Senior lawyers are increasingly leaving Big Law to launch boutique firms of their own.
Building a successful boutique law practice requires more than legal talent. It demands strategic business infrastructure, which isn’t always considered at the early stages of a new firm.
New boutique firms often face three critical challenges that can derail early success.
The good news? Each one can be addressed by bringing on the right business professional:
- Founding partners spend hours on administrative work instead of billable work or client service: A business operations professional (such as an Executive Director, Firm Administrator, or an Office Manager) can focus on establishing strong systems, building processes, and handling the day-to-day management of the firm, allowing attorneys to focus on billable client work.
If you hire only one person in the first year, this is the position to fill. An operations professional brings mission-critical structure to the firm during its formative stage and scale capacity as the practice grows.
- Finding and attracting talent that fits the firm's culture, supports growth needs, and brings a book of business: Working with a professional who understands the nuances of lateral hiring takes a lot of pressure off the attorneys. This person can focus on evaluating attorney candidates who fit culturally, bring entrepreneurial skills that new firms require, and bring clients with them. These professionals need to understand the competitive landscape but also be adept at managing the recruitment process from sourcing through onboarding so that the firm builds a strong team quickly, establishes market presence, and expands capabilities.
- Limited visibility despite strong reputations: A marketing and business development professional helps firms gain visibility that attracts new clients and supports existing referring relationships. They also develop the firm’s differentiated brand identity, manage digital presence, coordinate thought leadership opportunities, and foster business development.
Starting a new firm is both exciting and daunting. Launching with some level of business support requires an upfront investment but allows the firm to grow more efficiently by protecting billable time from myriad distractions.
Despite the unknowns, these three roles are critical to building a business foundation that protects billable hours and allows founding partners to focus on what they do best.
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- Jason Caramanico