It has been long believed that solo and small firm practice is the best kept secret of the legal profession. According to the author of this article Solos Are the Future? Not News To Us But Good News Nonetheless even as big law fell from grace, the legal profession continued to focus on saving big law rather than exploring the viability of solo and small firm business models as a path to the future, but after all of this time, solo and small firm practice is receiving the recognition and respect that it deserves.
In fact, solos and smalls are thriving in the UK, succeeding even against non-lawyer owned and well-capitalized alternative business structures. As Legal Futures reports, LexisNexis’s Business of Law blog recently commissioned a survey on solo and small firms in the UK, which found that in spite of a recession, 82 percent of participants reported that their practices were stable or had grown during that period. The report also observed a “successful new breed of entrepreneur” among solos and smalls, with practices were experiencing faster growth than the average.
Do you agree with this article that others are now “finally” recognizing the value of solo and small firm practices?
This article is courtesy of myShingle.com.