Surely I jest…A law firm that gets it? I have been waiting to be able to make this statement for most of my professional life, and to be candid, I actually thought I would be dead and buried long before I found a firm that would wake up and smell the roses. No single industry has been guilty of lagging behind the times more than the legal profession. In fact, I think it is fair to say that no industry is more adverse to change than our venerable friends in the practice of law. In today’s post I’ll refer you to a law firm in Chicago that is going to revolutionize the way attorneys conduct business in the future…
First a little background…I grew up in a legal family, have served as a managing director of a law firm, recruited and managed legal staffs as a C-suite executive, and have dealt with many an outside counsel as an entrepreneur and advisor. I have both sued and been sued, and suffice it to say I know the good, the bad and the ugly about the legal profession. The simple truth of the matter is that if law firms had to go to trial and defend their business practices, they would lose eleven times out of ten…that is until now.
Let me introduce you to Valorem Law Firm (their website is definitely worth a visit). Not only has this firm done away with the hourly rate, but they give their clients the unilateral ability to adjust their bill based upon perceived value or lack thereof. Their invoice actually comes with a line item entitled value adjustment in which you the client determines what is fair and just. What I particularly like is the way in which the firm pokes fun at their peers (I use that term lightly). Frankly, they would be crazy not to exploit such a strong value proposition.
I would strongly suggest that it would be in the best interests of survival for other law firms to come out of the dark ages and align their business practices with the clients in which they desire to serve. My hat is off to the lawyers at Valorem Law Firm…Job well done!