'Umbrella' law firm Lawyers Inc. has been recognised in the legal sector's Modern Law Awards 2016. The firm was Highly Commended in the Supporting The Industry (1-25 employees) category of the national awards, which were presented on Thursday November 10, as well as being shortlisted for Innovation Of The Year for its pioneering business approach.
Lawyers Inc., which only began trading in December 2015, has brought a new model to the legal sector under which lawyers can practice. Its unique 'pod' concept enables individual lawyers, legal teams or entire law firms to quickly and easily join its substantial law firm, which is demonstrating highly successful ways of working.
Lawyers run their own 'pod' with full support, including having all of their background administration and legislative obligations taken care off, leaving them free to look after their clients. As well as having financial security and being able to enhance their potential earning capacity, lawyers are fully supported by Lawyers Inc. to develop and grow their 'pod', whilst putting in place exit strategy and succession plans for the future, career paths for junior lawyers and being able to earn income post-retirement.
Each 'pod' is run to work flexibly around lawyers’ own desired work/life balance and lifestyle. They retain practical autonomy, keep their own clients, stay in their own offices with their own support lawyers if they wish and retain their firm's name as part of Lawyers Inc.
Ten lawyers are already successfully working under the Lawyers Inc. umbrella with average net earnings for each lawyer having already increased by a staggering 48 per cent.
Lawyers Inc. was launched by lawyers and long-standing friends Martyn Caplan and David Tucker who recognised that many law firms are struggling in the modern environment, with a growing number of lawyers feeling disillusioned and weighed down by being "trapped" in their own practice.
"Today's law firms are carrying heavy regulatory and financial burdens, the management of which take lawyers away from working with clients and fee earning. With additional headaches like having to put in place significant run-off insurance and fewer junior lawyers being prepared to invest and take succession when partners retire, many lawyers are in despair at how they can take their firm forward or even survive," explains Martyn.
"The Lawyer Inc. solution takes care of all those concerns. In return for a percentage of fees earned, lawyers have access to all the day-to-day and business development support they need, with help to plan for a bright future and put in place succession plans. We have had sensational feedback from the lawyers who have joined us, who are now re-energised to build their businesses and plan that will long continue.
"We have also worked hard to build an excellent infrastructure to manage the administrative side of our business, with resources including Quill's outsourced cashiering and payroll services. Having this 'backbone' in place to provide full support to our lawyers, whilst ensuring we can concentrate on growing our business and theirs, has certainly contributed to our success."
"We are thrilled that our model has been recognised as supporting the industry and for its innovative approach. It is unique in a number of ways, not least in that entire firms can join us," adds David Tucker. "It has taken us two years to develop and significant investment, but now there is a real opportunity for lawyers to enjoy a happier working life and future. We believe we are at the absolute cutting-edge and will change the way groups of lawyers will operate in the future."