More big businesses flock to boutique law firms, and for good reason
What kind of law firm do you want handling the legal needs of your business? In the past, many successful businesses unquestionably turned to the big-law general practice, where hundreds of attorneys practiced law over a wide array of practice areas. In today’s dynamic business environment, however, the better option for meeting a company’s legal needs is increasingly a specialty boutique firm.
Boutique law firms are typically small offices of 5 to 15 attorneys. Boutique firms have a more specialized, narrow focus, confining their services to a given practice area or industry. Boutique law firms are also usually led by highly experienced senior partners.
So why are many big businesses turning to boutique law firms? First and foremost is the level of service. Because boutique law firms typically focus on one area of law and attract top legal talent, they can provide more in-depth expertise than larger, general practice law firms. What’s more, with a smaller client list, boutique firms can provide more individualized service.
Another advantage of a boutique law firm is their cost structure. Large firms tend to derive profits from growing the scale of the firm and raising hourly rates. Boutique firms, on the other hand, tend to focus more on efficiency. Boutique firms do not have the same overhead costs as their large firm counterparts; some boutique firms even outsource administrative functions so that attorneys can focus on the practice of law. Most boutique firms charge 25 to 30 percent less for the same services compared to a comparable general practice large firm.
Finally, in today’s economy, many boutique firms are subject to less turnover and are more stable than larger firms. Larger firms have scaled back on personnel in recent years, generally carry more debt than smaller firms and are not able to adapt to clients’ needs as readily as boutique practices. Boutique firms serving a small, loyal client base can offer more consistency in their representation. Lawyers serving a particular client in a boutique firm are able to stick with a case or issue over the long term and develop meaningful working relationships with clients.
If your company is looking for dynamic legal solutions at reasonable rates, you should consider a boutique law firm. While a boutique firm may not be right for every business in every situation, in many cases, boutique firms do have significant advantages. Get in touch with a boutique business law firm today and see what more personalized service could do for your company.