For those who want to set up an alternative business structure (ABS) law firm, it can be a daunting prospect. On one hand you have the entrepreneurial spirit and drive to create your own brand, do things your own way, and build your own business. On the other, the sheer complexity of setting up an ABS law firm, dealing with regulators, insurers, and back-office business operations, is the stuff of nightmares.
Bamboo is a flexible law firm support framework that helps both lawyers and non-lawyers start their own firm. Taking care of much of the annoyances and complexities associated with bringing an ABS law firm to market, it’s SRA (Solicitors Regulation Authority) -regulated structure provides you with an out-of-the-box platform to run your own operation with ease.
Below, we dive into the detail of what an ABS is, and outline how Bamboo Platform is the ultimate solution for those who want to set up an ABS law firm:
- What is an alternative business structure (ABS) law firm?
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.
- What is the Bamboo Platform?
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.
- What are the benefits of setting up an ABS law firm via the Bamboo Platform?
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:
- It saves you time and money
- You don’t have to spend months on applications
- You don’t have to procure systems and applications
- It takes care of regulation, insurance, systems, compliance, legal cashiering for your invoicing and credit control, handling client money and SRA audits
- It’s perfect for experienced lawyers who want to run their own firm
- It’s perfect for new market entrants who want to develop their legal offering
- It can be used by accountants and financial advisors wanting to enter the legal market
- It gives you the time and space to focus on your services, and your brand
- There is an abundance of additional services that can help you to scale, such as recruitment, branding, marketing, premises procurement, financial services and more
Want to know how to set up an ABS law firm?
Whilst you can go down the DIY route, the quickest, safest, and most efficient way to enter the market is through partnering with Bamboo. As it’s completely white label, you can operate with confidence, creating a brand that represents you, whilst providing legal services that suit your interests and ambitions.
Bamboo is a law firm operating system provided by one of the leading alternative business structures (ABS) for law firms in the UK. Their white label platform enables lawyers and non-lawyers to set up a law firm using an SRA-regulated structure on their own terms under their own brand. To learn more, visit their website: https://www.bamboo-platform.com/