Hiring a lawyer or law firm can be uncomfortable. One big reason why it is uncomfortable to hire a law firm is the widely held perception and belief that the cost of legal services will exceed the value delivered by the law firm.
This is a serious problem that we believe causes many businesses to forego legal assistance and suffer the consequences of unaddressed festering legal issues out of "price fear."
One step to help overcome the discomfort of hiring a lawyer or law firm is to understand the law firm's business model.
On this point, however, the news is not encouraging: the business model for most traditional law firms is a pyramid. Your legal work is sourced or originated by a Rainmaking Partner who sit at the top of the law firm and income pyramid, who often delegates the work down to lesser experienced Service Partners and Associate Attorneys. As the work is delegated down to often less experienced attorneys, a portion of the revenue from the legal fees the law firm charges and collects from your business floats up to the Rainmaking Partner who is given revenue credit for originating your legal work and your money.
In other words, at most traditional law firms, the person who originates your legal work is economically incentivized to delegate your work down to junior attorneys who often have less experience handling the legal issues involved in your legal project. Simply put, they make more money by delegating the work down to less experienced attorneys, and they will often charge you for the time they spend training and reviewing the work performed by the junior attorneys assigned to your work.
I reject this model. At my law firm, every project is staffed and managed by highly experienced and seasoned attorneys with years of experience handling the legal issues involved in your legal project. Our clients never pay to have us supervise and train junior attorneys because we do not have any junior attorneys on staff. When we delegate work, we delegate it to a senior attorney who is more experienced and qualified to address your legal issue. We practice law this way because it's the right thing to do for our clients, and it's the best way to deliver high value to our clients.
Mark D. Walters | Copyright 2014