Virtual law firm Practus experiencing tremendous growth at two-year mark
At our two-year mark, Practus finds it’s positioned right for the times. What drove us from the very start was the idea of building the kind of law firm where everyone benefits – clients and attorneys.
We’re proud of our successes two years in and we’re excited for what the next year will bring.
In 2018, our co-founders, experienced attorneys John Lively and Robert Elwood, wanted to create a different kind of law firm. They envisioned a flexible arrangement that would allow partners to grow their business without the layers of bureaucracy or lack of control often experienced at more traditional firms.
The results over the last two years have shown the merits of their venture. A leaner and more responsive model is able to prosper when markets are strong, and be resilient to weather the downturns.
For the second year in a row, we’ve seen tremendous growth. After initially focusing on getting the firm off the ground, we found ourselves early in our first year quickly adding new partners and growing our client base. We were picking up steam.
In our second year, we wanted to scale the model, grow the business and expand visibility. We’ve achieved great results, and we’re keeping our foot on the gas.
In the past 12 months:
- We added 65% more attorneys
- We increased our client base by 140%
- We expanded into four new states, with locations now in 10 states across the U.S.
- We added two new practice areas: Insurance Law and Emerging Growth Businesses
- Three Practus partners, who are leaders in their disciplines, were interviewed on Nasdaq TradeTalks to provide expert perspectives on timely issues
In addition, we launched our own networking events to help nurture our professional relationships and expand our connections! Our Philadelphia attorneys hosted their first 2020 Starting Line event, where financial advisors, fund managers, accountants and attorneys came together for education and networking.
Practus partners spoke about priority topics related to funds, taxes, advisers, and brokers. All year long we continued to use technology and events to shrink the space between us so that, even spread across the country (and globe), we came together as one Practus team.
A Fit for the Current Market
We’re entering a time of unprecedented change. Law firms are closely evaluating where and how to adapt their processes. Our innovative model is an advantage in our current market, giving partners the benefits of flexibility, less bureaucracy, negligible overhead and no central office building to maintain.
Practus is fortunate to be positioned in a way that makes us more resilient at a time when service industries are being stretched. The cloud-based technology concept breaks down the traditional barriers of geography, allowing lawyers to be responsive, efficient and nimble in providing services to their clients.
Now, we’re seeing that this process we put in place two years ago is where many of our peers in the legal industry are headed today. We’re used to it!
The pandemic is pushing our team into fast-forward. We are doubling down on our vision for how we want a law firm to be structured:
- No bureaucracy
- Greater transparency
- More control for attorneys, who know their clients better than anyone
- Cloud-based technology to empower the practice of law from home
“Our innovative model jettisons the costly overhead and over-staffing associated with typical law firms. We offer a better way of doing business for clients and attorneys.”
— John Lively, Managing Partner & Founder
Our Why is Why
Our core practice areas aren’t radically different from other firms. It’s our why that sets us apart. Practus was started because of a gut feeling that there was something broken about the traditional law firm.
Our founding partners didn’t like the opacity of client contracts. Long office hours just for facetime didn’t sit well. Layers of bureaucracy were cumbersome.
We set out to create the kind of firm that would give attorneys control of their lives while enhancing—not diminishing—service to the client.
“I love having the flexibility to adjust my time as needed, and also to take my hours on the road with me if I want to.”
— Bo Howell, Partner
Why are we going strong two years in? Because our whole team stands behind the vision that there is a better, smarter, more efficient way to practice law. Practus gives clients sophisticated legal advice, economics that make sense, and responsiveness that underpins great relationships.
For attorneys, it means breaking free from never-ending pressure to hit billable targets. For everyone on both sides of the table, we’ve struck upon a flexible model that works better for clients too.
“John [Lively] and I were convinced that there was a better way to practice law — a way that would make both clients and attorneys happier. Two years later, here we are going strong: adding partners, expanding practice areas, and welcoming new clients who recognize that the model makes sense.”
— Robert Elwood, Partner & Co-Founder
With a strong sense of purpose and solid growth metrics, we’re headed into our third year as a firm. Practus is looking forward to good things to come in 2020. The economy may be in flux, but this two-year-old startup is in growth mode and has its eyes set on a bright future ahead.
Practus is an innovative law firm that is disrupting the outdated ways of practicing law. By leveraging mobile technology, cloud-based solutions, and an agile infrastructure to deliver legal services, both clients and attorneys benefit from this visionary model.