William Fry launched Connect Contract revenue-sharing scheme for senior lawyers
The Irish firm unveils flexible contract to outside lawyers under the pay-as-you-work model
Top Irish firm William Fry has announced the launch of a fully flexible contract scheme for senior outside lawyers.
The Connect contrast model allows senior outside lawyers who match the Dublin-based firm's standards to practise under its banner on a flexible 'pay-as-you-work' basis. Under the scheme, external lawyers working for William Fry would not be paid a salary, but share revenue if they bring work to the firm. the revenues will be shared.
Matthew Cahill, William Fry's banking and finance partner, who has been leading the projects internally, said that clients at the top end "will only use lawyers if they are at a firm with the right reputation and standing."
Cahill termed the Connect contract scheme as a natural evolution of flexible working that allows top-end Irish lawyers to leverage the William Fry brand on terms that work for them and the firm.
William Fry is also launching PeopleBridge, a client-facing service that will recruit and vet lawyers from outside the firm to work with its clients on particular projects such as major M&A deals or audits, or to cover a lawyer's period of leave.
"We see PeopleBridge as filling a gap at the top end of the interim resources market in Ireland," managing partner Owen O'Sullivan said, explaining that William Fry continues to get many more secondment requests than it can meet.
William Fry is confident that it would be able to add 30-50 lawyers under this scheme over the next two years.
"Covid has been a great disrupter to the ways in which we work and our new fully flexibly contract will bring many back to the work place and allow those in the later stages of their careers to keep working," Cahill said.
"The consultancy model is going to be attractive to many, especially those wanting to better juggle work and caring responsibilities. And there are going to be plenty of heavy hitters out there at the end of their careers with valuable contacts wanting to work beyond normal retirement age on a commission-based consultancy," Cahill added.
The pay-as-you-work model was pioneered by firms like Keystone Law, gunnercooke in the UK and US outfit Rimon with varying degrees of success.