Professional employer organizations or PEOs can help save your legal firm money.
A PEO can be the partnership you never knew you needed to help navigate your law firm expansion strategy. A PEO can take certain every day tasks off your hands such as human resources, payroll and benefits management. Here are some things to know when you are looking at PEOs and how you can make sure their areas of expertise will fit into your law firm’s expansion.
PEOs allow you to operate without a legal entity
Generally, you have to register a business in each country that you operate in. When you work with a PEO, you are able to start operating without incorporating a legal entity. You are able to cut out the time consuming operations of clearing your business through legal and bureaucratic requirements. This allows you to enter each market more quickly than before.
Your law firm may not be allowed to open in all locations, PEOs also allow you to reduce the risk of opening businesses in foreign countries. Opening your firm through the help of a PEO will allow you to pull out of those countries where it proves you are not gaining traction and do it without facing a large financial and time loss.
PEOs offer payroll assistance
Payroll regulations vary from country to country in any business, but especially for law firms. When you are expanding, it is expected that you keep a payroll for each country you have opened in. This process is quite complicated and takes up a lot of time you could be spending focusing on more important details. And it only gets more complicated if you choose to outsource to different endors. A PEO can help you adopt a global payroll to centralize all your information into one platform.
This process only gets easier when you outsource to a PEO. A global PEO allows you access to different HR experts that help with payroll management which makes sure that your payroll is always accurate, on time and compliant with local regulations in each country you operate in.
PEOs ensure HR compliance
Beyond payroll, PEOs also focus on HR compliance for government hiring regulations and practices for each country and keep up with current changes and updates. While you may be an expert for hiring practices in your country, HR regulations get more and more complex the more countries you add to the mix. Outsourcing these tasks allows you to concentrate on other aspects of your firm that need more of your attention.
PEOs make global recruitment easier
Working with a PEO, you not only save huge amounts of time, but you also have unlocked a large network of recruitment capabilities to find new talent across a number of different industries. You’ll need plenty of new employees to fill the many roles you are opening up in your new firms, but hiring internationally is a whole new ball game. Leaving the recruitment to a PEO means they are able to consider different hiring practices to ensure global compliance with contracts and more.
PEOs offer access to competitive employee benefits
Working with a PEO allows you to offer a better benefits package, which isn’t always possible with a growing law firm. This presents your firm as an attractive prospect to new talent and is a great motivator for building a positive work culture.
PEOs are a great place to start when you are looking into expanding your law firm to other markets around the world. They can help free up much of your time with payroll assistance, recruit new talent and give you access to great employee benefits. PEOs also act as your employer record which allows you to operate without a legal entity and ensures that you are compliant in each country you are looking to expand to.
