A recent report has concluded that large firms are now losing their talent to smaller competitors.
The Bellwether Report 2019: Stress in the Legal Profession found that despite numerous challenges, confidence in the legal market continues to grow to an extent that solicitors from large firms are now looking to move smaller practices. The benefits identified include the ability to remain in control, improved client experience and a reduction in administrative process.
The report also found that the main challenges facing solicitors were:
- over 80% expressed a concern that, if they did not have sufficient capacity, they would have to turn work away;
- 75% felt that the size of a small firm could be wrongly interpreted by some clients as lacking credibility;
- 90% were of the view that growing the business would be a major hurdle.
It is clear that there are numerous benefits in working within a smaller firm. With the advent of the freelance solicitor (or what will officially be called an ‘independent solicitor’) later this year, the legal services market will open itself up to a new type of business model.
If you are considering leaving your current role to set up or work for a smaller firm, Compliance Legal can help ensure the process of applying for SRA approval runs smoothly and efficiently.
We can also assist in identifying potential areas of growth and help develop your business in an increasingly changing legal services market. Contact us today for a free consultation.