Bespoke is the number one NewLaw firm competing for work against Australia’s leading traditional law firms, according to research carried out by Beaton Research + Consulting.
As part of its independent quarterly research for the Commonwealth Bank Legal Market Pulse Report, Beaton Research + Consulting surveyed 32 law firm leaders on prevailing market conditions and trends across the legal sector.
1 in 4 of the law firms surveyed reported that new non-traditional firms, referred to as NewLaw, were actively competing with them for client work. Bespoke was named by 25% of these leading law firms as the new rival they competed with most regularly. Bespoke’s pole position significantly outpaced other NewLaw entrants, with Bespoke cited almost twice as often as the nearest rival.
This is a remarkable achievement by Bespoke that should not be underestimated. In only its fifth year of operation, Bespoke is now seen as a formidable competitor by the traditional law firms (some of which have been in operation for a century) and a frontrunner in the NewLaw space. Bespoke offers flexible, outsourced and client-focused legal services. The business model is more like a management consultancy than a traditional law firm. Bespoke removes one of the key impediments to forming true partnerships between lawyers and clients by focussing on value-based pricing rather than billing by time.
According to Bespoke’s Managing Director, Jeremy Szwider, the emergence of NewLaw as a major challenger to traditional legal practices is a growing trend, with clients delighted at the flexibility and fit-for-purpose service on offer.
‘We deliver clients a completely new legal services experience – our ‘in-house philosophy’ sets us apart from external advisors, and we achieve huge efficiencies by using technology, new pricing models and flexible work practices,’ Jeremy says.
While the Beaton Research + Consulting report quantified the strong challenge being presented by NewLaw firms like Bespoke, it is a trend also acknowledged in recent Thomson Reuters research.
In its latest survey, providing a snapshot of the big trends in law firms in the next 30 years, 62% of those surveyed predicted the emergence of niche and specialist firms, 36% believed law firms will do away with costly overheads and operate remotely and 30% believed that a quarter of staff will work remotely.
‘At Bespoke we are pleased to be at the forefront of long overdue disruption and innovation in the legal industry. Anything rigid will break eventually,’ Jeremy says.
‘It is gratifying to see the success of a new model of legal service providers, in challenging the traditional high-cost, high-overhead model so we can focus on the best possible service for clients at the most competitive price.’WHAT SHOULD I READ NEXT TALK TO US
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