Frustration among lawyers at 'epidemic' levels, claims Keystone founder
Keystone Law founder James Knight has claimed there is an “epidemic” of frustration among lawyers at traditional firms as his firm continues its hiring spree by adding 10 lawyers from the likes of Ashurst, DLA Piper, SNR Denton and Speechly Bircham.
James Knight, Keystone Law
The hiring round also sees the firm, whose lawyers work remotely and are paid on a performance basis, take on Motorola Mobility senior commercial counsel Clare Lucas, who spent 10 years working for the Emea division of the mobile maker.
The other hires are: criminal lawyer Lucinda Russell-Jones from DLA Piper; commerical contracts partner Nicholas Tall from Speechly Bircham; pensions and employment lawyer Simon Owensfrom Ashurst; commercial property lawyer Joanna Bullard from Thomas Eggar; head of private client at Hanne & Co Solicitors Nia Jones; corporate lawyer Jemma Shorten from SNR Denton; corporate lawyer Catherine Williams from JAG Shaw Solicitors; corporate lawyer Alyson Young from Furley Page Solicitors; and family lawyer Hilary Pennington-Mellor from RosenblattSolicitors.
Although eight of the 10 hires are women, the firm’s managing partner James Knight said the structure of Keystone Law, which operates a performance-based remuneration structure rather than paying conventional salaries, is attracting both male and female solicitors who are looking for something “not found in the conventional partnership model”.
“The frustrations of senior solicitors and partners is almost reaching epidemic proportions based on what I’m hearing and what I’m encounting on a day-to-day basis,” Knight told The Lawyer.
“Solicitors want to practise law, but the distractions of many law firms - the administration of the practice, management of staff and so on - are such that they have a decreasing amount of time to do so.
“People are saying that the partnership model is outdated and the business model is changing - we’re attracting more breadwinners, not because they want to work from home but actually because they want more money.”
The recruitment drive comes as the 11-year old firm posted turnover of £11.2m at the 2011/12 year-end, a rise of 14.3 per cent on the previous year’s £9.8m. In July, Knight outlined plans to take on an additional 50 lawyers, setting his sights on achieving £25m turnover within the next three years (12 July 2012).
In September the firm added Salans real estate partner Nick Ellis and family specialist Shashi Sachdeva, who was a partner at Thomas Eggar (25 September 2012).
The firm anticipates a further 30 hires on top of these this year. Knight said the firm has already had a “fair amount” of interest from US firms in the City as well as those in the magic circle.
Clients at Keystone Law include LoveFilm, Neal’s Yard and Snog Yoghurt.
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Readers' comments (11)
Muhammad Haque | 30-Jan-2013 12:11 pm
Greetings my fellow lawyers. It is me again. I too have been feeling this great 'frustration' you talk about. It is a feeling that comes to me at night sometimes when I am lonely. As with the esteemable Mr Knight, of the Keystone law, I believe it is only by many lawyers rushing to me that this frustration can be answered.
(Polite question regarding clients of the keystone, what is the 'Snog Yoghurt', and where can I buy it?)
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Anonymous | 30-Jan-2013 2:02 pm
It looks like it might be a good move for some of the lawyers but any discerning client will see it for what it is:
a bunch of random sole practitioners with a managment team looking to build a volume business that gets flipped into an ABS at the first decent whiff of a good deal for management
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Matthew Rippon | 30-Jan-2013 2:16 pm
Dear Anonymous - what a shame you didn't disclose your name so we could all compare the success of your firms with those of the new model. Your business model is dying. Not a single one of our clients or contacts has ever expressed the vaguest nuance of doubt over the quality of our work or our dedication to their cause.
19th century roots and big offices do not a successful commercial practice make. Just ask Cobbetts.
#dinosaur
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Anonymous | 30-Jan-2013 2:21 pm
As opposed to a bunch of random partners in a traditional commercial law firm - looking to increase PEP at the expense of their staff and/or clients irrespective of economic conditions.
Which is why ABSs and the likes of Riverview Law will continue to find plenty of easy pickings amongst potential new clients disgruntled with lack of value that the traditional equity model delivers to them.
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Anonymous | 30-Jan-2013 2:47 pm
"a bunch of random sole practitioners with a managment team..."
Isn't that what most law firms are? I don't think most clients really care what structure their lawyers work in, so long as they get the service they require - which is generally delivered by inidvduals and not large teams.
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Simon Bailey | 30-Jan-2013 2:51 pm
I would suggest the Partnership model is far from dead but like any structure over time needs to continual evolve and reflect changing market conditions.
Well run, Partnerships can be both flexible in responding to more competitive times, and allow scope for fully rewarding both the current high flyers but also naturing the stars of tomorrow.
Good management with guidance and light touch can best utilise the benefits of the Limited Liability Partnership.
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Patrick Stevens | 30-Jan-2013 2:59 pm
It's probably a model that works very well if a client wants to consult a specialist at a fraction of the cost of going to a city firm.
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Eimear Mc Allister | 30-Jan-2013 3:46 pm
Oh, I think frustration is just the tip of the iceberg. Add to that exhaustion, demoralisation, stress and burnout and you'll get a more rounded picture.
When I work with stressed out lawyers, they tell me tales of nothing short of crushing brutality. It's not that I am a shrinking violet when it comes to the corporate world. I know it's all about the money, stupid, and that's just fine. But those are real human beings making that money and they have certain minimum requirements to make it worth their while and being treated with common humanity is one of them.
What the big firms need to realise is that when you leave people with nothing to lose, you put yourself in a vulnerable position. James Knight's initiative is perhaps just one sign of this.
Eimear Mc Allister
www.ProductiveLawyers.com
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David Gilroy | 30-Jan-2013 6:27 pm
Anonymous | 30-Jan-2013 2:47 pm said this :-
"a bunch of random sole practitioners with a management team..." Isn't that what most law firms are?
No, I disagree.....some of them don't even have a management team....good ones like our clients do I'm pleased to say.
Regs....David.
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Anonymous | 31-Jan-2013 2:04 am
I've been on the fence about attending law school; the possibility of leading a halfway normal, entrepreneurial lifestyle while retaining affiliation with an established firm IA a teal game-changer for me and makes practising law seem ever more attractive.
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