Firm Links

Azrights has set up a networking group for small law firms (of fewer than 5 partners). It is called Firm Links.

Its purpose is to afford small law firms an opportunity to discuss matters of mutual interest. It will provide a perfect environment for generating new ideas, exchanging experiences, hearing other people’s views and therefore gaining a different perspective.

The first discussion forum is taking place at a central London location on Tuesday 2nd June, 2009 over breakfast. The cost to attend is £20 plus VAT. So far we have invited solicitors known to us through networking.

There is no limit to the number of solicitors who may be added to the invitation list. The way Firm Links works is that the first 25 solicitors to accept an invitation for a meeting will attend the meeting for that month. So, there is no obligation to attend regularly.

More about Firm Links

Small practices face unique challenges – particularly in the light of the changes brought about by the Legal Services Act and the likely increased costs of regulation. By getting together and discussing business matters with other law firms we aim to find solutions and generate new creative ways of improving our individual businesses.

Apart from picking up useful information, participants will make new contacts with a variety of other lawyers. The meetings will begin with an opportunity for each participant to give a 1-2 minute ‘elevator speech’ to introduce themselves to the group. We advise bringing plenty of business cards to pass around.

Firm Links will usually meet once a month over breakfast, but we may also arrange other events too. (Only one representative of a law firm may attend the same meeting, although more than one solicitor from that firm may be on the invitation list). There is no restriction on the number of lawyers specialising in a given area of law. The only absolute rule for now is that if a firm grows to more than 5 partners it will no longer be eligible to attend Firm Links.

Topic for 2nd June discussion - Professional Indemnity Insurance

The topic for discussion is Insurance following last year’s difficult PI renewal situation. The Gazette reported on 23 April that this year is also going to be a difficult renewal situation. With the current economic downturn, and the increasingly competitive landscape on the horizon, what impact does another adverse insurance season have on small firms? Does the current insurance problem have the potential to force the closure of yet more law firms? What are your thoughts on what the insurers will be looking out for? Have you developed or implemented any changes that might have a beneficial impact on your insurance renewal experience this year? What preparation can we make? Is Lexcel relevant to small firms? Does it help?

The Law Society has also produced a practice note on a dedicated website and is running CPD seminars, as part of its tool kit to help members “more effectively prepare their firms for obtaining or renewing their PII and developing best practice approaches for the long term.”

If you do not want miss out on the first meeting on 2nd June, then please email us here before 28th May. Email the same address if you would like to be added to the invitation list for future meetings.

Food for thought for IP lawyers

Times are tough – and in some ways, perhaps more so for sole practitioner solicitors in the increasingly onerous regulatory climate being imposed by the Solicitors Regulation Authority. Running a business for a ‘one man band’ is hard enough – never mind once you add into the equation an extra layer of compliance obligations.

Clearly the new era of regulation will make it untenable eventually for true sole practices to continue in business. This is already evident from anecdotal stories of lawyers being refused insurance to set up new sole practices. How many of us are now waiting anxiously to find out the new premiums our insurers will impose? It is traditionally one of the worst times of the year for small firms of solicitors. On top of that is the impending difficulty small firms are expected to face in responding to the new questions the SRA will ask at practising certificate renewal time.

So, when a fellow sole practitioner mentioned that he was considering closing his practice, paying run off cover, and re-establishing himself as an IP consultancy, I thought there must be a better way. Surely it should be possible for highly skilled IP lawyers to be able to use their skills and solicitor title without having to run their own businesses, or go and find a job in a law firm. Many lawyers simply want to get on with their client work. They are not interested in running a business, especially one which involves spending more and more time familiarising themselves with and implementing an array of new regulations.

Then it occurred to me that perhaps I could help my friend, and he could help me. I want to grow Azrights into a top notch IP and Technology practice , and would welcome experienced lawyers on board to help achieve this. By joining Azrights as self employed lawyers, my friend and others would be able to continue working as solicitors, based either at home, or in their own offices anywhere in the country. They would continue to act for their own clients, except that they would do so under the Azright brand.

Among the benefits to them would be leaving all the regulatory and client account headaches to Azrights to manage. We would also provide the IT and email infrastructure to enable remote working. An added bonus is our website and blog which will soon appear prominently in search engines, providing an excellent resource for marketing. Lawyers in the network will be part of a firm, and will have opportunities for interacting with each other and giving and getting cross referrals. Further benefits include access to administrative and junior legal staff so that there is the option to delegate work which should be done at a more junior level,.

Clearly there is a huge difference between the network of lawyers I have in mind for Azrights, and some other types of lawyer networks, which are really only agents collecting revenue from the fees generated by self employed lawyers. If any IP solicitors out there are interested in discussing the possibility of joining Azrights network please get in touch.