The Forefront Law Group has formally launched its entrepreneurial practice, which specializes in areas such as social media and technology firms, as well as hedge funds and investment managers, providing an outsourced general counsel service.

Wealth managers and law firms alike are increasingly looking for ways to tap into high-growth sectors in the US, and forge links with entrepreneurs and professionals in these industries, as economic malaise has hit widespread growth.

Forefront is focusing on the legal needs of entrepreneurs, growth companies and the investors who finance them, such as venture capital and angel investors. It is composed of eight senior lawyers, as well as founding partners Donald Carlson and Jason Gabbard, who have combined experience in areas such as securities law, real estate transactions and investment banking, having worked at the likes of Goldman Sachs and Morgan Stanley respectively.

Concurrent with the opening of the new practice, the firm has upgraded to larger offices on the corner of Wall Street. “We aim to grow aggressively over the coming three years and I fully expect to quadruple revenues and client base during that time period. I wouldn’t be surprised to see Forefront offices in both San Francisco and London in the near future,” said Gabbard.

The entrepreneurial practice has around two dozen clients so far, including venture stage and growth companies in technology, software and social media, luxury and retail, real estate, and renewable energy, Forefront said in its launch release. On the asset management side, its client base consists of angel and venture investors, a global investment bank, and several hedge funds and investment managers.

As it is trying to tap into the entrepreneurial market, Forefront said part of its focus will be on low overheads to drive down legal costs. It does not charge through hourly billing “whenever possible”, it said, and encourages project-based or flat-fee pricing. The firm’s preferred structure is to set a fixed monthly fee for a comprehensive legal service, providing outside counsel for companies “on the cusp of needing to hire an in-house lawyer.”