A group of so-called “virtual” law firms say they are seeing a surge in interest from Big Law lawyers who are fed up with a financial agreement shifting under their feet as firms weather a crisis.
Possible Risk: There is risk involved in joining a virtual firm. Under these firms’ compensation formulas, if your work dries up entirely, you won’t get paid. But that may still be a better deal for some Big Law attorneys than seeing their profit draws slashed as firms demand solidarity in a tough economy.
Recruiting Pitch: Chris Wilson, who heads a “remote” law practice for Taylor English Duma, expects an uptick in interest around virtual firms. “I do think you’re going to see more do it simply because some lawyers are busy right now and they don’t believe they should be taking that 25% pay cut,” he said.
Roy Strom has more in this week’s Big Law Business column.
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