Interesting article in the latest Fast Company about Los
Angeles law firm Quinn Emanuel Urquhart Oliver & Hedges. Three things make the firm distinctive. One, it only does business litigation, (that’s
right—no other corporate services), some of it even on contingency. Second, it’s got a VC start-up culture—complete
with a trendy, minimalist décor, all-nighters and jeans and t-shirts around the
office. And third, and perhaps most
remarkable, it is one of the most profitable firms in the country, with each
of the 109 partners bringing home over $3 million last year.
The model makes a ton of sense. Litigators with much trial experience are a rarity at most firms, so specialization is a compelling benefit to clients. And in fact, Quinn Emanuel has a 93% winning percentage. Based on that alone, I’d hire them! I once paid a law firm millions of dollars for some nasty corporate litigation, which (on my attorney’s advice) we settled three days before the trial was to start, even though we expected to win. My lawyer was a bright, capable partner at a highly respected firm. But he’d never been to trial. Would his advice have been different if he had won nine of his ten cases? Maybe so.
You have to wonder why someone hasn’t done this before. Like many innovations, after the fact they seem so obvious. How many other industries are plugging along with practices mired in tradition, unwilling to step out of the muck to consider new approaches? Medicine, for one, seems painfully leaden in its business models. So do accountants, consultants and an endless list of others.
Get the leadership team off-site occasionally and spend some time thinking bigger than big and crazier than crazy. It might turn out to be smarter than smart.
