The Future of Law is the Modern Law Firm, and it’s Like Nothing You’ve Seen Before
There’s been a significant change in the way businesses provide services and customers seek solutions. Look no further than this:
- Uber, the world’s largest taxi company, owns no vehicles.
- Facebook, the world’s most popular media company, produces no shows.
- Airbnb, the world’s largest hospitality company, owns no real estate.
- Alibaba, the most valuable retailer, has no inventory.
These examples illustrate that the most successful businesses of the 21st century do not exist in traditional buildings, with clients coming to a physical location to acquire services. The Internet and technology make it possible for conducting business virtually, and providing more efficiency and choices.
These virtual companies offer another advantage that is not always found in their traditional counterparts: a way for the business operator to live a meaningful life while earning a respectable income.
With approximately 1.34 million attorneys in the United States, the legal profession is ripe to follow in the footsteps of so many successful companies building their platform and conducting business online.
This model is especially appealing to women who seek the opportunity to earn as much – if not more than – the standard 89% of their male attorney counterpart’s salary. But what I’m calling the “Modern Law Firm” will allow all attorneys to live a meaningful life while practicing law. Minority and male attorneys who are seeking better income opportunities while working less will also benefit. Currently, many attorneys are choosing the solo practitioner route or simply choosing not to be a partner at their Big Law firm to try and achieve freedom and flexibility.
If attorneys are going to thrive in the law, they must get out of traditional law firms.
And the solution is the Modern Law Firm, which is modeled much like the success of Airbnb, Uber and Facebook. This is why I am launching my Modern Law Firm, Vanst.
At Vanst, all attorneys are partners with their own book of business. They set their own rates and decide when and how many hours they work each month. Attorneys work from home, or lease space, and there is no centralized office. Thus no dealing with long commutes or office face time. And no wasted time and mental energy on firm politics. No centralized office significantly cuts out the bloated overhead costs attorneys normally slave away paying for, and for which clients are billed higher rates. Vanst uses software to provide better services and create a culture of constant collaboration and support. And most importantly, attorneys earn a higher percentage of what they collect.
The future of business is changing. And at Vanst, the power of technology is harnessed to make attorneys’ lives easier, more productive, profitable, and happy.
Cynthia Morgan-Reed is the CEO of Vanst Law, LLP., a modern law firm that is changing the culture one attorney at a time. If you are interested in joining Vanst, complete the New Partner Candidate Questionnaire.