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How The Model Works for Individual Lawyers
Our business model enables you to re-structure your modus-operandi. Not only do you retain up to 80% of all future billings but we provide all the back-up services and support for you to seamlessly continue to trade without all the burdens associated with running a law firm. In addition, if you have the ambition, we will help you to expand the client base.
Taking the Firm, A & Co. above as our example:
A (which in this case, means you!) will set up a limited company, A & Co. which must be 100% owned by you. Your new Company will execute a Consultancy Agreement with Lawyers Inc. entitling it to receive up to 80% of the gross fee billing in the future, subject to the deductions set out below. We refer to your new company as a ‘pod’.
‘The pod is the new entity which has the ability to expand at your discretion. You may ask us to employ additional lawyers on your Pod’s behalf or take on consultants to join your pod.’
For expansion, please see How the Model Works for Law Firms for details.
The only expenses which your new Company may incur include:
- the rent of any offices where required
- expenses including a laptop, digital dictation machine, practising certificate, scanner/printer and mobile phone (total average approximately £1,000 pa per lawyer).
You may request Lawyers Inc. to retain the service of non-fee earning support staff such as a favourite PA or receptionist but that would be re-charged.
As you have seen on the previous tab, Lawyers Inc. provides everything else you need to practise including:
- Triple A rated Professional Indemnity Insurance
- Online precedents and legal database
- Cyber compliant IT systems
- Accountancy services
- File management systems
- Secretarial support
- Reception support
- COLP/COFA Management
- PR, marketing services and virtual media support
- Invoicing and credit control
- Personal Support Lawyers
- Bespoke Website
Prior to the commencement date, you will receive full training to use all the administrative, secretarial and IT back-up provided by Lawyers Inc. to ensure you are comfortable with all new software.
Thereafter, your new Pod, A and Co. part of Lawyers Inc. will seamlessly continue to practise under the auspices of Lawyers Inc. (the commencement date).
From the commencement date, all billing will automatically follow the procedures set out by Lawyers Inc.
It is important to note that all the Consultants are paid monthly based on client bills paid. Lawyers Inc. will continue to pay your previous associate fee earners on the same basis as before. These will be then charged back on your monthly statements.