Australian firm AdventBalance launches in HK
AdventBalance has launched in Hong Kong, bringing with it an unusual model for legal service provision. The firm offers senior lawyers to be seconded at client companies for specific projects, and charges a fixed fee calculated according to the period and hours involved.
Another key difference is that the firm operates as a company rather than a partnership, and managers say that the model allows them to move quickly and efficiently in a changing economic environment.
"We find (our model) to be a far more progressive and flexible structure," said the firm's managing director for Asia, John Knox.
"The firm also operates in a very different way to the traditional law firm partnership. All of our lawyers have a combination of private practice and in-house experience, they work from our clients' offices on secondments and we use a completely fixed fee model, not hourly rates.