Listed Australian law firm AF Legal Group, Australian Family Lawyers, is launching a ‘partnership changing’ initiative into its partnership.
The model used by the group (ASX:AFL) is taking what it describes as an “unprecedented” step for a partnership model by which both partners and firms can co-own the business.
AF Legal say the move is to power the group’s further growth and its geographical reach within Australia as part of what it calls its three year growth plan: ‘AFL 3.0’.
Similar partnership models have proven successful in such professional service sectors as accounting, medical, dental, financial advice and vet science. But it is a first for the legal sector and will overcome challenges facing the sector, according to the firm.
Under the model, both AFL and its lawyer partners will have equity in the firm and provide the practice platform including capital to grow the firm. The firm will provide succession and funding without the need for personal obligations thus reducing the risk for partners.
The model, the firm says, will permit lawyers to be removed from business ownership pressures and permit them to focus on professional work and, of course, fee generation. It is also claimed to be more suitable for family law firms and for lawyers seeking a career direction without the obligations of business stress and within a larger firm structure.