As a company that has been at the forefront of transformation in the legal sector since launching in 2014, Carbon Law Partners continue to lead the way with the launch of their shared ownership model.
The new-model law firm which has offices in Cardiff, Bristol and London, gives partners and staff the opportunity to buy stakes of the equity, with two-thirds of the team having done so to-date. Whilst the move empowers existing stakeholders to share in the success that Carbon generates, it is also attracting ambitious lawyers to partner with the firm, giving them the opportunity to take control of their legal careers, benefit from a framework of back-office services and support, and be a part of an ABS law firm culture and ethos.
The shared ownership model is self-subbed as the ‘Flourish’ model. Carbon Law Partners believe this way of working empowers individuals to succeed, moving away from the traditional and outdated approach of law firms across the country, and switching focus to a hybrid model that promotes self-development and standard setting alongside shared success.
Below, we detail the ‘Flourish’ shared ownership model from Carbon Law Partners, and examine the growing trend of law practices that offer lawyers and staff shares in ownership:
What is the ‘Flourish’ shared ownership model from Carbon Law Partners?
The ‘Flourish’ shared ownership model from Carbon Law Partners gives existing and new partners the opportunity to buy shares in the ownership of the company. For the model to work, Carbon Law Partners need to ensure that those who choose to invest are truly bought into the idea of shared ownership, and who have the talent, ambition, and values required to build something with capital value that delivers outstanding quality to clients.
Through investing, lawyers and partners have the opportunity to take control of their legal careers without the hassle of managing back-office systems, administration, regulation and more. Carbon Law Partners provide everything a lawyer needs to flourish and set up their own practice, from a team of dedicated hub staff that handle the day-to-day management and legal administration processes, to a culture of generating success to shape and drive the future of the law firm.
Why are more lawyers opting to move to shared-ownership law firms?
The shared ownership model is beneficial in a number of ways. The entrepreneurial spirit and drive of lawyers, staff and owners creates an environment that promotes a shared vision of success. Not only are lawyers free to carry out their legal services in a way that embodies their vision of progression and career growth, but they continue to be part of a larger entity that encourages quality, equity and community.
One of the key benefits is that lawyers are essentially setting up their own legal firms without being required to handle all of the inconveniences of running their own practice. Many lawyers simply want the freedom to do what they enjoy doing, working with their preferred style of law or client, without having to worry about regulation, payroll, back-office software and more.
Is this the future of law firms?
As more law firms begin to adopt the shared ownership model and the approach continues to shape the landscape of legal services, Carbon Law Partners are proud to be one of the leaders in this space. With plans to make further tranches of equity available on a reasonably regular basis, Carbon Law believe there has never been a better time for lawyers to leave the outdated world of traditional law and join an ABS law firm model.
Established in 2014 by Michael Burne, Carbon Law Partners was created to provide a platform for lawyers and clients to connect in ways not possible in traditional or consultant solicitor law firms. Carbon Law Partners provide you with everything you need to start your own legal practice. Forget the hassle of running a business and focus on delivering quality legal advice to clients. Whilst you do that, you get to set your own quality standards, build a practice with capital value and share in our success as a firm.