During this pandemic the legal industry has pivoted to working remotely, embracing and investing in technology to Zoom with clients and co-workers. Most agree that remote and flexible work arrangements will continue for lawyers for years to come.
Virtual law firms have been around from years, but now there are many lawyers who have adjusted to working remotely and like the flexibility and lifestyle benefits it offers. The other attractive benefit work working for a virtual firm is the compensation. Without the overhead of an expensive office building and all the costs associated with real estate.
For a partner working for a traditional brick and mortar firm, a third of their book of business pays their salary, a third of the profit goes directly to the firm and the last third pays for the overhead to cover the rent, lights and utilities.
Virtual law firms pay partners up to 70 to 80%, of their book. Virtual law firms provide unique compensation structure that ultimately makes more money for the rainmaker than a traditional law firm.
Virtual firms have helped many senior partners at AmLaw firms overcome fears of making the move to the digital world leaving behind all the politics and the 9 to 5 world. Virtual firms benefit from being able to bring on top talent who prefers working remotely.
There are risks in joining a virtual firm. It’s all about your ability to bring in new business. Most find it difficult to create a sense of team online and networking in the virtual space has its limitations. Not everyone is well suited to work online, they have difficulty with new technologies, and many simply do better business face-to-face.
As we get past this pandemic the ‘New Law’ firm is here to stay. Law firms will offer a hybrid model of remote and in office work schedules. There are real savings that can’t be ignored from meeting remotely. Time and money rule the new normal.
Virtual firms are embracing cutting edge artificial intelligence to mange the process of law more efficiently and intelligently. No matter where law is practiced, technology is truly an investment that gives firms a competitive edge.