What should I consider when joining a fee share law firm?

December 1, 2021

You’re thinking about joining a fee share law firm but wondering ‘where on earth do I start?’

Moving from a traditional law firm can be a big change so here are some of the things to consider when joining a fee share model:

How much do you want to earn?

Our model offers lawyers a much fairer and transparent remuneration system where you’ll retain up to 70% of your fees. Most of our partners earn more at gunnercooke than their previous firm, but there are some things you need to consider: How much do you want to earn? How much do you earn now? What will you charge clients? How many hours do you want to work? Will you hire an associate or paralegal?

Who will my clients be?

These are all important questions to ask yourself when preparing your move and calculating your new earnings.

The majority of our partners join with their own clients. Of course, there are plenty of opportunities for work via our internal referral network, and you can drive your marketing plan to win new work once you join, but it’s always beneficial to start out with your own loyal clients. Have you spoken to clients about whether they can/will follow you to gunnercooke? What do you need to put in place ahead of your move?

Are there any restrictions from your previous firm?

Be careful not to break any contracts or restrictive covenants from your previous firm with regards to clients and work. Read through any terms and conditions and be transparent. It’s important you are clear on what you can and cannot do.

What sort of law do I want to practise?

Joining gunnercooke is your chance to design your own practice and get back to doing what you do best – the law! Use this opportunity to define what type of law you a) enjoy doing and b) are good at. It’s important to have an idea of the services you will offer when laying out your business plan.

How will you grow your personal brand?

You may not have needed to do much marketing at your previous firm, but in this model, your personal brand is incredibly important. Consider the marketing and business development tools that will be most effective at winning your new work. What is your USP? Tools such as PR and writing articles for media, plus improving your social media presence can be incredibly effective at showcasing your expertise.

What sort of culture and values are important to you?

When choosing your new firm, choose somewhere that aligns with your personal values. gunnercooke is a family of like-minded individuals and we work collaboratively rather than in silos. Read more about our culture here.

If you want to find out more about the benefits of joining gunnercooke please get in touch here.