There is an alternative solution if you seek all the flexibility and freedom of setting up your own law firm but wish to avoid the investment inherent in setting up a law firm.
The solution is the dispersed law firm. There are around 20 such firms at the time of writing, but that number is growing every month. Dispersed law firms take care of the regulation, administration and support that you, as a law firm partner, will need leaving you free to work with your client in the most appropriate manner.
In place of the traditional partnership profit share, lawyers in dispersed law firms receive a sum equal to the fee paid by the client, less a percentage retained in respect of the firm’s support services. The percentages retained by dispersed law firms vary from firm to firm and generally range from 25% to 50%.
Dispersed law firms can offer a range of facilities. The market leader, and the firm which offers the widest range of facilities is Keystone Law. Keystone’s offering includes insurance, office space, legal cashiers, colleagues, paralegals, legal library tools, compliance, marketing, PR, post and call handling and a bespoke intranet which provides a simple way of undertaking all legal administration such as opening files, issuing a bill, sending funds, tracking your billings and monitoring your personal income. Dispersed firms don’t just offer a wider range of support services, they offer a purpose-built and higher level of service. Dispersed law firms are, by their very nature, bigger beasts, and have significant expertise, more man power and better buying power. Accordingly and for example, their PI will be higher, their websites richer and better presented and their brands will already be well developed.
Essentially good dispersed firms offer all the best elements of private practice, even social activities, CPD and a healthy camaraderie, but without the downsides such as office politics, commuting, billing targets and management obligations. For the inside track on working at a dispersed law firm see www.lawsetfree.com.
There is an alternative solution if you seek all the flexibility and freedom of setting up your own law firm but wish to avoid the investment inherent in setting up.