Report reveals optimism from sole practitioners & small firms
Four out of five sole practitioners and small independent firms consider themselves “stable or growing”, as a new breed of business-savvy lawyers emerge from the recession.
Part one of the LexisNexis Bellwether Report 2014: Brave New World was published this week (free to download), one year on from the Jackson reforms and LASPO. It identifies new working practices, increased optimism and the emergence of a new breed of entrepreneurial lawyer.
Twice as many lawyers as last year said they are confident about the future. More than two-thirds of independent firms recognise that they can never stand still, and are “actively embracing change”.
However, the firms acknowledge they face many challenges, with compliance the number one concern for more than three-quarters of the 170 lawyers interviewed. Attracting new business and keeping up to date with industry changes, processes and systems ranked high on the list of worries for more than 70% of respondents.
Firms also expressed worry about their lack of exit strategies—even among those aged 50-60 years old, only one in four had a plan in place.
However, the lawyers showed an enthusiasm for their jobs and confidence in the future of the profession. One respondent says: “There will only be two types of law firm left, massive ones and tiny niche ones like ourselves. I don’t mind working hard for this, as long as the rewards are still there.”
Part two of the report, covering the characteristics of the new lawyer entrepreneur, implementing change and management success, will be published in May.
