The legal industry sees constant complaints about the ever-rising legal costs necessary for smooth business operations. Despite the grumbles, the fees continue to spiral, leading to a cycle wherein clients are forced to pay exorbitant amounts. The pertinent question is whether major law firms, often referred to as Biglaw, are ready to tackle this issue head-on and provide financial respite to their corporate clients by scrapping the traditional billable hour system.
In a conversation with Greg Williamson, who has recently ascended to the position of managing partner of OGC, a spectrum of related issues was explored. OGC is a unique boutique firm that extends the services of an outside general counsel to businesses country-wide and is known for its formidable lineup of partners.
Williamson shared how OGC, established over two decades ago, established itself as a virtual law firm, providing in-house legal services. The firm prides itself on offering a more affordable and predictable alternative to conventional law firms. Its innovative practice model, specifically designed with a belief that in-house lawyering is better for businesses, marries former General Counsels (GCs) and seasoned in-house attorneys with clients based on the specific needs of the latter. Besides, the company also has a unique value proposition for its attorneys, providing substantial professional flexibility and maintaining a year-over-year attorney retention rate of over 90%.
When queried about his take on the generally agreed notion of the “broken” billable hour concept, Williamson agreed fully. He opined that the traditional model of legal service delivery has, indeed, flawed, much to the frustration of the clients due to the lack of cost predictability, and attorneys owing to unrealistic expectations. OGC’s model sets itself apart by addressing both facets of this problematic equation. It combines client-based efficiency and cost savings with partner-level attorney expertise and broad legal matter handling capability.
Williamson believes that the shift towards value-based billing that some Biglaw firms are considering is a good alternative. This trend is majorly influenced by clients’ desire for optimized legal spending. OGC’s approach, with its emphasis on efficiency, cost predictability, and tangible results delivery, finds resonance with clients seeking transparency and cost-effectiveness. For a myriad of critical business issues requiring skilled lawyering, OGC promises a blend of efficiency and value as opposed to high-risk litigations and billion-dollar transactions that Biglaw firms manage well.
In conclusion, the article culminates with Williamson’s reflections from his career, wherein he has spent time both as outside counsel and in-house counsel. Echoing the ethos of OGC, he emphasized that the best lawyers are not just legally compliant but also offer pragmatic, business-oriented solutions that keep operational efficiency in check alongside. This insight, gained over the years, validates OGC’s model of facilitating legal support of superior quality at feasible rates. (Above the Law)