Part 1: Is this the jolt you need to get started?
RCR helps boutique law firms start up and grow. In this series of articles and interviews we’ll be talking to a number of lawyers who have set up their own specialist firm about what inspired them, what success looks like and what lessons they can share. We’ll also be drawing on our own experience of how to generate the vision, energy and revenue that’s needed for success and talking to other expert advisors who can help steer a start-up legal enterprise.
On average, 46 new law firms were set up every month for the last two years, according to the Solicitors Regulation Authority. How many of those are specialist, niche firms is not clear but given this has been a major growth area over the last decade it’s likely to be a significant number.
Thanks to the effects of the lockdown, and based on anecdotal evidence, it seems likely that number will increase over the coming months. Sometimes it takes a jolt to help us make a change, whether that’s financial or emotional, and the current lockdown and probable economic downturn that is to come are likely to act as that kind of catalyst.
We have worked with a number of boutique or specialist law firms that were established in the aftermath of the 2008/9 economic crisis. In some cases, their founders set them up because of problems at their existing firms which meant they saw a downturn in drawings, reduced chances of promotion to partner, or even redundancy. In others, a lack of work or a change in circumstances gave them the chance to consider what they really wanted out of life. And in yet others, they had a vision of something better or different that they wanted to create.
We’re aware of a number of lawyers for whom the current situation is creating that same jolt effect. They’re asking questions about whether their current situation is right for them in terms of professional satisfaction, remuneration, or work/life balance – or a combination of all three. Starting a business isn’t for everyone but many lawyers are considering whether the time is right to take that step.
In this series of blogs over the next few weeks we’re going to take a look at the questions that you need to ask yourself, the advice that you might need to take and, most importantly, the inspiration that can be taken from those who’ve been and done it.
Drawing on our own experience, and our interviews with advisors and lawyers who’ve started their own firms, we’ll be looking at some of the key elements of success including:
- Articulating your vision
- Energy and motivation
- Positioning for growth
- Where to focus your marketing and BD
- Legal considerations and regulation
- Financial issues and funding your start-up
- The pitfalls to avoid
- Turning intentions into action
- Assembling the right team
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