirements. Once you have your law firm set up, you’ll also need to handle day-to-day processes that go beyond advising clients. The might include regulatory returns, insurance renewals, invoicing, credit control, complaint handling, IT system selection, managing a variety of providers or staff and the list goes on. Operating a law firm yourself requires effective time management to ensure your clients continue to receive the attention and support they deserve.
Get in touch with Bamboo
The responsibilities involved with starting and running a legal practice by yourself or as part of a team can be extremely challenging. You can easily get lost in the administration and management, ending up distracted from the original reason you wanted to start your own law firm in the first place, to provide clients with high-quality legal advice.
If, after comparing the two ways you can go about starting your own legal practice, you want to find out more about the Bamboo Platform, feel free to get in touch. We’d be more than happy to discuss how Bamboo can help you start a law firm, with client-focused delivery.
