Is a law firm IPO possible? It takes too long and it’s a headache to raise money in Canada. Canada has a tiny population, many well-educated entrepreneurs, and very few venture capitalists or angel investors. Most start up’s waste time trying to get limited government funds.
Raising money isn’t fun, and most entrepreneurs don’t enjoy it. But it is a critical part of growing a company. Facebook did it, Starbucks did it, and we have to do it as well. We want to raise money in a time efficient manner so we can focus on growing the business and improving the client experience.
ClearWay Law has focused on reducing overhead by offering remote working whenever possible. Some offices have physical office space (Duncan BC) because that market demands it. In Toronto, many people love working with a remote based lawyer, because they know it save the client money.
We focus on the customer experience instead of real estate costs. We have been able to operate successfully with low overhead without compromising client services. By working remote, we are better able to accommodate our client’s needs and because communication is more accessible and open, our clients realize a more successful resolution to their family law issues or other legal issues.
Clearway Law plans to grow across Canada into cities in Ontario, Alberta, and British Columbia. This enables us to be the first and to own the family law space in Canada. We will eventually push our brand more into immigration, estate, and business law. We only have 1-2 lawyers in these three areas of law.
The Old Traditional Model Is Dying
ClearWay Law was one of the first law firms in Canada to move from the traditional partnership model to a corporate structure. We believe this will be the key contributor to our profitable growth in recent years, and which makes the group well positioned to compete with other law firms.
Our highly scalable business model requires lower overhead costs. Historically law firms have struggled to adapt to the evolution of the work place with fewer fee earners using advances in technology to maximise efficiencies in the delivery of legal services.
ClearWay Law plans to do a law firm IPO in the next few years. We are looking for angel investors, accredited investors, contractors and venture capital firms to invest into our company (management company.) Non lawyers are not allowed to invest directly into law firms in Canada. They can do it in the UK and Australia.
We are debt free. The law firm has a professional board in place that holds the CEO accountable. We are mentored by much larger law firms that can’t move away from their traditional cash cow law firms. But they believe in legal innovation.
Interested in a Law Firm IPO? Check out our YouTube channel to learn more about us.
Canadian Law Firm
We have already figured out the structure needed to IPO a law firm by working with a lawyer on Bay Street. We want people that don’t just bring money, but their skills and knowledge as well. Our marketing brings in lots of work, which attracts great lawyers. I need to build out our team and technology. We have a very detailed plan, which requires capital and staff.
The Legal Industry Is Broken
I am looking for people to invest in ClearWay Law. We have gone as far as we can with our resources, and we need to bring in partners. The first year was spent learning the market and improving our services and now we are ready for investment to help us grow.
I’ve researched the best places to find the right investors, and I believe its experienced lawyers that work for more traditional firms (but believe in legal innovation) and those that invest in legal tech.
Many lawyers agree that innovative law firms are in a great position to take work from traditional firms, but those same lawyers don’t want to walk away from the stability that those same firms offer. People love disruptive ideas that are both easy to explain and fill an existing need. I don’t waste time and effort trying to explain why ClearWay Law exists; I spend 100% of my effort executing my vision and delivering exceptional services.
Most lawyers love the idea of working from home whenever possible and using technology to be more efficient. The lawyers that work for ClearWay Law also love working with us, as they can focus on being a lawyer instead of worrying about marketing, accounting, technology, billing, and client intake.
Want to learn about our Law Firm IPO plan? Email avigier (at) clearwaylaw.com … Do not call our law firm directly as it is for clients only.
The capital would be spent on building out our intake team, marketing, and technology. The goal is to do a law firm IPO on the TSX-V or in England.
ClearWay Law is changing the legal industry by creating a virtual law firm where clients leave satisfied, receive quality service, at a price they can afford. Internally, we work to have our staff and lawyers organize their work to fit their lifestyle. We care about the quality of our work, not where the work is done.
Why ClearWay Law is different
- Remote working/virtual office way of working – reduce overall costs, better for clients and staff
- Better use of technology – reduce costs and increase revenues
- Culture and structure to ensure good communication
- Excel in customer service and quality of work
- Use experts in their field (i.e. lawyers to do the law, marketeers to do the marketing etc.)
Law Firm IPO
Everything ClearWay Law does must benefit our clients first and then our lawyers/staff, shareholders and society. We understand our clients may be uncertain about whether the benefits of paying for legal advice will outweigh the costs. Most clients only need a lawyer a few times in their life and may be unfamiliar or uncomfortable with how law firms operate. Meeting these clients where they are, in their home or a nearby location, can make things easier for the clients. We rent shared office space near clients work or home.
A New Law Firm Is Born…
ClearWay Law began operations in July 2018, offering separation and divorce, mediation and arbitration, estate disputes, family agreements, self-representation coaching and general litigation services.
Our firm operates remotely to save our clients’ money by lowering our own expenses. Our goal is for clients to leave feeling satisfied they received just those services they needed, without financing costly overhead expenses. Big boardrooms and beautiful views project an image of success at traditional law firms. But average costs for a single leased office in Toronto can be $20,000 or more a month. At ClearWay, our legal team work from home, meeting family law clients where they live or, where the discussion allows it, in coffee shops.
We utilize office and boardroom space in Toronto, Scarborough and North York as we need it, again reducing operating costs and making our fees more affordable for clients accustomed to traditional bricks and mortar law firms. The average cost to ClearWay to rent an occasional meeting room in a co-working space is around $200 a month. This flexibility gives us the capacity to meet clients in locations around Ontario, using referrals to lawyers in each community to upsize as demand for our services increases. Since June 2018, we have expanded from one lawyer to eight.
Want to learn about our Law Firm IPO plan? Email avigier (at) clearwaylaw.com
Remote working also saves our staff and lawyers money. The ClearWay Law team who support our Toronto-based lawyers work in cities across Canada, including Victoria, Vancouver, Calgary, Regina and the Greater Toronto Area. Our staff provide services that are time consuming for the legal team, at a fraction of the cost: booking client appointments, preparing and sending invoices, processing payments, networking to meet new referrals, providing marketing and communications and maintaining our website.
Family Law Firm
It’s great for the environment — less paper used and less C02 from cars. It is also a time saver and stress reducer for our lawyers and staff. Working from home enables staff and the legal team to have the work-life balance and lifestyle they want. Remote working also reduces the cost of living in pricey real estate markets like Vancouver, Victoria and Toronto. Remote work is an attractive option for skilled workers who may otherwise face grueling daily commutes to reach major urban centers where they cannot afford to live.
*Please Google ClearWay Law and Alistair Vigier to learn more about our philosophies.
*This is not an offer to sell securities. Open to qualified investors only. The law firm IPO is a plan, not a promise.
*Non lawyers receive shares in a management company, not a law firm.
Author: Alistair Vigier