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The Easy Way To Launch Your Own Legal Practice In 2025
With the New Year only weeks away, you may have started to think about your career and personal goals for 2025. If you have achieved Associate or Senior Associate in one of the top American or UK law firms, you may be feeling like a whopping 75% of your colleagues, namely that the carrot of partnership no longer seems as tempting as it once did.
A January 2024 LexisNexis survey showed that only a quarter (25%) of associates at law firms want to make partner at their current firm within the next five years. This dropped down to 22% for lawyers at large law firms and 23% at medium-sized firms. Deborah Finkler, Managing Partner at Slaughter and May, told LexisNexis:
“Becoming a partner at a law firm requires a huge amount of work and commitment, and always has. This generation of associates are just more realistic about the likelihood of becoming a partner at their firm, and do not feel they need to pretend that staying and becoming a partner is their only option.”
Another significant finding was that 71% of Associates would put work-life balance in their top three most important priorities when looking for a new position. One Associate with over 10 years of experience put it bluntly:
“The model of earning as much work usually comes with gaining weight, making no progress outside of work, and becoming depressed and stressed. Then you need to spend all the extra money you have made on remedies to these effects. It is somewhat nonsensical.”
So, if making partner, with all the long hours, stress, and responsibility that goes with such a position no longer appeals, is there a way to make good money and have the prestige that comes with partnership without having to sacrifice your soul, health, and relationships? Yes, there is, via joining a New Model Law Firm.
What is a New Model Law Firm?
A New Model Law Firm is an Alternative Business Structure (ABS). The Legal Services Act 2007 (LSA 2007) allows non-lawyers to own and manage law firms. New Model Law Firms can offer entrepreneurial, flexible, non-traditional solutions for delivering legal services.
How do they work? Basically, lawyers who join New Model Law Firms are responsible for just one thing – providing exceptional legal advice and representation, as well as client care. Everything else is taken care of. Typically, a New Model Law Firm will provide:
– indemnity insurance
– case management software
– legal research databases
– cashier and administrative support
– marketing support
– expert advice from founding members
In exchange for complete back office, marketing, and technical support, you’ll pay a commission on the fees you earn.
Is there scope for referral work?
Depending on the New Model Law Firm, there may be referral work, but it is up to you whether you wish to accept it. If you are unable to take on a particular client’s work, you could also receive commission for referring work to another lawyer within the firm.
What are the start-up fees for New Model Law Firms?
Different firms will have their own policy on start-up fees. Some do not charge any fees, others offer start-up capital, and some charge substantial fees for joining.
Can entire law firms join a New Model Law Firm
Yes, in most cases firms can join. The advantages include being able to access the technology, marketing, and administrative support of the New Model Law Firm whilst retaining your current firm’s unique brand.
What are the advantages of joining a New Model Law Firm over opening as a sole practitioner?
Although becoming a sole practitioner may seem like a great lifestyle choice, chances are you’ll wind up working more hours than you did when you were an associate or partner.
The benefits of joining a New Model Law Firm include:
– You do not have to apply for SRA approval – the New Model Law Firm will be fully registered.
– No staff to manage – this is done by the New Model Law Firm management team.
– Indemnity insurance is taken care of – this is one of the most stressful parts of managing a legal practice. By joining a New Model Law Firm, you never have to think about PII.
– No income ceiling – apart from commission, what you earn is yours to keep.
– You set your own hours – how and when you work is entirely up to you.
– Little or no capital expenditure – depending on the New Model Law Firm, all you may need to start consulting is a laptop and a mobile phone. A case management system,legal library, marketing, and administrative costs/support all come as part of the package.
In addition, when you become a consultant at a New Model Law Firm, you actually get to practice law. Because all the administration, staffing, marketing, PII, and SRA compliance is taken care of, you can focus all your attention on your clients, your income, and creating a work-life balance that suits you and your family.
How Nexa Law can help you launch your own legal practice without prohibitive costs and stress
Unlike many other New Model Law Firms, Nexa eliminates all start-up costs. There are no hidden fees or financial burdens. All you need to begin is a compatible notebook PC, mobile device, printer, and basic stationery. In addition, we do not charge any excess on PI claims.
Joining Nexa Law allows you to transition seamlessly into the world of consultancy.
If you’re thinking of launching your own legal practice in 2025, please give us a call. We would love to hear about your commercial ambitions and tell you how we can support them.
Schedule a call or fill in our contact form.
We look forward to celebrating your success.
