Thinking of starting your own legal practice?
The legal sector is rapidly evolving. Clients have become savvier and want a more tailored approach to their legal services – they expect their lawyers to understand how their business works.
This has had a knock-on effect on lawyers themselves, who have become more entrepreneurial and ambitious and in-turn, expect more from their firms. They're looking for firms that encourage their entrepreneurial spirit and offer flexibility to both lawyers and clients.
However, many law firms haven’t caught up with this step-change and are still stuck in rigid structures, causing frustration for many lawyers who are watching the legal industry move forward while their environment stands still.
Numerous lawyers have responded to this frustration by starting their own legal firms. According to the Solicitors Regulation Authority (SRA), 533 new law firms have opened in the UK since January 2018. However, the transition from lawyer to business owner can be challenging.
This is where the Bamboo platform comes in. Bamboo is based on freedom and control for lawyers and those wishing to run a law brand, and combined with high-calibre back office support at its very core, it creates the conditions for exceptional people to flourish.
According to the Lexis Nexis Bellwether Report 2018, 47% of lawyers see themselves as entrepreneurial. It's this spirit, coupled with a frustration of traditional law firm models, that can drive a lawyer to setting up their own firm.
However, the true reality of setting up a business can be a sobering one. While it is true that a significant number of firms were set up in 2018, 353 firms ceased practice in the same period. The economics of a setting up your own firm, such as insurance, financial obligations and regulatory realities, can be difficult to juggle. Rather than setting up their own business, it may be better for lawyers to look for a firm that is better aligned with their ethos.
While 69% of lawyers believe that their firm is open to change, there is a disconnect when it comes to putting this belief into action. One solicitor was anonymously quoted in the Bellwether Report stating that ‘we sit down as a team and discuss strategy to move forward. But I don’t think it will happen because the partners aren’t those sort of people’.
It is so important for a lawyer to be in an environment where they feel their entrepreneurial spirit is impacting the business.
The Bamboo Platform
Bamboo provides a leading platform and community for lawyers to build their own practices. Comprehensive support from the Bamboo Hub Team, allows the lawyer to focus on providing quality legal advice to clients.
One of the many advantages of the Bamboo platform is that we encourage our 'Brands' (the term we use to refer to the law brands we support) to have flexibility in their work, and to take ownership of their own practices. We do this by guaranteeing they're fully supported from day one; with a comprehensive onboarding programme and bespoke personal business planning, we ensure that they have the freedom to build their practice as part of the Bamboo community.
We even manage back office processes such as SRA Authorisation and Professional Indemnity insurance and conduct client due diligence including enhanced ID verification for directors and individuals. We provide this support so our Brands can focus on delivering high quality legal advice to clients – we’re truly client centric.
So, if you’re a lawyer who has grown frustrated with the traditional law firm model and you’re thinking of stepping out on your own, a retiring lawyer looking to maintain your client base, or a completely new entrant to the legal market - join Bamboo, where you'll find a platform that allows you to express your individuality. Where you're given the freedom to serve your clients as you see fit within a flexible but clear framework. In an environment where your ambitions are respected and encouraged so you are able to grow your business on your own terms but still be part of a community. Where people are passionate about collaborating with each other; where you can be content in the knowledge that there is always a team supporting you, encouraging you and helping you deliver high-quality legal advice to your clients.