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.