Bamboo Platform

Alternative business structures for law firms were introduced as part of The Legal Services Act 2007 (LSA 2007). To shake up the tired and traditional world of legal services, this new approach allows both lawyers and non-lawyers to set up, invest in, and own law firms. As a law firm operating within an ABS structure, you will still have to adhere to the rules and regulations of the necessary bodies (such as the SRA), but this structure allows you to break free from the often out-of-touch and corporate world of law. Whereas in traditional firms there is a step-by-step process for climbing up the promotional ladder, facing off vigorous competition, with the aim often being to become a managing partner, that dog-eat-dog approach doesn’t have to exist within an ABS. Instead, the firm can operate as it sees fit – investors can be managing partners, lawyers can provide legal services, marketeers can take care of the brand and digital estate, and so on. Essentially, an ABS law firm isn’t shackled by the tired processes often bestowed on traditional law firms and allows lawyers and non-lawyers to start their own firm, in a way that suits them.

The Bamboo Platform was created to provide those wishing to start an ABS law firm with everything they need, out-of-the-box. It is an efficient and scalable law firm framework to work within, enabling business owners to provide exceptional legal services to their clients without worrying about back-office operations. If you were to start up your own ABS law firm without Bamboo you’d have to submit the necessary SRA ABS application, navigate regulators, insurers, write plans, choose systems, build regulatory controls, run bank accounts, handle client money, pay for regulatory audits, and should you decide to stop operating, pay for run off insurance cover or find a buyer. To suggest that most new ABS law firms have the expertise, finances, or willingness to handle the above is simply misguided. This is why the Bamboo Platform exists. It handles all of the above, and much more, leaving you to actually start and run your ABS law firm.

Ultimately, Bamboo gives you the confidence to set up a law firm. If you’ve got a brand you trust, you’re looking to retire from traditional law and run your own operation, you want to expand your current product by adding legal services, or you’re an established law firm taking the next step, here are just some of the benefits of choosing Bamboo:

The SRA are the Solicitors Regulation Authority who govern solicitors in England and Wales. They do this through a set of rules and regulations that all law firms and solicitors must follow.

The regulations are complex and thorough. They cover everything from the fundamental tenets of ethical behavior, codes of conduct for solicitors and firms, how you deal with money belonging to clients, criteria you must meet in order to start a firm, insurances and much more.

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.

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.

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.