Have you always wanted to start a law brand?
As we approach the New Year, many people will begin to reflect on the year gone by and the year ahead. For some, this will be when they set themselves a New Year’s resolution, such as to take up a hobby, save more money or get fit. However, if you’re a lawyer, your aspirations might look a little different.
As lawyers progress through their careers, many allow themselves to dream of starting their own law brands, where they can choose their practices and set their working hours. If you’re a lawyer that revisits this dream at the end of every year, maybe it’s about time you made it a resolution.
Unfortunately, many lawyers that dream of starting their own law brands are put off by one or more of the following requirements.
Have you previously been put off by…
Getting Regulated?
Getting approval from the SRA is vital to starting your own law brand. However, the application process can take months to complete, becoming a daunting task that many lawyers would rather avoid. This process alone can stop lawyers from trying to start their own brands, especially if they fail to achieve approval the first time around.
Securing PI Insurance?
Obtaining Professional Indemnity Insurance has never been more challenging than in the current market. However, it is a process that all law firms must complete and you must have a quote before you can apply to the SRA. This involves preparing a proposal, approaching a broker and securing an insurer. Even if you do manage to successfully obtain insurance, there is no guarantee you will be as successful during the next renewal period.
Managing Finances?
Starting a law brand is similar to starting a business, and will require you to set aside time to manage your practice’s finances. From preparing invoices to processing payments, it’s important you stay on top of your finances for the future of your firm. However, this administrative responsibility can be off putting to lawyers who just want to focus on establishing strong relationships with their clients.
Ensuring Compliance?
Under SRA regulation, all law firms must have a Compliance Officer for Legal Practice (COLP) and a Compliance Officer for Finance and Administration (COFA). You can choose to take on these positions yourself, however both have a long list of responsibilities which must be met to maintain compliance with SRA regulations.
Maintaining IT Systems?
Running a legal practice requires a number of operating systems, including invoicing applications and data storage software. As the day-to-day operation of your firm will rely on these systems, you will need to ensure regular maintenance is performed. Failing to do so could put the operation of your firm at risk and result in impacting your client services.
Is there a better way of starting a law brand?
For lawyers that have always wanted to start their own law brand but been put off from doing so, there might finally be a solution.
The Bamboo Platform is a law firm operating system, which provides lawyers with everything they need to start their own legal brand. By covering the regulation, insurance and compliance required to start a law brand, we leave you free to focus on developing client relationships. Our law firm framework means you will be able to deliver exceptional legal services, without worrying about administrative tasks. With Bamboo, you could have a regulated and supported law brand within 6 weeks.
If starting your own law brand is one of your New Year’s resolutions, get in touch and join the Bamboo Platform.
