June 16, 2011
Axiom Law's Temporary Labor Business Model
Well, it's not "day labor" but Axiom Law has created a profitable niche by provided lawyers to law firms and corporations for temporary assigments on matters. According to a recent Forbes article, we're not talking about run of the mill attorneys looks for a step up from contract document review work. When Mark Harris launched Axion Law, the attorneys he hired (note hired) "had years of experience but not much appetite for putting in the long hours to make partner at a big firm. Harris hired them for around $250,000 a year plus benefits, about what they'd earn as senior associates at a big firm." Axiom Law now employs 500 lawyers and will pull in more than $100 million in revenues. For details about this very creative business model, see New Precedent For Law Firms.
Watch Out Mark Harris. After moving into legal processing, I don't see why TR Legal won't coming knocking on your door wanting to acquire Axiom Law. I've got no idea what the buyout ratio would be -- 5 times, 7 times revenue? -- but take it in cash, not stock. [JH]