Virtual law firms – what exactly does that mean?
Virtual law firms are typically legal practices where the lawyers operate from their satellite offices or homes. The lawyers tend to be self-employed and through the use of technology work remotely, giving them the freedom to pick and choose their own working hours.
The benefits of the virtual law firm
- Higher earnings – Due to virtual law firms not requiring offices for all the lawyers to operate from, there are significant savings in overheads that typically come with real estate. These firms are therefore able to offer lawyers a very competitive remuneration, often a percentage of their billings.
- No commute – Thanks to the use of technology and cloud-based IT systems, virtual lawyers do not have to deal with the lengthy travel that often comes with working for a traditional law firm. This gives them more flexibility and control over their working life, so that they can provide a seamless service to their clients.
- No internal politics – As lawyers working in a virtual law firm tend to work for themselves, this means they do not have to deal with the internal politics of the traditional law firm. When working for themselves they are in charge of their own career, rather than having to reach for someone else’s targets.
The downsides of the virtual law firm
- Lack of support – Removing the ‘head office’ often means removing the support staff that come with that office and while most lawyers might have a PA, it cannot compare to the support offered in a traditional firm.
- Lack of socialisation – Another downside of working for yourself is not getting the opportunity to network and meet like-minded people. To successfully run a virtual law firm, you need a network of contacts you trust and can refer work to when needed.
The Keystone difference – why we are not a virtual law firm
Virtual law firm is a term that is often used to describe Keystone; however, in reality we’re not very virtual.
The Keystone model combines all the best features of a conventional law firm with the positive features of virtual law firms. This includes offices and meeting rooms throughout the country; an award-winning support team including administration, accounts, compliance, marketing and IT professionals; a very high remuneration policy with additional remuneration for internal referrals; and technology that makes remote working simple and easy. All without the politics or targets. At Keystone, our lawyers also know each other very well, often collaborating on work and seeing each other regularly through our active schedule of team-building events, social functions and CPD training seminars.
If you would like to learn more about our innovative approach, please click here.