Legal Associates Temp Agency
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LATA is in the first year of operation as a start-up company. LATA recognizes the need for a well thought out, comprehensive marketing plan to ensure profitability. LATA offers the legal market well-trained attorneys who are able to be assigned to a firm and productive quite quickly. The basic market need is a temp firm that concentrates solely on the legal market, addressing the particular need the market faces.
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LATA possess good information about the market and knows a great deal about the common attributes of the most prized customers. LATA will leverage this information to better understand who is served, their specific needs, and how LATA can better communicate with them.
LATA is providing its customers with a temp attorney service that can be instituted and productive quickly. LATA seeks to fulfill the following benefits that are important to its customers.
The market trend for law firms is a decrease of hiring of partners and associates to ensure lean operation during economic downturns. With the recent Internet bubble burst, many law firms were caught off guard for the economic downturn.
The current trend is of maintaining a lean labor force to avoid getting caught off guard for future changes.
Firms are accomplishing this by:
The demand for temp attorneys has grown in the last two years by 19%. The general temp agencies usually have a few attorneys ready for deployment, but generally do not have enough attorneys as the legal field is not the industry that they typically concentrate on.
Consequently, this has created a demand on contract attorneys. The difficulty with this solution is that there is not an established network of contract attorneys so it is difficult to find them when they are needed.
The current situation has created outstanding growth for temp attorneys, particularly agencies that specialize in serving the legal profession. As firms continue to deal with the decrease of legal work, they continue to ensure lean labor, recognizing and utilizing temp attorneys.
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats facing LATA.
There are many different temp firms in Denver. On a nationwide scale, the largest franchise temp agencies make up 40% of the market.
Denver has a similar makeup with several large franchise temp agencies. There are also many independent temp companies. Typically, both the franchise and independently-owned companies are either generalists or concentrate on a broad group of skills like professionals or IT. It is quite rare for a company to be specific enough to only serve a single profession. While concentrating on a single profession limits the market size of the firm, it allows the temp firm to offer a higher level of service for that specific market niche.
There is a recent trend of companies hiring temp workers and converting them to full-time employees. This allows them to spend less money upfront on the worker and also allows them a trial period with the employee. While any employer can set up a trial or probationary period for a worker, the temp set up allows them to do this without investing much money into hiring or training of the worker. It allows the firm to pay the temp agency to be their HR department, converting the temp worker into an employee of the firm after they have been impressed with the temp's work product and personality.
The Legal Associates Temp Agency will provide law firms with experienced temp attorneys. LATA will have both generalist and specialty temp attorneys who are able "enter a firm/project on their feet running" with minimal training and supervision. LATA's services will be attractive to firms who need help quickly and do not have the time or money to interview, hire, and train an attorney for the short-term project.
LATA also provides temp attorneys to firms who want to use LATA's service as a replacement for their HR department. In this situation, LATA will perform all of the HR functions of interviewing, training, hiring, and payroll, allowing the firm to bring someone on board and use them for several months as a probationary period, if they like the attorney they may then convert them into a full-time employee while paying LATA a small fee to allow us to give up our rights to the temp attorney.
The temp agency in Denver is similar in size to comparable cities in other states. Most agencies have some degree of specialization. Some firms serve IT companies, some serve clerical needs. Most firms do not specialize in such a narrow area as the practice of law. If they served law firms, it is generally a part of a larger professional group practice.
Companies that are in need for temp workers will contact a temp agency and tell them what type of workers they need. The temp agency will have a list of potential workers that they have previously interviewed and screened for highly qualified applicants with specific skills. The company will then pay the temp agency an hourly wage and the temp agency pays its temp worker. The margins in the temp industry are typically 14%-20%.
The value that the temp agencies develop for the companies is that they do all the job posting, interviewing, screening, and hiring, payroll, etc. If the company is unhappy with the temp worker most temp agencies will replace them with someone else. This is quite attractive for many companies who do not have the time or resources to invest into finding temp help.
The keys to success are the following:
LATA is still in the speculative stages as a service provider. Its critical issues are:
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