The Boom of Boutique Businesses
The fragmentation and reconstruction of the traditional legal services market continues apace. When lawyers enter the legal profession, they are technical experts spurred on by their desire to advise clients. Yet, the strict methods of operation when working in a large, corporate law firm can cause this entrepreneurial spirit to waver in the face of tradition.
With technology enabling people to make choices about when, where and how they work, more and more individuals are turning their backs on the corporate law firm structure for a more flexible, boutique approach. But, how many of these lawyers actually want to run a law firm and how many of them just want the freedom to manage their client relationships?
The Reality of Boutique Businesses
According to a recent SRA report, from November 2019 to November 2020, 400 new legal businesses opened, ready to leave behind the restrictions of corporate firms. And yet, between September 2019 and September 2020, 545 law firms closed.
The reality of starting a boutique law firm yourself can be a sobering one. With the pressures of managing client money, choosing the right tech, ensuring compliance, handling non-core practice areas and the need to put in place adequate professional indemnity insurance, you’re left wondering how much time you’ll actually get to spend on doing what you set out to do, which is delivering legal services advice to clients.
So, for lawyers that want to leave behind traditional law practices but don’t want the added pressures of running a new law firm, what options are there?
The Bamboo Platform
The Bamboo platform enables you to put your focus back on your clients.
As a regulated law firm operating system, Bamboo provides lawyers with a platform to build their own brand and practices upon. This means that, whilst you’re hard at work providing clients with professional legal advice, the team at Bamboo will be busy running all of the back-office processes required to set up and operate a law firm. With SRA regulation, audits, insurance, compliance, legal cashiering and handling client money covered, you’ll be free to focus on building your practice and meeting the needs of your clients.
Whether you’re a lawyer looking to escape the corporate sector or a retired lawyer hoping to continue advising your clients, join Bamboo, where you’ll be given the framework and facilities to focus on serving your clients however you see fit.