Keypoint Law: The “New Compact” for senior lawyers

The problem with the traditional law firm model

Lawyers value law firms as a mode of organisation. Why? Because they provide:

• work;
• a full-service client offering;
• collegiality; and
• back-office services.

But, it can come at a heavy cost to the lawyer:

• they are subject to gruelling billable hour targets, budgets, timesheets, and other forms of financial pressure; and
• a very high portion of their billings is retained by the firm (as much as 70%).

Is the cost justified?

For lawyers who rely on their firms to supply their work, this exchange may be unavoidable.

But, for lawyers who generate their own work, this compact can be harder to justify.