A New Value Based Law Firm (alt: What Pat Lamb is Up To)
Legal blogger and friend Patrick Lamb has been noticably absent from his blog lately (he promises to return when he remembers how to login write).
His absence isn't surprising when you learn what he's been up. Effective today, Patrick launches Valorem Law Group (valorem being latin for value) in downtown Chicago. The firm's placeholder website (at www.valoremlaw.com) will go up later this week.
Pat has been leading Butler Rubin which has stood out among similarly sized firms for its ability to compete with the big guys as a powerhouse litigation boutique. Pat is a believer in value pricing -- something Pat has demonstrated his curiosity and passion about on his blog, In Search of Perfect Client Service, but his collegues wouldn't go where Pat wanted to go with regard to VP.
In his own words, he describes the situation and his motivation to start Valorem, "...while many changes were instituted, the firm remained committed to working by the hour, and like other firms, its hourly rates continued to escalate with no end in sight. [He believes] that fees should be fixed, margins managed, and that performance should be a key factor in pay,"
I'm very happy for Pat who, along with two equally passionate members (and one more coming in April) starts this innovative new firm. They also begin with one full-time contract lawyer, two paralegals and an administrative assistant.
On a call with him yesterday (while he pretended to be sad about getting out of was distracted from moving into his new space) he told me about the 1920's era building they are moving into on Wacker with like-sized offices for all, lots of open collaborating space, a mock courtroom, and an edgy, high-tech set-up. Can't wait to see it!
You can read about his changes on Pat's Linked In profile.
Let's keep our eye on this firm; it will be one to watch as these lawyers set some precendent on the course toward the Firm of the Future. Happy 2008 Pat!!
I have been seeing a few law firms shifting to this model. Very commendable...and marketable!
Posted by:Shama Hyder | January 02, 2008 at 09:43 AM
Pat Lamb is mega-talented, respected, and has the ear of many, many lawyers. If he can make value pricing work, others will follow.
Posted by:Dan Hull | January 02, 2008 at 11:39 AM
Good luck
Posted by:Cat | January 02, 2008 at 03:05 PM
Valorem Speaks!
Patrick has updated his blog with the "hows" regarding his new firm's approach.
Enjoy: http://www.patrickjlamb.com/archives/commentary-valorem-launches.html
Posted by:Michelle Golden | January 07, 2008 at 02:47 PM