This is an interesting look at the ownership structure of the law firms, which of course has an impact on the operational and pricing structure of law firms.
It is hard for any large organisations to change, but especially organisations with an equity partnership structure, because we expect those at the top who have worked hard to reach that level and who rely on that payment structure, to effect the change.
For NewLaw firms such as Halebury, we have changed the focus; not on PPP, but on the client AND lawyer needs and then built the pricing and operation structure around that. However, we are still a regulated law firm and I think it is possible to be both; an entrepreneurial law firm.
However, as this article highlights, we should learn from organisations outside our profession.
Service providers do not have the legacy mindset of law firms — billable hours and their inverted reward system, segregation of lawyers from IT and process management, and a partnership structure. They were created to deliver tasks once performed by law firms on a more client-centric, efficient, transparent, and cost-effective basis. Translation: service providers came about because there was a market demand for alternatives to law firms’ delivery of all “legal”services.