How We Practice
Re-engineering the Law Firm Business Model
We formed Flatiron with the mission of re-inventing the traditional billable hour model which rewards law firms for behaving inefficiently. By pricing ourselves principally on a fixed fee basis, we flipped the traditional law firm model on its head. Under our fixed fee model, we have every incentive to be efficient. We get paid for performance and results, not hours.
Our process works by leveraging a small footprint cost structure, an open architected cloud-based practice platform and a new “gig economy” labor model, and by employing a project management approach to running deals. This approach allows us to allocate Deal responsibilities and costs in the most economically rational way while preserving (or even exceeding) AM Law 100 quality. The end result of our methodology is great deals, executed efficiently, and with value added benefits for all.
“Flatiron is an exceptional law firm for technology companies considering an M&A or financing transaction. Their deal process platform prepares companies for the transaction process and identifies issues in advance which both smooths and speeds up the deal. Moreover, Conrad and Lennie have great business judgment and look for ways to get a transaction done, not to score points.”
Jonathan G. Morphett
Avondale Partners, LLC