Self-described ‘legal trailblazer’ Alice Stephenson’s firm goes into liquidation with £1.5m debt
What makes for a successful law firm? Reputation, delivering for clients, innovation and keeping the regulators on side are perhaps. For self-described ‘legal trailblazer’ Alice Stephenson, known for her tattoos and high profile social media presence, basic competence was not high on the list of priorities for Stephenson Law.
The firm, which previously won Boutique Law Firm of the Year at the British Legal Awards, and was shortlisted for UK Law Firm of the Year in 2021, has entered liquidation with an outstanding debt of £1.5 million, with a £800,000 tax bill owed to HMRC.
Known as ‘the most followed UK lawyer’ on LinkedIn with tens of thousands of fans and a brand as a ‘legal disrupter,’ the firm perhaps overly focused on selling £499 courses on How to Start a Law Firm, along with £300 per hour coaching sessions on Supporting the Future of Your Law Firm.
One lesson not to take away is the £666,000 loan to her other company, listed as the largest asset. But it’s hard to keep an influencer down. Stephenson has ‘rebranded’ with a company unregulated by the SRA called Plume, which has one employee and £9 cash in hand, despite being branded as a ‘multi-award winning legal services provider.’
Some commentators wondered what was behind this firm which flew so close to the sun. Few were surprised by the turn of events. One commenter said:
“Had met a number of new clients who had used them, all complained of poor responsiveness and underwhelming service, but I wondered if that was a firm being a victim of its own success and drowning in too much work. Apparently not, it was actually a sign of a firm that was just a big marketing machine with no lawyers behind it.”
Another wondered if she would end up being disqualified or subject to an undertaking, while some said they’d “seen through the self-hype immediately. It’s insufferable.”
What makes law one of the most respected professions, and why reputation matters so much in this industry, is the ability to get things done. Clients need to trust not only will a firm handle their matter, but will be around when they need support in the years to come.
Whilst innovation in the legal services market has the potential to bring new ideas and different ways of doing business, it should never come at the expense of the client, the law, or the professional standards set by the SRA.
In a world of hype, it’s easy to get sucked into branding strategies and popular posts. But one of the reasons the legal profession has been the bedrock of Britain for centuries is the ability to withstand the ups and downs of popular opinion.
Hopefully, the Alice Stephenson drama will not put off people keen to start something new or caution long-standing firms against expanding their online presence. Instead, it should serve as a stark reminder that law is hard. No amount of trending posts can replicate the trust built up between client and firm over years, decades even. Or the ultimate commitment to professional standards to ensure the public can trust the profession above all else.
In law, reputation and trust are the glitz and glamour. Reputations are built on consistent competence, and trust is earned, not influenced.
