The administrative burden of running an authorised sole legal practice in the UK is growing year-on-year.
The cost of professional indemnity insurance, and even the availability of such insurance, is increasingly prohibitive.
The emergence of legal technologies, and the requirement to educate oneself on how to leverage today’s technologies, is a further challenge. Licence fees are too high to make sense for many sole practitioners and the learning curve can be steep alongside multiple commitments.
Continued cybersecurity threats mean sole practitioners also have to dedicate time to understanding their information security obligations, which also detracts from accomplishing their goals.
And inevitably, despite the benefits of independence in sole practice, many sole practitioners become a little isolated and do not benefit from referred work in perhaps the same way as partners in a traditional law firm.
Finally, with nobody responsible for directing sole practitioners’ training and professional development, both seeking and self-funding training opportunities causes a further drag on time and resources.
In our experience, sole practitioners want to focus their time on advising their clients and growing their business, but as the administrative and infrastructure burden become increasingly complicated, so sole practitioners have less and less time to focus on their goals.
That’s why at Clearlake we’ve created a unique and collaborative law firm to empower and support independent lawyers to grow their own businesses.
At Clearlake, our partners maintain full control over their practice, whilst we provide world-class infrastructure and handle their entire back office behind the scenes.
By joining Clearlake, our lawyers become part of our collaborative partnership of business lawyers, sharing ideas and referring work to one another.
Our lawyers can focus on their clients and growing their business, whilst we take care of everything else.
If you are interested to learn what a switch to full equity partner in the next generation law firm might look like, why not get in touch with us today to learn more.