Going it alone?

Have you ever dreamed of starting your own law firm? Where you’re the boss and you don’t have to dance to anyone else’s tune? A law firm that puts you in control of your destiny and which gives your clients the experience they deserve? Maybe even a law firm that puts a bit more money in your pocket compared to the traditional partnership model?

For many lawyers this may be the dream. But have you considered the reality of running your own law firm? A number of Consultant lawyers at nexa law have previously run their own firms, so we got the low down from them about what it’s like.

Whilst you may not have to sit in endless Partners’ meetings when you run your own firm, you still have an awful lot of administration to contend with. Here’s what you might need to worry about at the helm of your own firm:

• Compliance with SRA rules, procedures and reporting requirements and payment of SRA fees
• Insurance renewals, reporting and claims handling
• Managing staff and addressing HR matters, policies and procedures
• Dealing with financial management, accounting and banking
• Compliance with training and CPD requirements for you and your team
• Compliance with anti-money laundering procedures and reporting
• Who to refer other specialist work to and receive second opinions from
  Managing and overseeing your IT systems
• Reviewing and negotiating supplier contracts for IT, accounting, training and regulatory support as well as premises leases.
• Marketing your practice, managing the website and social media accounts
• And dealing with every problem, question or query which ever arises relating to the management of your firm!

So, you have to ask yourself… is this why you wanted to start your own law firm? Until recently you had little choice but to go it alone if you wanted to break away from the confines of a traditional law firm. But now there is another way! You can join nexa law to enjoy all of the freedom of working for yourself but without the hassle of running a law firm.

At nexa law, we deliver all of the compliance, insurance and IT services you need to practise on your own account, but with none of the pain of running your own firm. We take on all of the responsibility of managing the firm while you get on and advise your clients. We can’t see why you’d take on the stress of running your own firm, unless your dream job is balancing endless compliance, insurance and regulatory tasks with trying to make a living!

What’s more, there are no start up costs to join nexa and you can be ready to start earning money straight away. Not to mention the fact that if you ever decided that you wanted to return to traditional employment or partnership (not that we can see why you would!) you won’t be lumbered with the run-off cover which you’re required to pay were you to close down your own firm.

If you want the freedom of running your own legal practice without any of the hassle of running your own firm, get in touch with nexa law today! At nexa law, we are passionate about giving you the best Choice, Culture and Commercial deal of any new model law firm. For an informal chat about your options, arrange to speak to Nigel Clark, our Sales & Recruitment Director, using nigel.clark@nexa.law