In a world where so many handle their financial matters completely online, never setting foot in a building, the concept of a virtual law practice is no longer exotic or unworkable. Add the ability to assure absolute security and confidentiality in communication and 24/7 accessibility, and the virtual shingles are starting to pop up everywhere.
One of the latest I’ve heard about is Virtual Law Partners (VLP), a group of 14 lawyers have come together to change the status quo of prestigious-looking offices, high billing rates and the traditional law firm appearance.
VLP is setting out to replicate the service a large partnership provides, without the offices. Some in the legal community say the concept can only go so far, because the biggest deals require the staffing and facilities of the biggest firms.
Others see a decline in the number of face-to-face interaction during the typical engagement of a larger firm, and are attracted by the savings.
At the least, firms like VLP will no doubt be a welcome alternative to the soaring partner rates that are an obstacle to quality representation for firms working on somewhat smaller matters.
The co-founders of VLP, RoseAnn Rotandaro of Armour Legal Counsel and Andrea Chavez of Lion Tech Law—both virtual law firms—partnered with Craig Johnson, creator of Venture Law Group to make VLP a virtual reality.
Johnson, a venture capitalist, thinks he’s backed a winner.
“The thing that makes it almost a slam dunk is the incredible price umbrella from the big firms," Johnson said. "When you charge $400 an hour and have clients think it's a bargain, how could you not succeed?”
Comments