Sole practitioner SOS: Nexa could be the life raft you are looking for?
Ten years ago, 30% (3,273) of regulated solicitors’ firms were sole practitioners. Today that number has fallen to 17% (1,671).
This steep decline is unsurprising given the on-going challenges of operating as a sole practitioner, not least the prohibitive cost of professional indemnity insurance.
It’s regrettable that the economic reality may soon mean running your own regulated firm as a sole practitioner is no longer a viable option.
The numbers show that many solicitors clearly want to operate independently and to enjoy the freedom this can bring. But, all too often working alone can mean you end up being stretched too thinly, working too hard and not being able to deliver the service you want to give your clients.
At Nexa, we think we have the perfect solution to this conundrum.
As an SRA regulated entity, we support our self-employed consultants with all the day-to-day functions involved in running a legal business – allowing them to get on and practise law without all the everyday distractions that can be so frustrating when you are doing it by yourself.
In return for a very competitive fee split, we take care of all the compliance, regulation, insurance and administration such as banking, finance and IT so you can get on with serving your clients and doing the work you love.
All our consultants work from home with access to our serviced offices, so their cost base is instantly reduced – no more office overheads! All you need to get started with us is a computer, an internet connection and a phone.
Bring your brand with you
Even better, you can still keep your own personal (or team’s), legal brand or, set up a new one when you join us.
Unlike most other legal consultancy platforms, at Nexa we are more than happy for our consultants to market themselves using their own personal or corporate name and branding if they want to maintain a distinct identity. We currently have over 20 different legal brands on our platform.
Equally, we are very happy for you to market your services under the Nexa brand – there is no extra charge for this.
For more detail on how this could work for you, see our recent blog: a brief guide to building your own law firm with Nexa.
Nexa CEO, Nigel Clark said:
“I am keen to publicise our unique offering to entrepreneurial lawyers who want to market their legal services under their own or their team’s brand because I think it’s worth shouting about.
Our consultants gain all the practical advantages of being ‘umbrellaed’ under Nexa while working via their own, client-facing brand, with their own logo, website, social media and other marketing assets if required.
This allows them to build their business in a way which suits them, while enjoying the support we provide.
We think this is the perfect alternative for sole practitioners looking to continue their businesses and thrive in today’s fast changing legal market.”
Ready to find out more?
Our brief guide to building your own law firm sets out what’s on offer with Nexa in greater detail. Click here to find out more.
 According to figures compiled by the Solicitors Regulation Authority March 2023.