The last few years have seen an increasingly dramatic switch in the way lawyers work. A legacy of long hours and the pressure of targets has slowly given way to a more balanced way of working, with ambitious lawyers who want to achieve success in their career as well as their homelife eschewing the traditional law firm model for the flexibility and control of the consultant solicitor, fee-sharing model.
It is estimated that over the next five years, a third of lawyers could migrate to this more flexible way of working; could it be that the fee-share model will be considered the norm in the not-too-distant-future, and how can we measure the success of this shift?
The draw of new law
The draw of consultant solicitor fee sharing is clear to see and for the more risk averse, anecdotal evidence indicates that committed, ambitious lawyers can retain control of their work life whilst receiving just rewards for their efforts.
The recent surge in popularity of the fee-share model is largely attributed to the lockdown, which brought with it enforced flexible working and caused many people to re-evaluate their choices in terms of control, reward and balance. But, this particular revolution started more than a decade ago, when law firms such as Excello Law bucked the centuries-old trends and launched ground-breaking consultancy law firms where ambitious lawyers and law firms could turn their back on the traditional law firm model and take control.
The pioneers of new law explored the new way of operating, convinced that there must be a fairer way to work, which brought with it freedom for talented lawyers to work how and when they want, without compromising on quality of service from a client perspective. As with all innovators, some thought that the new model would not take off, whilst others jumped in with both feet, and most just sat back and watched with interest.
By the time the lockdown gripped the world, consultancy model lawyers were already natives to flexible working and that agility enabled them to continue to deliver high-quality services whilst barely missing a beat, despite the challenges the world faced. For those new to flexible working, the first taste of freedom was enough for them to know they could choose a different way of working, without compromising their career opportunities.
No longer a numbers game
As is often the case when an industry starts the process of systematic change, the traditional markers of success for law firms are no longer necessarily applicable. When working in a setting where a lawyer can set their own targets in terms of hours, new business and caseloads, and get their fair share of the fees for the work they do, data such as turnover, fee percentage and number of staff is not necessarily an indicator of a firm's ability to provide and outstanding service.
In terms of new law, it is necessary to discard previous markers of success and determine a firm's worth not in terms of headcount and turnover, but productivity, quality of work, and lawyer wellbeing. In short, it is no longer about numbers of people at the table, but about them demonstrating their right to be there.
Is the consultancy model the future?
When it comes to working models, there is no right answer, no off-the-peg solution that provides every person with the work environment and operating model that they need to thrive. Undoubtedly, some people thrive in high-stakes, high-pressure, target-heavy environments. Over the last 15 years, many lawyers have dismissed the possibility of moving to a fee-sharing model as too high risk, with the shift from employed to self-employed status too great a price to pay for freedom to work on their own terms.
However, lockdown gave lawyers the opportunity to sample the wares of the fee-sharing model in terms of agile working while, almost simultaneously, the great resignation created a employees' market. This means not only do people realise that they can achieve just as much, if not more, working on their own agenda, but they have grown to expect flexibility, fair remuneration and greater levels of control over their work. The consultancy law model is no longer only accessible to bold, ambitious lawyers who can afford to take the risk; the balanced way of working is within reach for anyone with an ambition to succeed and the drive to achieve their goals.
The shift towards the consultancy model may have an impact on traditional law firm recruitment too. In order to retain valued team members and compete with the flexibility of the fee-sharing structure, it may be that traditional law firms will choose to assess their frameworks, identify outdated expectations and processes, and replace them with more impactful, relevant alternatives.
Whether the benefits of the fee-sharing model will lead to a mass migration of lawyers, or it will simply force a change in long-standing legacy expectations to make law firm recruitment more attractive to talented lawyers, one thing seems to be certain: the landscape is changing and once where there were only long hours, enforced targets and complex chains of command, there is now choice and the ability for ambitious lawyers and firms to drive their own success.
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