One of the things I enjoy most about my work is taking complex ideas and processes and making them simple. Simplicity is exactly what Marcus McCarthy has achieved with his business, Nexus Law Group. An elegantly simple, yet entirely unique business model that is shaking up the legal profession.
Nexus is one of the Australia’s most recognised and awarded NewLaw firms. It isn’t just another lawyer network or chambers practice, but a tech-enabled business ecosystem built on the concept of ‘collaboration as a business model’.
Nexus taps into the challenges of isolation and inability to scale faced by sole practitioners and enables lawyers to preserve independence as a mode of practice while also connecting practitioners as an integrated and collaborative collective. They do this by licencing the Nexus brand to practitioners and providing all the backbone support needed to practice law, enabling them to scale and leverage off others in the system.
Marcus joins me on the Doing Law Differently podcast to give us an insider look at how Nexus operates, including:
- strategies they adopt to encourage collaboration and break the silo mentality;
- explanation of Nexus’ open and transparent remuneration system, including metrics used to capture referrals within the group;
- an overview of Nexus’ approach to technology, being the need for end-to-end solutions to overcome platform fatigue.
Here are the highlights:
3:17 Skip intro
3:38 How does Nexus work?
5:10 Finding the common ground between preserving the independence of lawyers but also connecting them together for a common aim
6:12 How to wash out competitive tension
8:40 I “connect specialists in their fields to other specialists in an ecosystem where they can effectively collaborate.”
9:55 How to break the silo mentality
12:30 Responding to the industry trend towards sole practice
14:10 Nexus’ open and transparent renumeration system, including metrics that capture referrals within the group
18:41 Practitioners get to choose their own pricing
19:41 Nexus’ custom-designed technology
21:46 Expert technology systems need to be connected to real world experts
The importance of multi-disciplinary advice with his business strategy
How do people join Nexus
Marcus’ advice for people who want to do law differently – get clear on why