Paul Hutchinson Head of Legal Practice Hutchinson Legal & Associates Limited

Transcription

1 Paul Hutchinson Head of Legal Practice Hutchinson Legal & Associates Limited Reaping the rewards and avoiding the mistakes Aberystwyth Oct 2012

2 Summary: My legal career so far (post Aberystwyth) Setting up a legal practice the challenges Alternative legal careers The ideal job applicant

3 My Legal Career So Far: Legal Budgets Limited Jim Diamond Costs Lawyer County Court Advocacy / Negotiations Lyons Davidson Solicitors Costs Consultant MOD PI Cases Some liability / quantum hearings RAC Solicitors RAC Members RTA / PI Head of Legal Practice And that s when it all went wrong..

4 Rebuilding the Shattered Dream: List of stuff needed to set up law firm: 1 qualified lawyer 1 internet connection please not dial-up 1 PC and printer 2 reams of paper (one preferably a different colour to the other) 1 long telephone extension cable 1 house (preferably mortgaged but rented is fine) Business knowledge / enthusiasm is optional..

5 Optional Extras: 1 friend (preferably local) 1 bottle of wine (possibly 2 or 3) 1 conversation with friend about wife who is an IFA

6 Setting up a Legal Practice : Fundamental questions to be answered: Areas of specialism: generalist v specialist How much do I charge? Where will my clients come from? Referrals what are they? Website Other media Service Levels / Terms of Business OFT Approval Geographical Areas: local business v nationwide presence But I have to do this all myself

7 Marketing / Advertising (1): One of the most important activities for any business: Website: Go to a specialist! One-off fee Keep it updated / relevant SEO

8 Marketing / Advertising (2): One of the most important activities for any business: Social Media: LinkedIn connections / referrals Twitter keep it fun, keep it relevant Facebook still more of a personal thing? Remember to link them all together (Hootsuite)

9 Marketing / Advertising (3): One of the most important activities for any business: Other Media: Online directories (FreeIndex etc) usually free Newspapers cost? Target audience? Leaflet drops / supermarkets do they actually work? Yellow Pages / Local Pages relevant for professional services? Parish Magazines Know your target audience

10 Marketing / Advertising (4): Networking / Referrals: Brand awareness after all, we re a business Tap into client bank of other professionals Build up trust trust = recommendations Referral fees what does this say about the introducer? Your best source of new business = existing clients New business can often be right in front of your eyes.

11 Alternative Legal Careers: High Street Firm City Firm In-house lawyers CILEX / Notary / CLC Paralegal It s not all about being a solicitor..

12 High Street Firm: Often a generalist or very limited specialisms Focus on hours billed out Limited opportunities to progress career within the firm May suit some but not everyone.

13 City Firm: High profile clients = pressure Very focussed on time billed to clients 7/8 hours per day Long hours Travel Court Work is this for you? High turn-around of staff Work life balance. It s not all about the money well it might be for you

14 In-House Lawyer: Limited client base Limited specialisms It s a business how much per month? 1,500,000 per month Yes that s 1,500,000 per month! Cut-throat. As I found out to my detriment!

15 Being Your Own Boss The Perks: Flexible hours / holiday Choose your areas of specialism Pay yourself whatever you want get advice re tax! Choose your clients be careful not to be too elitist Choose your employees Tremendous job satisfaction Answerable to one person only Happy Days..

16 Being Your Own Boss The Cons: Flexible hours / holiday motivation? Work from home? Salary to take home a salary you must earn it or rely on others Choose your employees recruitment / disciplinary Responsible for employees Tremendous job satisfaction stress / hours? 5:30am - Start 6:30am 9:00am Networking Meeting 9:30am 12:00pm Tasks / Drafting / Arranging Meetings 1:00pm 4:00pm Drive to Chester 4:30pm First Meeting in Chester 7:00pm Second Meeting in Chester 11:30pm Arrive Home The buck stops with you.

17 Other Options: CILEX (formerly ILEX) Transition period. Notary Public Did you know. CLC It does what it says on the tin! Paralegal Any unregulated / unreserved activity Barrister For those who can talk the talk Be careful..

18 Advice: Keep your options open you may decide late where you want to go Keep your qualifications in-date (7 years) LPC / BVC (BVQ) / CPE / GDL CILEX IPW Institute of Paralegals Take your exams / further qualifications now. Remember the costs..

19 The Ideal Job Applicant: Friendly you re dealing with MY clients Knowledgeable in the specific subject area Flexible hours / duties / responsibilities Added value business / marketing / advertising / strategies Each employee must bring in. 3 times their salary. WLTM I set my standards high but I am realistic.

20 Questions? For further help / advice please do keep in touch. Aberystwyth Oct 2012