UK start-ups contribute approximately £196 billion to the UK economy every year, according to the Virgin Start-up report, ‘The Start-up Low Down’. The number of UK-registered start-ups reached a record high of over 660,000 in 2018, a 5.7% increase on the previous year, demonstrating that the UK is undoubtedly a hub for innovation. The UK is home to approximately 37% of all European start-ups, with total valuations of more that £23bn in total. With such a high number of disruptors choosing the UK as their home, it has never been more crucial for these businesses to receive legal services from a firm that thinks like a start-up.
Through diversifying its workforce, advocating flexible working and straying away from a corporate environment, Ignition Law is leading by example in an industry that is in urgent need of an update. The law firm, which works in collaboration with crowd funding platform Seedrs, amongst others, adopts a start-up culture which mimics its client base. Being innovative at its core enables Ignition Law to better service its client base, which consists of both start-ups and scale-ups.
Large corporations are fighting to stay ahead of the curve as disruptors break into their respective industries, and the legal industry is no different. Ignition Law has noticed that traditional law firms are beginning to change the way they work, and following Ignition’s lead are establishing a flexible way of working so as to retain talent, diversify their work force and to carve out new niches.
Traditional law firms are working to keep up with the new breed of law firm, exemplified by Ignition Law, to grow their client bases and act in a more agile fashion.
The reputation (whether deserved or not) of the legal industry being an old boys’ club deter start-ups from pursuing legal advice, The fees traditionally charged by large law firms make such advice generally unattainable to early-stage businesses. As the UK is host to a booming start-up industry, accessible legal advice serves to boost the industry and draw in talent. Ignition Law assists start-ups in obtaining UK Seed Enterprise Investment Scheme and Enterprise Investment Scheme funding which, despite Brexit uncertainty, is pulling in a wave of overseas start-up businesses. Having legal firms that understand and assist start-ups and scale ups in this way should ensure that the UK retains its status as an innovation hub, despite political uncertainty.
David Farquharson, Co-Founder of Ignition Law, said: “We are delighted that Ignition Law is making waves in the industry and encouraging other firms in the direction of innovation. We operate and think like a start-up by encouraging a flexible working policy and establishing an environment that is far from corporate. Ignition Law firmly believes that diversifying the workforce is hugely beneficial in allowing us to reach a wider range of audiences.”