Size does matter: Small law firms gearing up for success

Size does matter: Small law firms gearing up for success

At 95%, small law firms make up the majority of the current legal market. We look at the link between a firm’s size, and its ability to scale and grow effectively. 

Research conducted by LexisNexis [1] for the Bellwether Report series highlighted that small law firms are becoming more and more attractive to legal professionals as their chosen employer. The Bellwether Report, entitled, 'Is the Future Small?', surveyed solicitors currently working at small law firms, where the majority – 2 out of 3 of those surveyed – had previously worked in medium to top tier firms.

 

 

Currently, small law firms make up an overwhelming majority of the legal market, with 95% of firms earning under £500k and 50% earning less that £150k. 44% of the solicitors surveyed in the study said that they would consider working for a small firm in the future, with less than 2 in 10 citing that they would choose to work for a large firm. The benefits of small law firms were resoundingly clear: a better client experience, workplace efficiency, an agile approach, competitive pricing and the ability to remain in control. 

 

Advantages outweigh disadvantages in small law

 

Many of the positive attributes of small law firms relate to a lawyer’s ability to focus on their work, and their clients, as opposed to being bound by the high levels of bureaucracy typically associated with larger law firms.

What is evident is that solicitors who have worked hard to study law, have usually shown real commitment to their subject, a passion for the industry and their area of expertise. Therefore, it is perhaps unsurprising that so many are attracted to the qualities offered by smaller firms. Swifter decision-making, a greater control in their work, and a single point of contact managing client issues, all invaria

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About the author:
Amy is a content writer and marketing manager at LexisNexis. She previously worked as an independent writer and researcher, for clients such as, Unilever, Kantar TNS, The Soil Association, MasterCard and Lufthansa Airlines. She has written for national publications, including City A.M. and Financial IT. Amy now writes and plans editorial content for the LexisNexis Future of Law and In-House blogs, as well as reporting on industry events. She has a Bachelor's Degree in Italian and French from the University of Warwick.