24 | Q2 2021 The Chronos Model Based in London, Chronos Law is a tech law firm with a unique business model. In the wake of its recent award for Best Virtual Legal Services Firm 2021, we speak to Founder, Tom Bohills, about how the firm has gone from strength to strength and its plans for the future. Founded in 2019, Chronos Law is a future facing, tech-savvy and innovative law firm that provides flexible, market leading advice to scale-ups through its ‘General Counsel as a Service’ model. This ensures that clients of all sizes have access to a dedicated inhouse resource wherever they are and whatever their budget. “We believe ourselves to be the only offering in the market which provides clients with senior named lawyers (who get under the skin of each client’s business and products) on an entirely flexible basis,” says Principal and Founder, Tom Bohills. The Chronos model offers clients reliably lowcost advice at a time of great uncertainty, whilst also granting the consistency of having a lawyer they know and trust at the end of the phone. The vision is for all of Chronos’ lawyers to become an integral part of each client’s management team. As a sign of how close the relationship can become, Tom even features on the websites of a number of company clients as their General Counsel. Chronos’ rapid growth has shown the gap in the market that the firm has filled, from having a solitary client in June 2019 to servicing a dozen anchor clients along with about 25 other regular clients as of February 2021, exclusively through word of mouth and referrals. In addition, revenue for 20/21 is projected to be 750% of the firm’s 19/20 revenue, despite all the uncertainty the global pandemic has caused. The business has no debt and has six months of cash reserves which will allow it to continue supporting its clients, should the incoming recession affect their ability to pay their legal fees. Chronos is completely virtual, which not only allows Chronos to keep its fees competitively low (20-30% lower than those of large law firms) but also guarantees a seamless service irrespective of the clients’ location. Chronos have lawyers across the UK, as well as in Denmark and Spain, serving clients from the British midlands to Switzerland and beyond. Apr21636 With the backdrop of Brexit and COVID-19 causing chaos for industries across the world, the firm’s unique set-up has allowed it to remain flexible and reactive to changes. Alongside advising clients, Chronos contributes to market-thought leadership thanks to Tom’s position on the editorial board of LexisNexis PSL. He was also the author of its market-leading advice on software licensing and SaaS solutions and the first two chapters of ‘An Introduction to Technology Law’. Chronos has formed a partnership with the Somers Town Legal Advice Corner and has at least one pro bono matter running at any one time. In the midst of the global pandemic, it assisted the NHS’s procurement efforts and, in May 2020, it also helped to negotiate a contract with a supplier for 24 million aprons for key front-line workers battling Covid-19. Chronos even sponsors a local football team who have been struggling financially. “We have done our best to offer lifelines to those who have suffered over the last 12 months and have supported two lawyers made redundant during the global pandemic by bringing them on as legal consultants,” explains Tom. “Our goal is to develop the legal profession by building deep long-term relationships with clients and being a high quality, trusted advisor to clients. We are evangelical about the need to be ‘more than a lawyer’. The legal profession needs to keep delivering value to clients. Every business in the country should have a lawyer sitting around its boardroom table and we want to play our own small part in making that happen.” Contact: Tom Bohills Company: Chronos Law Web Address: www.chronoslaw.co.uk
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