The US law firm shaking up London - with partner pay Big Law rivals can't match
The Non-Billable Podcast
Outro
Oliver closes the episode and thanks the guests, noting continued interest in the firm's London progress.
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
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Visit our website: https://www.nonbillable.co.uk
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