New Law Firm Model:Riverview Law

Team 13Evariest Callens

Stephanie GlickmanGregory Trujillo

What is Riverview Law

• We are a law firm that prides itself on giving our clients the attention they need, and not billing them every time they have a question. We are a new approach in an old fashioned field. We are the change you’ve been looking for. Our strapline – ‘Legal input. Business output.’ – which tells clients what they can expect from us; high quality legal advice and support provided in the context of their business, risk appetite and their tactical and strategic commercial drivers. All of which are underpinned by talented people, effective processes, scalable technology and a customer-centric culture.

How we do things at Riverview

• We charge fixed prices so there are no targets around billable hours, it's all about quality, customer service and contract renewal. We spend a lot of time in the recruitment process making sure it's right for the candidate just as it's right for Riverview. We don't want someone to join us and find that it's not for them.

How we differ from traditional firms

• The key differentiator for what we do in Riverview Law is our culture. We feel more like an in-house legal team than a private practice law firm. Our flat fees instead of billable hours truly makes the client feel at ease.

How we differ from other new models

Our customers tell us that it feels very different working with us because we become part of their team. That’s our objective, to be a partner not a supplier. As a result we invest significantly in our customer relationships. The discussions that come out of the management information we capture enable us to knit together so much more closely with our customers, to build up a picture as to why certain activities are happening and how we can pre-empt them. Our entire model is built from the customer up.

Strengths

Strengths

transparency

price certainty

Strengths

• High quality legal advice and support

• Effective technology

• Flexibility and efficiency

Weaknesses

Weaknesses

• Legal advisory outsourcing is not applicable for 30-40% of the legal work in large businesses

• More power for the client, who can easier put you aside in times of recession (or is this a strength?)

Business model

Business model

Running a law firm like a law firm

Running a law firm like a business

Business model

All legal work for annual fixed-price contracts

…

WORLDWIDE

Business model

Evaluating lawyers' performance based on client satisfaction

Stronger market position than those who evaluate on financial criteria only

The target audience is…

Clients who are demanding more value from the legal

services they procure!

Target Audience

Riverview targets its legal services at customers who want up-front

certainty with fixed fees, rather than dealing with the costs associated with

the traditional billable-hour model

Client Experience is Key

• Riverview is built from the customer up, rather than from the partner down

• Put themselves in the customers shoes and understand how it feels to be on the other end

Small Business Propositions

– Created a client portal online with hundreds of pages of updated advice, model documents, letters, and fully unlimited phone calls for support

– Can provide a month’s worth of services for small businesses who could only afford 1 hour under a billable hour scheme

Opportunity for Growth

Small businesses!

Engage smaller business that previously used the DIY approach

rather than pay by the billable hour

Cost- Efficient and Effective

• People and businesses that could not afford certain legal services due to a stretched budget can procure them via Riverview Law

• Streamline customers’ legal and business needs

Risks

Riverview Law was the first “new model” commercial firm post-ABS (Alternative Business Structure, which provides licenses for this type

of “bundling” of professional services)

“World’s Legal Laboratory”

• As with any innovation, Riverview Law took a risk by becoming the first entrant into the market of “new model” firms

• However, its low-overhead and cost-based approach has been both acceptable and successful and the UK

• Currently, it faces the challenge of scalability and making sure it doesn't’t miss out on opportunities

Regulatory Issues

• Prior to 2007, the legal framework in the UK was outdated and inflexible

• The Legal Services Act of 2007 aimed to “promote competition, innovation, and the public and consumer interest”

• This paved the way for the “ new model” firms like Riverview Law to function in the UK

Regulatory Issues

• While Riverview Law does have a small pilot office in New York, the firm is not legally allowed to practice in the U.S.

• This NY office is an access point for US clients to enter into the UK legal system

• The regulatory framework of the legal system in the US does not allow the bundling of professional services