Small firms gearing up for legal business success

Small firms gearing up for legal business success

At 95%, small law firms make up the majority of legal businesses. 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 business 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 legal businesses, 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 man

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About the author:

Amy leads the thought leadership and content strategy for LexisNexis UK. Her work appears in marketing campaigns, in industry press and in legal trade magazines. She is an established creative writer and researcher, with her articles appearing in national publications, such as City A.M. and Financial IT. She is also one of the writers and digital editors of LexisNexis' insights blogs including the Future of Law, and the In-house blog.