A word from leavinglaw
The concept of the 'virtual' law firms is well-established in the USA, and most definately a growing feature on a changing landscape here. A new breed of low overhead / lower charge out rate contract outfits such as Axiom, ItsMyLaw, Keystone Law, BLP's 'Lawyers on Demand', Halebury, Everyman Legal, Scomo, Cubism... Draw whatever analogy you will, "vitual" firm or high quality temps, such project orientated legal services, which can be enlisted by the appointor as and when needed, represent an increasingly viable alternative to law firms in a recovering economy. To General Counsel, the option represents an ability to complement in-house legal groups without having to recruit further full-time employees. There is no partnership structure in the traditional model. With lawyers or teams either deployed on site, in a serviced office hub, or working from home, there is no office to maintain. The "virtual" feel is enhanced by what will be a common internet-hosted secure server holding all the firm's files. The scope for flexible working is obviously far greater for the individual contract lawyers, who are effectively independent self-employed consultants, chosing to work when they please to an extent. This enables greater control over the work / lifestyle balance, or can provide convenient and productive career "in-fill" between full-time posts or coming back from a career break. You get paid for as much as you do basically, and without the hierarchical structure of a conventional firm. The umbrella firm will take a percentage cut from the charge out, but the lawyer can expect to take home somewhere in the region of three-quarters of the fees they earn - a much higher proportion than a salaried fee-earner in a conventioanl law firm.But if you dont do or get enough work, you will not see the gross benefits. This might suit portfolio or part-time workers, but if you are revenue driven, it will require self-motivation and putting yourself out there. Further, you dont have the cocoon of a law firm around you in market downturns: a freelancer is going to feel the effects more certainly and directly.Such outfits are going to require a minimum level of PQE in their recruits, for example 2 or 5 years.