Flexibility: Susceptible of modification or adaptation; adaptable.
As I speak to junior partners and senior associates who are soon to be eligible for partnership, one topic that seems to frequently cross the minds and lips of these talented attorneys is the concern that the rigid fee structure of their current firm will hamper the potential of their client and business development. As I hear this more and more, it is a concern that is very real and very important to the future of the modern firm to remain viable and avoid the pitfalls that many firms will face as this world's economy changes. Unfortunately, the powers that be at many of the current Biglaw firms do not seem to concern themselves much with this matter. The rise of the emerging technology, a new generation of idealists, and a movement towards true flexibility will be some of the determining factors that a new generation of rainmakers will consider as they decide where to move and park their business as they search for a platform that will be compatible with their up and coming client base.
As more effort is put in to create the latest apps and the next great social networking site. As investors invest in ventures such as biometrics, wireless energy transfers, and artificial intelligence, corporations both emerging and established are more and more seeking to cut the costs of their ventures. One of the first places that corporations look when seeking to trim costs is the cost of legal fees. Now more than ever corporations are making decisions based on the ability of law firms to be fee flexible. Though we are seeing a trend of large firms mergers and the acquisitions of local firms, if you look carefully there is also a trend of partners and groups breaking off to form their own boutiques in an effort to preserve their clients with the offering of fee flexibility that most mega firms will not allow those attorneys to maintain.
We will soon be entering the age of the Millennials as more and more young millionaires sprout for the age of technology. This young money comes with no loyalty to "my father's firm." They don't care what color you claim your firm's shoes are. Millennials have less loyalty to tradition and are drawn more toward flexibility and convenience. The traditional law firm pitch won't work on them. You will not get their business just because you are who you say you are. The stiff collar old school model of law firm turns this group off. The stiff collar old school firm only attracts the stiff collar old school client. Old money eventually dies.
The question for you and you firm is do you want to be Las Vegas or are you going to be Atlantic City? There was a time when both Las Vegas and Atlantic City were boom towns for gaming. Over the years, Las Vegas has continuously reinvented and transformed itself, adding attractions other than the casinos and adapting to the ever- changing trends of social evolution. Atlantic City on the other hand refused to expand beyond the casinos and tourism began do die down. Why go to AC if I don't gamble? I hear it all the time. Why go to Vegas if I don't gamble? There are hundreds of reasons why, and those who frequent the town will be more than happy to explain. This is the challenge for today's Biglaw. Do you want to adapt to the wants and need of the new generation and provide your attorneys with the 'entertainment ' of fee flexibility? Or will you stay stuck in your old Atlantic City ways and hope the those old 'casinos' of traditional fee structures won't lead to a lot of abandoned 'used to be.'
How will your firm attract the new generation of rainmaker? Will you provide that platform of true fee flexibility, or will you allow the future of your firm to move to a platform that offers multiple forms of success? Decide now, because in five years it will be too late. Ask Atlantic City.
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