Have you become frustrated with the traditional models within the legal sector? Perhaps you want to break free from the competitive nature of working your way up the ladder, or wind down during retirement and take control of your client base on your own terms.

Setting up a law firm can be one of the biggest decisions you’ll ever make. It goes without saying that it isn’t an easy venture, but the rewards from being your own boss and managing your own business operations, for many, are worth it’s weight in gold.

Bamboo Platform are a full-service, flexible, regulated platform that builds a law firm for you so that you can concentrate on creating your brand. They’ve helped many aspiring business owners reach their goal of running their own operation, whilst reducing your risks and making your life easier.

Here are 4 key things to consider before setting up your own law firm, from the team at Bamboo Platform:

1. Do you have the finances to set up a new law firm?

Those who go down the DIY route of setting up a firm often borrow a large sum to buy into the equity and an uncertain future. Even when a group of lawyers decide to buy in to the process, the funds it takes to get the operation off the ground can be unattainable.

Bamboo Platform saves you money when it comes to set up and ongoing costs. Not only is there great monetary value in using Bamboo Platform, but they also provide the financial advice and support to help you scale and configure options to suit your growth plans.

2. Do you have extensive knowledge of running a business?

Those with an entrepreneurial outlook will consider setting up a new law firm an exciting challenge. However, with great challenge comes great responsibility.

You will need to manage regulators and insurers, write business plans, choose business systems, build regulatory controls, run bank accounts, handle client money, pay for regulatory audits and more.

Bamboo Platform takes away the hassle and issues of the day-to-day operations by providing you with the framework that allows you to carry out exceptional legal services without worrying about back-office operations.

3. Are you aware of compliance and regulatory requirements?

A big consideration when setting up own law firm is abiding by the rules and regulations bestowed on legal firms. It goes without saying that these can be complex orders and without proper knowledge, can leave you in hot water.

Bamboo Platform provide you with access to an SRA-regulated structure and assume the regulatory risk for you. This means your firm will be compliant with the relevant regulations, allowing you to demonstrate high standards to your clients and provide peace of mind.

4. Are you ready to leave behind traditional law practices and be your own boss?

There’s no denying that the legal sector has evolved at a rapid pace over the past decade. Now, in a digital-savvy world, clients have come to expect a tailored approach to legal services and expect their lawyers to understand how their business works.

Yet many law firms are still grounded in traditional ways of working, hindering those who want to think outside the box and provide a service with a difference.

If you’re an entrepreneurial lawyer and you’ve made the decision to start your own firm, it’s welcoming to know that the likes of Bamboo Platform exist, to provide you with a solid framework to thrive in your new venture.

More information:

Bamboo Platform is a law firming operating system provided by one of the leading alternative business structures (ABS) for law firms in the UK. Their white label platform enables lawyers and non-lawyers to set up a law firm using an SRA-regulated structure on their own terms under their own brand. To learn more, visit their website: https://www.bamboo-platform.com/

Source: https://thenewsfront.com/bamboo-platform-starting-a-law-firm-and-the-4-key-things-to-consider/