The following excerpt is just one of thousands of stories regarding the anticipated impending death of the big law firm model of practicing law:
“Willard left his job as partner at DLA Piper, a huge global blue-chip law firm, because, he said, he was fed up with the traditional business model that required it to annually increase rates and billable hours to finance ballooning profits and overhead. Last fall, he joined a start-up “virtual” law firm that he said is much better suited to the current economic conditions: It does business mainly over the phone and Internet and through video conferencing. Because the firm lacks two of the biggest cost drivers — a prestigious brick-and-mortar office and associates — he said he is offering his clients substantial savings compared with what they paid before. “Everyone realizes the big law firm model is broken,” said Willard, a partner in Silicon Valley-based Virtual Law Partners, who works out of his office — adjacent to his kitchen and family room — at his Reston home. Although thousands of lawyers and staff members across the country have been let go during the past six months, Willard and Virtual Law’s founder say that since June they have been adding three partners per month. “When you tell people, ‘I’m going to drop my rates 25 percent,’ it’s a pretty easy decision” for them to hire you, Willard said. Experts say the changes across the country are unprecedented and are hitting the bigger firms in particular. Unlike previous recessions, during which lawsuit filings increased, litigation this time is down sharply because the credit crunch is forcing corporations to curtail their legal spending, experts said. Partners are being de-equitized, associates fired, practice areas phased out, and some large firms are closing. ”
The good news is: practicing law in your kitchen has never been easier. There are more and more tools available for small firms and solo practices to provide the same level of service and support that is provided by the big firm environment.
1. Document Managment. WorldDox and SharePoint provide excellent alternatives to the big firm soultions such as Interwoven (iManage) and OpenText (DOCS). These applications are affordable and effective.
2. Sample Document Library. Big law firms can give practitioners access to thousands of previously drafted documents, but in the age of the internet, this resource is really available outside big firms. RealDealDocs contains millions of documents and clauses from the leading firms and companies in the world.
3. Legal Research Tools. Loislaw and Versuslaw provide aviable alternatives to pricey Westlaw and Lexis.
4. Rules and Other Compliance Sources. Instead of subscribing to sets of books and getting pocket part all year, SmartRules provides all the information you need to draft most civil litigation documents in most jurisdictions in the state and federal courts of the United States.
5. Calendaring and Docket. CompuLaw and LegalEx are excellent calendaring tools.