Legal Counsel Solutions — Part I
Edit: This is a re-post of an update Lindsay Street put out on its original website. The original post date was 25 June 2018. Hopefully one day Medium will let us backdate posts to make this less confusing.
Over the last few years large law firms have gone down the hyper-specialist route. We know, because we used to work there. Law school graduates go into the work force full of energy and drive, and if they are lucky they have up to twelve months before being told they now do [litigation / corporate M&A / employment / insurance / property / intellectual property / other miscellaneous niche area].
The result is highly specialised lawyers who can be engaged by clients with highly technical legal problems. These lawyers come with hefty price tags that reflect the high level training they have received, but also the post code of their firms and the views from their offices.
While working for these firms we heard time and time again that clients just wanted clear, practical, commercially sensible advice at a reasonable cost. Today’s clients are well informed and have access to far more information than in the past.
We have also noticed (and we’re not alone) that more and more businesses now prefer to keep their legal work in-house. The market for in-house counsel is growing, and with that growth, we see the market for specialist lawyers is shrinking.
Lindsay Street Partners offers well-rounded generalist lawyers to create or supplement in-house legal teams for savvy businesses. Lawyers from Lindsay Street have top tier backgrounds, broad legal skills, and strong people skills that make them valuable additions to their clients’ teams. We are trained to easily slot into existing teams and add value from day one without lengthy induction and probation periods.
And we’re priced at rates that the top tiers can’t compete with.
There is a time and a place for specialist lawyers. We are connected with some of the best, and we can identify and help our clients engage them when they are needed. For everything else, Lindsay Street Partners provides a new type of legal service for today’s informed and value conscious client.
What do we offer our clients?
We can offer excellent value at the small-to-medium enterprise tier of private businesses and also to small-to-mid-cap ASX-listed entities.
We can tailor the structure of our engagement based on what the client needs. For example:
- General counsel role — clients without existing legal counsel have seen significant savings by bringing in Lindsay Street lawyers to manage their legal and governance issues without the need of establishing a full legal department.
- Supplementing established legal teams — clients with established legal teams, whether the team is one or two people or a larger group, can engage Lindsay Street lawyers to supplement their teams and add capacity for discrete projects, periods of increased work, or to cover staff absences.
In addition, as a start-up ourselves, we understand the plight of other start-ups (and we’re excited to see more and more of them in Perth). We can provide a number of helpful services to entrepreneurs with fixed (and very competitive) costs.
This is just the start — but we don’t want to rabbit on. We’ll be back with another update later this week to shed some more light on how it all works.