MICHAEL KEMP: IF YOU WON'T JOIN A BIG FIRM, BEAT IT INSTEAD
12 January 2017, Written by Paris Faint
FOR many smaller boutique law firms and sole practitioners, the ultimate business end goal or exit plan involves a top tier firm, a contract for acquisition and a nice fat cheque but not for Michael Kemp (pictured).
Instead, the director of personal injury firm Kemp Law says he would rather compete with the big firms out there instead of joining one.
Kemp believes smaller boutique firms are often drowned out by larger players, however he remains optimistic that a strong market will sustain his own practice to reach several ambitious long-term targets, without the help of a corporate buyout.
"Large firms are looking for any chance to buy smaller firms out, and most sole practitioners will jump at a chance for a large cheque," says Kemp.
"We aren't about that. We will grow Kemp Law of the next five years to run around 2,000 files maximum, and then maintain that level."
"There are over one million accidents every year in Australia, with only a 10 per cent claim rate so the market has more to grow."
While 2,000 files may seem a farfetched goal for a firm which only opened its doors in 2013, Kemp Law has grown at a rate of knots and is currently managing almost 600 motor accident files alone.
Kemp was listed as one of Brisbane's Top 40 Under 40 Young Entrepreneurs for 2016, after revealing the ins and outs of his journey from legal partner to multi-million-dollar business leader at the prestigious Young Entrepreneur Awards.
In the past six months, Kemp has settled claims upwards of $8 million in compensation, and he expects the business is likely to settle claims worth over $30 million in the year ahead.
Kemp puts the success of the firm down to a combination of smart marketing, community involvement and a positive culture.
He believes leaving a well-couched partnership to start his own venture was a blessing in disguise.
"In the lead-up and the promotion through the Young Entrepreneur Awards, our increase in billboard advertising and the use of many marketing tools like our involvement in Grass Roots Rugby, Think Pink and the Epilepsy Foundations, we have seen the firm's file load almost double in size," says Kemp.
"Kemp Law is doing far better than I could have ever done in a partnership due to differing attitudes and ideas.
"I understand that it's very different to areas such as crime and family law due to the quantity and quality of the work, but I think that's the reason we have become a leader in the market."
Kemp looks forward to building his presence further in the Brisbane market and continuing to involve with several charities and community organisations in 2017.
Author: Paris Faint