Virtual law firms - the way of the future?

The Times Online have posted an interesting article about virtual law firms – a phenomena that has emerged since 1996 and may change the way that lawyers think about their careers. Virtual law firms are not firms in the traditional sense – they are composed of freelance lawyers working at home or in serviced office hubs. This kind of freelance work can be lucrative, and pay is dependent on the fees generated by the individual freelancer. It is estimated that freelancers take home an average of 75 per cent of their fees, compared to around 30 per cent for regular fee earners in traditional firms. At UK practice Woolley & Co, freelancers have average earnings of around £60,000 a year, while those at Cubism Law average £210,000 a year.

Virtual law firms - the way of the future? business.timesonline.co.uk Mon, May 24, 2010