Becoming a fee-share lawyer is a rewarding alternative to working for a traditional law firm–but it’s not for the risk-averse. If you see yourself as a bit of an entrepreneur, or if you’re looking for more flexibility and bigger opportunities, read on.
What is a fee-share law firm?
A fee-share law firm is a team of self-employed lawyers who share their fees. It offers a lawyer autonomy, flexibility, a sense of ownership, and the opportunity to reap the rewards of their hard work.
The growing demand for flexibility has driven a boom in popularity for fee-share law firms like Gunnercooke LLP, Setfords, Spencer West LLP, and Summerfield Browne, attracting some of the best legal talent.
How does fee-share work?
When you become an associate lawyer or partner in a fee-share law firm, you generally won’t be employed directly. The fees your work generates will be split between you and the firm–on average, you’ll get about 70%, but it’s negotiable and varies from firm to firm. Summerfield Browne offers 75% if you introduced the client and 60% if they did.
What should a lawyer consider before joining a fee-share law firm?
Clients
As a fee-share lawyer, you’ll be responsible for attracting and retaining your own clients. If you already have a large network or a strong personal brand, you’ll probably earn more than you would at a traditional law firm. And if you’re just starting out, the prospect of keeping 70% of your fees could spur you on to bring in new clients and learn new skills like lead sourcing and business development, which will serve you well in your career.
One lawyer at Spencer West LLP said he found fee-sharing work more rewarding because it enabled him to engage with clients in a way he hadn’t been able to as an in-house lawyer. If you enjoy connecting with clients more than managing teams and training new hires, you’ll love this setup.
Time commitment
While working as a fee-share lawyer does offer more flexible hours and a better work-life balance, it’s not an easy ride–the more time you put in, the more you’ll get out. If you’re not willing to make a serious commitment of time and energy to building your client base, particularly in the early days, you’re likely to find your earnings disappointing.
Culture
Being self-employed can be isolating, so make sure you join a firm with a culture that encourages collaboration and connection. You might also want to check whether the firm has any marketing strategies to attract clients, or whether it’ll all be up to you.
Benefits
Because you’re self-employed, a fee-share law firm usually won’t offer you the same benefits you’d expect as a permanent employee, such as health insurance. Some do still offer benefits, but the main benefits you can expect to receive are autonomy, closer relationships with your clients, and the opportunity to earn big.
If those excite you, becoming a fee-share lawyer could be for you. If you would like to discuss your options and what law firm is right for you, get in touch for an honest and confidential chat.