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Mr. Hargrove is a top “AV Preeminent” attorney, peer-rated by the Martindale-Hubbell system for legal ability and ethical standards. He has also received national recognition as a SuperLawyer and named to Best Lawyers in America. He was the first attorney in Kentucky to be recognized as an Accredited Estate Planning Attorney.
From wills and trusts to complex business transactions, the experienced professionals of Hargrove Firm are here to help you meet your goals. Contact. Contact Us. 12910 Shelbyville Road. Suite 124. Louisville, Kentucky 40243. (877) 564-8716. info@hargrovefirm.com. Office Locations.
Founding Partner Jamie Hargrove developed Hargrove Firm into one of the premier estate planning law firms in the United States, with offices in multiple states and a nationwide team of affiliated attorneys. As an attorney and a CPA, Mr. Hargrove’s understanding of financial matters provides valuable insight into innovative estate and business ...
Hargrove Firm LLP makes up one of the largest and most reliable estate, tax, and business planning practices in the United States. With attorney relationships across the country, it utilizes some ...
- The Pros and Cons of Running A Specialist Law Firm
- Pros
- Cons
- Conclusion
Specialist law firms are ones which offer legal services in a singular practice area. They cater towards getting results from a specific type of case or specialising in a specific industry. Law firms are often set up by an individual or a small group of lawyers who decide to start their own business because of their skill, reputation and following ...
Reputation & Following
Being a specialist often means that your firm carves out a reputation for being one of the best in your chosen field. Having a particular skill set may lead to your firm developing a great reputation and therefore people will be happy to recommend your practice to others. Building a brand in a specific area is easier than trying to build a reputation across a plethora of services. This means that marketing and business development should be easier for you and a natural flow of leads should ar...
Enhanced Fees
Being a boutique firm will mean that you can drive down your overheads unlike larger and more general practices. You can refine case management systems, workflows and processes leading to greater efficiencies. This means your can price yourself competitively compared to other firms but also because you are a specialist, this usually means you can command a higher rate than those without particular sector experience. A higher charge out rate and lower overheads means a better profit margin, wh...
Target Market & Competition
Marketing becomes more targeted in a specialist firm. You’ll already know your ideal clients and will understand where and how to focus your efforts to bring in more work. Identifying the potential clients that might be interested in your services becomes much easier than with a general practice. Also, your marketing message becomes much clearer, as you’ll know their reservations and questions as well as how to alleviate their concerns. You can tailor your marketing message accordingly, which...
Reputation and following
Often the firm is built upon the owner’s reputation, experience and following. This means clients will often want you to do the work personally. This is difficult if you are looking to grow as a firm as you may have other management responsibilities in running the practice. Time is often limited and if more junior or less experienced staff do the work then depending on their experience your reputation could become diluted or worse, damaged. It takes a long time to carve out a great reputation...
Enhanced Fees
Whilst you should be able to charge more for your experience, price is only one factor clients take into consideration when choosing a firm. Whilst competing on fees is not a wise strategy, price is a factor. Bigger firms can sustain lower fees to compete if they feel threatened as they may have diversified practices with more turnover and profit. Creating an offering based on service and results whilst keeping overheads low will help avoid a price war. Try not to lower your fees in order to...
Market Forces
Being a specialist means there is often a narrow target market. This means you may only have certain ways in which to build your practice. You’ll be heavily reliant on the market forces and the changing legal landscape. This creates some risk, as it’s hard to diversify and protect your business. Diversifying can dilute your brand and being a boutique firm usually means being small, therefore taking on whatever cases you can comfortably handle is good for cash flow. The more you take on outsid...
Whilst there are some serious considerations and risks involved in setting up a boutique and specialist firm, I believe there are far more benefits to be had. The results you can achieve for your clients and the quality of work you produce also makes for a happy work force. There are also some simple ways to protect your firm from some of the cons ...
Hargrove Firm is a Kentucky-based, national estate, tax, and business planning legal practice led by Jamie Hargrove, attorney and CPA. Individuals, families, and business owners who know that ...
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Jul 22, 2024 · There is a reason the SRA want such matters to be considered – to safeguard the future of the firm and therefore protect the clients. In this case, business planning, continuity planning and financial forecasts are fundamental and should be used as live documents, to help firms achieve their objectives. Top considerations for starting a law firm
