The US law firm shaking up London - with partner pay Big Law rivals can't match
The Non-Billable PodcastShow Notes
Pierson Ferdinand launched in January 2024 in what it says was the largest law firm debut in US history - starting with around 130 partners and growing to more than 270 in under two years. In this episode, co-founders Michael Pierson and Joel Ferdinand explain the model behind what they call an “AI-native,” fully distributed, partner-only law firm. They break down how the structure works: no physical offices, every lawyer signs a partnership agreement, and compensation is decided by a formula-based algorithm that updates in real time. Partners keep a far greater share of their billings than in Big Law, with Michael noting that most lawyers who join “earn 2 to 3x what they were earning” at traditional firms. Pay is completely transparent: every partner can see every other partner’s earnings inside the firm’s internal app. A big part of the model is technology. The firm mandates firm-wide licences for Harvey AI and uses additional tools across the business to automate both back-office processes and junior-level work - something they say they’ve “replaced almost all of” already. AI is now part of standard workflows: summarising due diligence, producing first drafts, organising deal terms and creating client-ready matrices and charts. Michael and Joel also discuss their London expansion - already more than 20 fee-earners and growing - and their recruitment pitch: a chance to escape the traditional hierarchy, avoid massive infrastructure costs, and build a practice with more autonomy and more upside. “Happy lawyers make better lawyers,” Joel says. “We’ve been purpose-built for people who want something different.” Chapters 00:01 Introduction 01:00 Introducing Pierson Ferdinand & the Founders 02:20 How the Firm Launched as the Largest Debut in US History 03:37 Inside the Distributed, Partner-Only Model 04:29 How Partnership, Compensation & the “Pro Algorithm” Work 06:48 Why Remote-First Makes the Economics Work 07:22 Firm vs Partner Clients & How Work Is Shared 08:40 How Matters Are Staffed Without Associates 10:11 Horizontal Integration & Internal Work-Sharing 11:16 The Pitch to Clients: Big-Law Quality at One-Third Less 13:01 The Firm’s AI Strategy - Harvey & Beyond 15:58 Could This Model Work Without AI? 17:13 What Lawyers Want: Frustrations With Traditional Big Law 18:23 London Launch: Practice Areas & Early Momentum 21:14 Competing in London’s Hyper-Competitive Market 22:19 The Pitch to London Laterals 24:17 Can Partners Earn as Much as at Kirkland or Paul Weiss? 27:02 Radical Transparency: Everyone Sees Everyone’s Pay 28:02 The Big Catch - Why This Model Isn’t for Everyone 30:08 Growth Plans for the Next Five Years 31:43 Culture, Community & Why “Happy Lawyers Make Better Lawyers” About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: https://www.nonbillable.co.uk
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PwC’s latest law firm survey points to a growing divide in the UK legal market. The largest firms are pulling ahead, specialist players are finding profitable niches and parts of the mid-market are coming under increasing pressure. Mark Anderson, who leads PwC’s professional business services sector, joins the podcast to explain why more law firm mergers are inevitable and how firms caught in the “squeezed middle” can respond. We also discuss why widespread AI adoption has yet to translate into financial returns, how the technology could reshape pricing, whether external capital has a role in Big Law and why cyber risk is back at the top of the agenda. The Non-Billable Podcast is sponsored by Thomson Reuters. Request a demo of CoCounsel Legal, visit: https://legalsolutions.thomsonreuters.co.uk/en/products-services/cocounsel-legal-uk.html Chapters 00:01 Introduction 01:40 What PwC’s survey says about the UK legal market 04:13 Why the top ten are pulling away 06:18 The problem facing the squeezed middle 11:19 Why more law firm mergers are inevitable 13:51 AI adoption versus AI monetisation 16:26 How AI could change law firm pricing 24:44 Partner funding, private equity and Big Law 32:21 Why cyber risk is back at the top of the agenda About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: https://www.nonbillable.co.uk
King & Spalding is in growth mode in London. The office increased revenue by 48% last year, has expanded its footprint at 8 Bishopsgate and recently hired a major international arbitration and litigation team from WilmerHale. London managing partner Tom Sprange explains why the office has become central to the US firm’s international strategy. It is now King & Spalding’s fourth-largest office, its biggest outside the US and a hub connecting the firm’s practices across Europe, the Middle East and Asia. The ambition is not to become a conventional full-service firm. Sprange describes a more selective model built around elite disputes, finance, private capital, investigations and regulatory work. He also explains why collaboration matters more than individual books of business, and why King & Spalding looks for practice builders rather than lawyers who simply claim to bring clients with them. The conversation also explores the changing economics of international arbitration, the rise of the highly paid superstar partner and how firms can stop their best lawyers being poached. Sprange closes by setting out where King & Spalding could expand next and why the firm’s trainee pipeline remains important to its London plans. The Non-Billable Podcast is sponsored by Thomson Reuters. Request a demo of CoCounsel Legal, visit: https://legalsolutions.thomsonreuters.co.uk/en/products-services/cocounsel-legal-uk.html Chapters 00:01 Introduction 01:40 Why London matters to King & Spalding 03:33 Revenue growth and the London practice mix 09:48 Not going full-service 13:12 Fund finance and making major team hires work 19:53 The WilmerHale raid and the changing arbitration market 23:36 How international disputes lawyers win clients 27:44 Superstar partners, pay and retention 32:51 The modern partner, AI and what comes next About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: https://www.nonbillable.co.uk
Walker Morris has nearly doubled in size over the past seven years while holding on to a model that looks increasingly distinctive: one office in Leeds and no international network of its own. Revenue reached a record £90.2m last year, leaving the firm within reach of its £100m Ambition 27 target. Managing partner Jeanette Burgess explains why she believes the single-site model still works. The bigger question is what happens beyond £100m. Burgess says Walker Morris can continue scaling from Leeds for now, although the firm is reviewing its options as it develops its post-2027 strategy. She also discusses why the firm is attracting lawyers looking for greater autonomy than they may find at larger City and national firms. In relation to AI, Burgess expects firms may need “fewer, better people” in some areas and anticipates a gradual move away from hourly rates for routine work. But she rejects private equity as an answer to the investment challenge, arguing that surrendering control would cut against Walker Morris’ partnership model. The Non-Billable Podcast is sponsored by Thomson Reuters. Request a demo of CoCounsel Legal, visit: https://legalsolutions.thomsonreuters.co.uk/en/products-services/cocounsel-legal-uk.html Chapters 00:01 Introduction 01:35 Record growth and Jeanette’s path to leadership 05:13 Evolution, innovation and leading the firm 07:33 Walker Morris’ position in the market 09:13 The advantages of a single office in Leeds 16:01 How far can the model scale? 18:51 AI, talent and the future law firm pyramid 28:13 Why private equity is not right for Walker Morris 33:02 What comes after Ambition 27? About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: https://www.nonbillable.co.uk
Charles Russell Speechlys has expanded rapidly under managing partner Simon Ridpath, opening in Milan and Singapore before making a defining move into the US this year. The strategy is built around the firm’s ambition to become the world’s leading adviser to private capital – following wealthy individuals, families and entrepreneurs as their lives and investments become increasingly mobile globally. In this episode, Simon explains why the US had become an unavoidable gap in the firm’s network, what he learnt during two-and-a-half years studying the market and why CRS resisted the temptation to accelerate its launch simply by “opening a chequebook”. We also go inside the 2014 merger that created Charles Russell Speechlys. Simon reflects on the unusual challenge of combining two genuinely equal firms, why he prefers to talk about behaviours rather than culture and why mergers pursued principally for scale should make law firm leaders nervous. Finally, we explore one of the biggest questions facing the profession: how partnerships will fund international expansion, AI and the increasingly complicated business of running a law firm. Simon explains why private equity ownership remains difficult for Big Law, where external investment could work on a project basis and how technology may force firms to overhaul traditional pay and reward structures. Chapters 00:01 Introduction 00:55 Leading through constant disruption 03:08 From legal aid work to City law 04:59 Inside the Charles Russell Speechlys merger 09:18 Why Simon became managing partner 11:18 Building the firm around private capital 17:09 Why CRS finally entered the US 23:15 Following private capital into Milan and Singapore 26:23 Funding growth, private equity and the impact of AI About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: https://www.nonbillable.co.uk
Christian Bartsch is the CEO of Bird & Bird, the international law firm built around technology, IP and regulation. He joined the firm in 2007, became CEO in 2022 and was recently re-elected for a second term. In this episode, Bartsch explains how he followed a leader who had run the firm for 26 years and why he involved the wider partnership in shaping Bird & Bird’s first five-year strategy. He discusses the firm’s target of reaching €1bn in revenue by 2029, its recent expansion into Tokyo, Riyadh and Lisbon, and why India remains a market he watches closely. He also addresses law firm consolidation, external capital and the circumstances in which Bird & Bird might consider a merger. The conversation then turns to AI, why Bartsch believes generic firms are vulnerable, how the traditional law firm pyramid may change and why training partners matters just as much as giving associates new tools. Chapters 00:01 Introduction 01:02 Christian’s journey from tech partner to CEO 02:51 Taking over after David Kerr’s 26-year tenure 04:59 Building a five-year strategy with the partnership 07:29 Bird & Bird’s sector focus and competitive edge 12:15 The €1bn revenue target and why growth isn’t the strategy 17:43 International expansion, Saudi Arabia and India 20:34 Big Law consolidation, US mergers and external capital 27:11 AI, the law firm pyramid and why generic firms could struggle About Non-Billable Non-Billable is the media company for modern legal professionals across private practice, in-house and legal tech. Visit our website: https://www.nonbillable.co.uk