In private practice, work loads are hard to predict. At small and mid-sized firms, the decision to hire a junior or move from three lawyers to four or from nine to ten lawyers is a big one - particularly when you're uncertain about a constant demand for the services a junior lawyer can provide. As more law firms move to leaner business models, the decision of when to hire becomes fraught with competing objectives.
Likewise, the constant budgeting pressures placed on most general counsel leave in-house lawyers in a paradox: you don't have the resources to hire more lawyers full time and, at the same time, you need to use expensive external counsel less.
The traditional approach to practice growth management was straightforward: you could either (a) hire a junior lawyer and seek to expand your business, or (b) maintain numbers and refer files that exceeded your ability to find time to do the work. Each approach involved risk and costs. Your increased overhead and the time spent developing and retaining talent are significant investments without guaranteed returns. Alternatively, watching your client base mature and then leave for larger firms could be devastating to your business.
If you look to any of your corporate clients, their models are increasingly about maintaining small teams who perform strategic decision-making in-house, while sending tactical projects to their strategic partners. Work is performed on demand, costs are controlled, and net operating income rises. For lawyers, the discussion should be the same. It is about more sophisticated external partnership models to provide capacity and extract value. It is about achieving scaleability without taking on the costs associated with a legacy model law firm. And it is about creating value for you and your clients.
With Glenford, you're receiving Bay Street experience at a reasonable rate with unparalleled convenience and flexibility.
Your clients do it. Why don't you? Email Glenford to arrange a consultation at email@example.com.