Build your business within AB

Evening the playing field with BigLaw

Anyone who has started their own legal firm will tell you that working alone, or in very small practice, has its own challenges.

There are many things that you have to build from scratch that you simply took for granted when you were working for a firm - and a seemingly endless stream of administrative tasks which take you away from what you should really be doing: doing great work, and growing your business. The reality is that most of the advantages that larger firms have stem from simple economies of scale. By teaming up, we can level the playing field.

What exactly do we mean? Read on.

Referrals + Networks

Let's face it – business development is not a skill that comes naturally to the average lawyer, yet many large law firms can afford to promote partners who have very limited skills in this area because they know they can source the workflow from their established business – the referral network is everything. Not only do partners benefit from having work referred to them, but they are also able to, at least indirectly, monetize their own referrals by keeping them within the firm. This can even allow for a more specialised structure where certain partners can take on a ‘rainmaker’ role where they focus almost solely on business development.

For boutiques and sole practitioners, referrals generally operate on an informal basis, and few opportunities exist to generate immediate and tangible value from them. At AB, we believe that significant value can be generated for all sides of the equation by implementing a transparent and commercial structure around referrals (whether internal or external). And that’s exactly what we’ve done.

Business Development + Marketing

While LinkedIn makes us cringe as much as the next person, the reality is that any successful lawyer needs a business development approach that relies on more than just word of mouth. Most of us are natural problem solvers, but not natural marketers - and the result is that the large majority of sole practitioners and small firms simply don’t have a cohesive business development strategy. Many lawyers in larger firms never need to worry about this often they can rely solely on the referrals from within their own firm supported by a recognised brand. At AB we aim to provide all of the above. Not only do we have an effective referral structure (see above), but we have established approaches to branding, product definition, and lead generation - and we are more than happy to work with every new member of our team to help them instill these practices into their business.

Leverage + Junior Support

When you start your own business, one of the biggest hurdles is committing to hiring your first few employees. When your annual revenue is below a certain level, hiring a junior is truly daunting as it directly impacts your own lifestyle. Yet the hard truth is that until you do, it’s very difficult for your business to scale, and you never get to benefit from the leverage model that drives true profitability in our industry. Working without the right support is also fundamentally inefficient and even frustrating, as you will spend your time doing work that simply does not require your level of expertise or experience. The solution? What if you could have access to junior legal support for exactly as much time as you need. At AB, you can have access to paralegals and lawyers to help out on your files on terms where you can make your own margin on their time. Invest your newfound free time in business development, and you are on your way to genuine practice growth.

Camaraderie + Community

Having your own business is lonely. While none of us miss the unavoidable psychopathic stakeholders that are endemic throughout the corporate world, many of us still have close friendship groups that were often forged in the fires of law firm life. The fact is, lawyers are awesome – most of us are eccentrics with an endless supply of intellectual curiosity (even if we sometimes don’t have the energy to let it flourish) – and we make great friends and colleagues. While we have rarely been disappointed when reaching out to other firms and practitioners, it’s just not the same as being a part of a team. Even the simple ability to ask a colleague a quick question can be invaluable, not to mention opportunities to collaborate on more complex matters. In the current technological climate, it’s never been easier to create a team atmosphere no-matter where you are, and at AB we aim to create as many touchpoints between our lawyers as we can – whether over Teams or a glass of wine (or several).   

Administration + Operations

One of the hard-learned lessons of starting your own business is that doing the work is only the beginning. Converting that work into paid revenue is another journey all of its own that starts with costs agreements and spans many steps including time recording, invoicing, trust accounts, and payment options. Good financial hygiene is an administrative nightmare, and it can take months and sometimes years to get all the systems in place and properly operating. We have been through all the pain and have practice management software and invoicing support, as well as trust accounts, credit and instalment based payment facilities, third-party invoice financing options, and even access to litigation funders. Not only that, but we cover your insurance, and we can also support any business structure that you prefer - whether that’s working via your own company, or through an employee relationship. The goal is always to allow every lawyer to focus on what they are best at, and minimise time spent on everything else.

Next Steps?

If you think AB might be the right place for you, and you want further details about how our equity model works - please just send us an email using the button below.