Virtual law firms, also known as distributed or new model firms, are increasing competition and broadening the offerings available to partners. These firms provide few frills and allow lawyers to keep a larger portion of their revenue compared to traditional big law firms. With recent interest from private equity funds and segments of the AmLaw 200, the virtual law firm world is experiencing its own version of a Cambrian explosion. According to Frederick Shelton, CEO of Shelton & Steele, firms that do not continue to evolve will lose partners and clients, while those that continue to evolve will improve the practice of law overall. Examples of virtual law firms include FisherBroyles, Pierson Ferdinand, and Rimon Law, each offering different revenue-sharing models and services. The rise of virtual law firms is changing the game for lawyers and providing more options for partners.
Virtual law firms: Increasing competition and broadening offerings
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