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How Top Law Firms Can Stay Competitive with Emerging Alternative Models
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How Top Law Firms Can Stay Competitive with Emerging Alternative Models

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The number of alternative law firm models is growing along with their revenues. …

The number of alternative law firm models is growing along with their revenues.

Background information on operations and revenues of alternative law firms and practices that traditional law firms can integrate to decrease infrastructure, keep top associates, and offer the price and value that will prevent the defection of their client alternative legal models.

Published in: Business, Career

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  • 1. Transitioning TogetherHow Top Firms Can Stop Sending Their Associates to the Competition
  • 2. Copyright © Hire an Esquire, LLC 2012 All Rights Reserved For Questions Please Contact: Hire an Esquire, LLC 20 N. 3rd St. #302 Philadelphia, PA 19106 +1.800.757.3301 (Ph) support@hireanesquire.com Visit Us at: www.HireAnEsquire.com
  • 3. Your Competitive Edge is Walking Out the Door77% of associates leave a firm by year 5• $200-$500K – “Hard costs” of training, time, recruitment• Rapport with Clients – Relationships so good, they take your trained associate in-house• Competitive Advantage – Alternative law firm models keep costs low by leveraging investments of top law firm – only hiring their trained attorneys – Trend towards in-house expansion to decrease use of outside firms
  • 4. Emerging Legal Models Profit from Your InvestmentYour investment is their pitch to your Fortune 100 Clients• Axiom Law – Revenue: $1M -$80M 2002 – ‘11 – $120M projected for 2012 – “Our average attorney has 12 years experience, (when hired) most have worked at an AmLaw 50 firm”• Paragon – Founded in 2006 – “We hire only top attorneys with at least 8 years experience working with both the nations leading law firms and internal legal groups”• Clearspire – Founded 2010 – Firm home page “Top AmLaw 200 Attorneys” “Nonconventional Practices Make Inroads in D.C. Market,”
  • 5. How Emerging Models Attract Top Associates andClients• They pay attorneys (only) for hours worked – Cuts costs for firms and clients “This isn’t your typical firm. . .outside – Discourages hours creep while encouraging interests make us better lawyers . . flexibility and control for attorneys .time with families is as important as time in the boardroom. “• Attorneys focus on practice, not non billable activities Axiom Law – Many great lawyers don’t excel at or enjoy business development, focusing on law is best for them and the firm bottom line “Liberate Yourself”• Provide work life balance Paragon Legal – 75% of surveyed in-house counsel went in house for more work life balance – Current generations of associates value reasonable schedules and time for outside interests over astronomical salaries “Nonconventional Practices Make Inroads in D.C. Market”
  • 6. Regaining the Competitive Edge with Hire an Esquire Creating a true lifestyle alternative within your firm Key Benefits• Hours creep safeguards – Paying only for hours worked cuts costs and keeps firms mindful of hours• Payroll and HR Savings – Outsourcing flex attorney payroll conserves HR resources• True Transition Tool – Provides flexible income and prevents resume gaps• Flexibility and control for attorneys and firms – Group of flexible attorneys allows attorneys and firms to have more control and options to spread workload – Choose W-2, freelance and/or per diem attorney relationships “Schedule creep is one of the major reasons attorneys• Business cycle scalability leave law firms rather than – Business upswings handled seamlessly with minimal recruiting and training resources seeking balanced hours” – Downturns handled without reputation and morale damaging layoffs Project for Attorney Retention