In recent years, the legal profession has experienced a significant shift, mirroring trends seen in other industries that have embraced the gig economy. Here, Daniel Adams, founder of commercial law firm Arbor Law, offers five key tips for lawyers wanting to embrace the new gig economy.
Clients are increasingly seeking high quality cost-effective, flexible legal services, without the extortionate rates charged by big city law firms. This has created an opportunity to disrupt the traditional business model. At the same time, the growing availability of technology and the emergence of hybrid working practices has empowered lawyers to manage their work independently.
However, going it alone is not without its risks and in this new gig economy, different business models have emerged to try and offer the best of both worlds. Here are my top five tips for lawyers looking to thrive in the gig economy landscape.
Know your options
Traditional big city law firms and freelancers operating as sole practitioners are opposite ends of the spectrum, but a range of alternatives have emerged in the middle.
For example, platforms that provide revenue sharing models allow experienced lawyers to offer quality legal services while working in a more flexible way. The firm will provide a platform that avoids the regulatory challenges of operating as a freelancer on your own, while allowing you to take a large proportion of the revenue that is generated. By cutting out the large overheads that a traditional law firm would have, this model can be very lucrative for lawyers who are good at winning business.
Bring your own clients
Being able to bring over or win your own clients is a massive advantage in this new landscape. A major challenge for operating as a freelancer is ensuring a steady supply of work. Many lawyers might have plenty of technical expertise, but bringing on new clients requires a specific skillset that even some of greatest legal minds are lacking.
On the other hand, those that are particularly adept at winning clients can easily find that working on their own means they have too much on their plate at once. In this instance, firms that have adapted to more flexible working patterns appeal to those who want the freedom that freelancing can provide but are able to share the increased workload with a team of lawyers.
Decide whether you want to specialise
Most clients will typically want legal advice in more than one area. If you are going to provide this as a sole practitioner, ask yourself whether you are comfortable becoming a jack of all trades. If specialising is important to you, then seeking a platform that gives you the opportunity to retain your specialism and work with others when required might be the best compromise.
Build a brand
The old saying that “you don’t get fired for buying IBM” is relevant here. Although the dominance of big city firms may be waning, most people feel more secure contracting the services of a firm, rather than an individual. Getting legal advice is different from hiring a handyman and the reputation a firm has helps reassure clients they are in safe hands. If you are going to do it all yourself, you will need to invest a lot in building your brand.
Don’t get lonely
You can also deprive yourself of the benefits of collaboration and shared expertise you get when working with a team. Becoming a freelance lawyer doesn’t need to mean you are working on your own, as different legal services providers offer different models that carry some of the back-office functions of a traditional law firm.
If you think you want the benefits of having a team of lawyers alongside you, there are plenty of options for you to get that support while still embracing a career as a freelance lawyer. At Arbor Law, our revenue sharing model aims to give aspiring freelance lawyers the best of both worlds: the freedom and autonomy of freelancing, with the back-office functions of an established law firm. Find out more at arbor.law
The Arbor Law legal team have all previously worked for top tier global law firms and as senior in- house lawyers in companies from multinationals to fast growth start-ups. Established in 2019, Arbor Law has developed a reputation for delivering exceptional legal solutions tailored to the unique needs of its clients and was recently recognised by Legal 500 as a “Firm to Watch”. Its core sectors include technology, media, telecoms, fin-tech, financial services, energy and infrastructure.
