Commercial law firm developed by entrepreneurs for entrepreneurs
Experienced lawyers with an established client base who no longer want to run the rat race of corporate life have a real problem. They can either a) take a position with less responsibility at their firm in order to create a better work/life balance; or b) take on a different headache by setting up their own practice.
Recognizing this gap in the market and knowing several lawyers who were keen for a new opportunity – Rockfine Group partnered with a barrister and litigation solicitor to form Portfolio Legal Limited.
The entire ethos of Portfolio Legal was to provide a home for lawyers who were no longer interested in working within the traditional corporate setting, and give them a home where they could focus on building their client base and leave the rest of the backoffice admin to our team.
The challenge for Rockfine: collaborate with non-business people to build a successful, profitable business to support the legal expertise.
The Rockfine team set to work creating work streams for Company Formation and Regulation/Management, Operations and Finance, and Business Development. Systems were put in place to deal with the complexities of financial reporting to the SRA, handling AML and complex client account management.
We found lawyers that had the same ethos as us. We built roles and responsibilities for these lawyers as businesspeople, and compensation packages to reward hard work and increase profitability for the firm.
From the launch on 1 June 2020, in the height of the COVID-19 global pandemic, we built two strategic partnerships that strengthened the ongoing repeatable income for the law firm, helped build the brand name and company values, and even managed to still have fun and engage with business owners to solve their business problems with legal answers.
In month 7, the law firm was on track for annual profitability and the Rockfine team exited the business. We are thrilled to report the company is still doing well and we continue to cheer on their success.
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