{"id":241,"date":"2017-01-29T14:00:00","date_gmt":"2017-01-29T13:00:00","guid":{"rendered":"https:\/\/hub.findingsimple.com\/au\/rise-of-specialty-law-firms\/"},"modified":"2022-08-03T16:04:19","modified_gmt":"2022-08-03T05:04:19","slug":"rise-of-specialty-law-firms","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/legal\/posts\/rise-of-specialty-law-firms","title":{"rendered":"Specialty Focus Gives Niche Law Firms a Winning Edge"},"content":{"rendered":"

According to recent reports, the growth rate of specialist and boutique law firms in Australia is increasing. We look at the fresh approach some firms are applying to specialisation and the factors fuelling the expansion of this legal market segment.<\/p>\n

New generation boutique firms<\/strong><\/span><\/p>\n

In a Law Society of New South Wales article<\/a>, Wayne Stewart, director of business development and sales training firm Monte Rosa, notes that the term \u201cboutique\u201d should not be mistaken as a euphemism for small.<\/p>\n

If anything, a boutique law firm is one that is an expert in a particular area of the law, and \u2013 by being specialised \u2013 stands out by offering improved service consistency and reduced prices to its clients. Their proliferation therefore affects the future of business for both small and large law firms, full-service or otherwise.<\/p>\n

The 2016 Australia: State of the Legal Market<\/em> report<\/a> by Melbourne Law School and Thomson Reuters Peer Monitor\u00ae, describes the growth of specialist firms and notes in addition to the traditional boutique firms that focus on discrete areas of law, more practices are concentrating on particular client types or industry verticals.<\/p>\n

Thoroughbred Legal is one firm that offers legal and commercial services to a specialised sector: the thoroughbred horse industry. Its offering is clear: \u201cPractical advice that combines legal and business expertise with a deep knowledge of how the thoroughbred industry works<\/a>.\u201d<\/p>\n

While the firm\u2019s client focus may be narrow, its legal expertise is comprehensive, covering everything from buying and selling a horse to daily workplace and safety issues.<\/p>\n

Another new form of specialisation focuses on the wider goals of the firm. Salvos Legal, owned by the Salvation Army, is a self-described \u201crevolutionary legal practice\u201d that operates with a team of legally trained volunteers. All fees go towards the operation of a full-service law firm for disadvantaged and marginalised clients.<\/p>\n

Traditional boutique firms have also evolved. Some that specialise in one particular area have maintained a focus on that expertise but broadened their services. Wotton + Kearney<\/a>, for example, focuses on insurance law. Previously, the firm only worked on contested claims in Australia \u2013 now it manages claims across Southeast Asia and the UK.<\/p>\n

Boutique firms are well placed to answer market demands<\/strong><\/span><\/p>\n

In the current business climate, boutique firms have several advantages over full-service practices. These include:<\/p>\n