Balancing work and personal life can be challenging, especially when you have only 24 hours in a day. To scale your firm and increase your profits, it’s crucial to leverage the time of other lawyers. This way, you can focus on the most critical aspects of your practice while ensuring that you have enough time for other essential activities.
Traditional Approach: Hiring Full-Time Associates
Conventionally, the way to handle this was by hiring full-time associates who would earn revenue from their billings. This revenue was traditionally split into three equal parts: one-third for the associate’s compensation, one-third for covering overhead expenses, and the remaining one-third as profit for you.
When billing clients $300 per hour for your associate’s time, it’s important to remember to allocate $100 for their compensation, $100 for overhead expenses, and $100 towards the firm’s profit to maintain profitability. If your associate is always busy and you track all their time, that’s ideal but not always realistic. When your associate isn’t working full-time and you don’t get 100% of their billed time, the 1/3 that should be your profit goes to cover their salary and benefits.
The Smarter Way: Outsourcing to Cardam Legal
Discover a smarter way to get the advantages of working with our legal writers without the costs, commitments, and losses of full-time staff! When you pay your legal writer $150/hr and charge your client $300/hr, your profit will be $150/hr with no need to worry about salary or benefits when they’re not working.
Financial Benefits of Outsourcing
Maximize your practice and income by taking advantage of the services of Cardam Legal’s writers without the costly overhead of permanent staff. In accordance with the Supreme Court decisions in Missouri v. Jenkins and Richlin v. Chertoff, the ABA Standing Committee on Ethics and Professional Responsibility has stated that attorneys may bill clients for the services of contract lawyers at prevailing market rates, so long as the hourly rates meet the Model Rule 1.5(a) standard of reasonableness.
Industry Trends: On-Demand Legal Services
Results from the 2019 Altman Weil survey show that big law is utilizing on-demand components to their lawyer workforce to increase sustainability. Nearly half of the firms surveyed reported that their new strategies had already led to a “significant improvement in firm performance,” while 46.6% said it was too early to tell.
Gone are the days when only big law could create a virtual team of on-demand lawyers to boost their profits. Now, with the help of new tech and outsourcing platforms, you can easily collaborate with talented freelancers in your state and around the US to build your own virtual on-demand team of trained legal minds in the United States.
Conclusion
Outsourcing your legal writing and research to Cardam Legal not only reduces overhead costs but also allows you to focus on the most critical aspects of your practice. By leveraging the expertise of seasoned legal professionals, you can maximize your practice’s profitability and efficiency without the need for additional hires.
Partner with Cardam Legal today to experience the benefits of a smarter, more efficient way to manage your legal writing and research needs.
