A career in law: one size fits all is a thing of the past

Mike Jones, chief executive of IV League Talent, believes there is a new paradigm for the career aspirations of successful lawyers, existing outside of partnership and firmly rooted in the post-alternative business structure (ABS) environment.

Jon, a partner in a large international law firm, was dissatisfied with his career. He was frustrated at the intense micro-management he was subjected to, despite delivering on his targets. He was disheartened by the multitude of initiatives he was required to support that provided no benefits to him, his firm, or his clients.

Jon's frustration was heightened by the prospect that there was no alternative career path for commercial lawyers with a blue-chip client following other than partnership in a traditional firm environment.

Alternatives to partnership
Jon's is not an isolated case; many other law firm partners and senior lawyers desire greater freedom and flexibility in their careers. Alternative options have evolved in recent years, from becoming self-employed to operating under the umbrella of a 'virtual' law firm, which channels work to independent lawyers who typically work from home, but benefit from sharing a brand and administrative support. 

The 'locum' lawyer concept is similarly organised under umbrella brands. Here lawyers typically fill in-house roles with major corporates for fixed short-term contracts or longer.

Then there is the freelance approach, where a lawyer with a client following operates under a host firm's brand, but outside its partnership structure. The lawyer and firm agree a revenue-share arrangement.

To satisfy Jon's needs, the freelance model was the only suitable option. While attractive on many fronts, the virtual law firm offering did not meet Jon's clients' (large, multinational businesses) criteria for continuing to send work to him.

Against this backcloth, the IV League model was born to meet the aspirations of high-flying entrepreneurial lawyers willing to forego partnership in exchange for increased flexibility in their terms and conditions and a greater share of the revenues they generate.

Topical model
With the commercial appetites of law firms increasing and the arrival of ABSs, the IV League model provides firms quick access to talent and their revenue, with none of the risks associated with a new partner appointment.

Equally, lawyers who do not relish a future with firms with external investors and therefore, where they see less opportunity for personal growth, can exit without sacrificing the quality of their clients and seek a 'home' elsewhere.

Portfolio careers
Another element which comes into play with alternatives to partnership, especially for those just starting out in the profession, is the realisation that we could all be working for a very long time either through choice or through financial necessity. While doing so it makes great sense to achieve a better balance between our work and home lives.

Young lawyers, who may have targeted partnership as the ultimate prize, can now consider alternatives, which provide excellent quality work, but with no lifestyle disadvantages. Having qualified, developed their practice and built a client following, they no longer need view partnership as the pinnacle of success. The more attractive prize may be the route which allows them to lead a business and work life at a pace they set themselves (as long as in agreement with their clients), select their portfolio and retain a greater share of the revenues they generate.

Key is their level of confidence in a client following, or the ability to secure one and be financially secure while building their business. For aspiring lawyers who wish to exert greater control over their future careers they should pay as much attention to building their business development skills as they do to honing their legal talent. Create a loyal client following and a whole world of lucrative options open up for you.

Mike Jones is the chief executive of IV League Talent Limited. He has over 20 years' experience of coaching partners in law and accountancy practices on relationship development and sales activity.  To find out more about IV League Talent Limited, go to www.ivleague.co.uk or follow Mike on Twitter @ivltalent.