Best New Market Entrant
For the firm whose readiness to blaze their own trail is bringing about disruptive innovation and market change
From left: Colin Jackson, Tim Stocks (New Street Solutions), Tim Eyles (Taylor Wessing) and Bob Mytton (Mytton Williams)
New Street Solutions
New Street Solutions stands apart from traditional outsourcing models by using technology to work smarter, not just cheaper. In delivering legal services more cost-effectively, more quickly and, crucially, with no loss in quality, it embodies the UK legal profession's transformation. The technology is used to analyse and deconstruct key high value processes and reimagining how they can be delivered, allowing up to 60% efficiencies. NSS demonstrates that this does not necessarily have to mean trade-offs elsewhere, whether this be in security, quality of work or the professional development of junior lawyers. With a more efficient process, legal experts can invest more time in understanding client businesses and providing value-added services to clients – a win-win situation. Such is the level of buy-in from clients that Taylor Wessing plans to spin out NSS as a stand-alone entity and market its services to competitors.
Assistenza Legale is transforming the Italian legal sector through addressing the legal needs of consumers and small and medium businesses in an innovative way. A citizen just needs to ring the doorbell of any office to gain immediate access to a qualified professional ready to provide them with high quality legal assistance and advice. The first consultation is free and in many cases is sufficient enough to solve the problem. Beyond creating a new organizational format - that of the street level law firm – the founders also had to experiment with new forms of association among lawyers. It now has 20 offices and 100+ lawyers throughout the country with the majority operating profitably within the first 12 months of operation. The market continues to react very positively to the proposition with requests to open a local office jumping from 2,000 to 3,000+ enquiries in the past 18 months.
Everyman Legal wants to help innovators transform their expertise into profitable small & medium enterprises. Its business model drives down costs with a home-based solicitor model, dedicated legal frameworks, fixed fees, and know how packs for sale from its website. Everyman’s original insight is that capital earmarked for the Business Growth Fund can be harnessed on a match-funding basis for Sharemark (a stock market for smaller companies) entrants requiring at last £500k, with the 100 strong shareholder base to avoid a costly prospectus created through transferring 5% of shares to local charities and not-for-profit organisations. This insight is important to the UK economy as established SMEs with a proven business model and management team are usually more likely to prove a better engine for growth than high risk startups with their high failure rate. A true pioneer, Everyman is intending to be the first law firm to seek admission to Sharemark.