find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Major firm ventures into start-up space

Major firm ventures into start-up space

Gavin Smith Allens

Allens has launched a new strategy targeted at the start-up sector, offering low-cost services in a bid to widen the firm's client base.

The firm, which services some of Australia’s largest corporations, has launched Allens Accelerate, a new practice providing free legal documents and discounted fees to fledgling businesses.

Partner and practice head Gavin Smith said Allens wanted to get in on the ground floor with new businesses poised for rapid expansion.

“We want to go on a journey with them,” he said. "More traditionally, a big firm like Allens would try to work for a start-up when it's gone through a growth phase and they're maybe looking to do an IPO. But actually, what we now want is to work with them at early stages and have a long-term relationship with them through the life-cycle of their growth.”

While acknowledging this was a novel direction for a major firm, Mr Smith said Allens was keen to capitalise on this sector’s potential.

“Allens would definitely not normally play in this space. The main reason [we are] is that the start-up community is going through a real boom at the moment,” he said. “The economy is obviously moving away from being resources-dominated and is going through a transition more towards a service-based and innovation-based economy.”

He also suggested the practice would allow Allens to connect their infant businesses with venture capital funds, including those run by existing Allens clients.

“To the extent we work with start-ups and we're able to connect them with investors, that's absolutely something we would love to be able to do,” he said.

The practice offers start-ups a suite of legal document templates free of charge. Allens will charge a fixed fee at a discounted rate for other services, like customising these documents or incorporation or registration.

As the businesses gain momentum, Allens will offer flexible, bespoke fee arrangements suited to their current status, Mr Smith said.

“The idea is to be as flexible as we can at that stage to reflect where they stand and their operating expenses constraints,” he said.

This could include, for example, deferring fees until after successful completion of a fundraising round or including performance uplift fees.

Mr Smith recognised that many start-ups fail at an early stage but said he hoped Allens could improve the success rate.

“We completely acknowledge that some of the start-ups we work with through our practice won't make it, but the hope is that some will,” he said. “We actually hope we can bring some of our experience and contacts to bear to help them on the journey.”

Allens also hopes the program will help attract and retain young lawyers with an interest in innovation.

“By working in this area and building a stable of start-up clients, we think that's an exciting thing to be able to offer our younger lawyers. They'll be able to get more autonomy working on these sorts of projects and it's an innovative space that will be exciting," Mr Smith said.


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Major firm ventures into start-up space
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Papua New Guinea flag
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
Punishing offenders twice pointless, politicians warned
The president of the Law Society of NSW has warned legislators from other states about adopting cont...
Dec 13 2017
Young humanitarian lawyer California-bound
A young Australian lawyer will be travelling to the US next year for a prestigious nine-month study ...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...