Case Study Fisherbroyles Catapults Into Virtual Success
Aug 18, 2022 (DOUGLAS, Isle of Man) — Fisherbroyles is the first virtual law firm on the AmLaw Top 200 Largest Firms list. Virtual firms are the future of law.
Fisherbroyles has cracked the code. They have it all, success and freedom. Although we tend to hear a lot about virtual or distributed services, these do not often correlate with genuinely impressive results. Fisherbroyles has blown this expectation out of the water with a staggering 30% increase on its previous year's earnings.
Fisherbroyles enjoys massive success
Doubling their growth, Fisherbroyles catapulted themselves into the Am Law Top 200 largest law firm list, the first non-traditional law firm to do so.
2021 was a big year for the firm. When many others were experiencing a loss of business, Fisherbroyles enjoyed several large successes. Revenue in 2021 was $136 million and 27 new partners joined the firm. They handled a major case representing Ericcson in a dispute with Samsung in various International Trade Commission cases and topped it off with a $250 million deal for PFSWeb Inc.
Virtual law firm model
So how do they do it? Well, the virtual law firm model means that they do not have the overhead costs that plague traditional law firms. These types of firms are increasingly popular today, read more here. They do not have to pay for fancy office space. Traditionally, firms would split their revenue into thirds: one for overhead, one for salary, and one for profit. But at a virtual firm, the lawyers can take home up to 80% of what they bill.
Lawyer lifestyle choices
This business model allows flexibility to top-earning partners that they would not receive elsewhere. They are well rewarded for their work on big trials and deals. And they also have the freedom to travel, work on other projects, and spend more time with their families.
Clients are also benefitting from this new model. Importantly, the client is not ultimately paying for flashy offices and overhead. Their money is directly put towards the services they receive. The pandemic has only helped this model grow. Working and meeting remotely, many saw the benefits of virtual spaces. Clients are more comfortable with this idea now than they were before. This helps firms to meet high client expectations.
The Doccly Lender approach
You do not have to choose between success and virtual models. A virtual law firm model could be a very successful option for your firm. And after that the choices are endless, you can start choosing what you could not before— your lifestyle. Doccly Lender is the place to start with your virtual law firm, make the jump today!
If you would like to learn more about how Doccly Lender would benefit your business, get in touch!