The Geek In Review

Inside Flatiron's Flat-Rate M&A Model with Conrad Everhard

Aug 5, 2024

Conrad Everhard, founding partner of Flatiron LLP, shares how his firm transformed M&A services with a groundbreaking flat fee model. He recounts the firm's origins post-financial crisis and its challenges transitioning from Big Law. Conrad discusses the innovative use of technology and a contractor-based approach to enhance service quality and transparency. The conversation also touches on the future of the legal industry as firms adapt to technology and changing client expectations, all while fostering strong relationships.

49:03

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Episode guests

Conrad Everhard

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Quick takeaways

Flatiron LLP emerged from frustrations with traditional legal models, aiming to modernize legal services through technology and innovative practices.

Their flat fee M&A model enhances transparency and efficiency, catering to client needs while challenging the conventional hourly billing system.

Deep dives

The Origins of Flatiron LLP

Flatiron LLP was founded by a group of former big law partners who sought to innovate within the legal industry after feeling stifled by traditional models. They faced initial challenges upon re-entering the legal field, as their disconnection from their previous firms’ networks during the financial crisis made it difficult for them to re-establish their practices. Driven by a recognition of inefficiency and a shift toward the acceptance of virtual law practices, they decided to create a new model for providing legal services. Their experiences and connections with legal technology and business evolution positioned them to build a firm that embraces technology and client-centric solutions.

Intro

4min

Revolutionizing M&A: The Flat-Fee Model

8min

Navigating M&A: The Shift to Flat-Rate Models

22min

Tech Transformation in Legal Practice

9min

Envisioning the Future of the Legal Industry

4min

Gratitude and Resources for Legal Insights

2min

This week, we sit down with Conrad Everhard, founding partner of Flatiron LLP, a pioneering law firm that has revolutionized M&A services with their innovative flat fee model. Conrad shares the fascinating origin story of Flatiron, its unique approach to legal services, and the challenges and successes they've encountered along the way.

Everhard recounts the inception of Flatiron LLP, co-founded with Mark Haddad and Lenny Nuara, former big law partners, who sought to modernize legal services post-financial crisis. Despite their elite backgrounds, reentering the private law firm space proved challenging due to their detachment from Big Law for a few years. Driven by their frustrations with Big Law's resistance to change and the convergence of factors such as acceptance of virtual models and access to senior labor, they took the bold step of founding Flatiron. This new model law firm leverages technology and client-focused solutions to disrupt traditional legal services.

When it comes to Flatiron's groundbreaking flat fee M&A services, Conrad explains that the motivation behind this disruptive approach was to bring more transparency, predictability, and cost-efficiency to the fee structure. Over several years, Flatiron has honed a model that relies on low overhead, innovative labor deployment, and technological advancements. They operate on a general contractor model, utilizing a network of expert contractors on a project basis, which allows them to offer high-quality services at a lower and more predictable cost compared to Big Law.

Conrad highlights Flatiron's development of "Deal Driver," a workstream efficiency platform that streamlines the M&A process. Initially created as an internal tool, Deal Driver organizes and manages data through each phase of a deal, incorporating AI and human intelligence to enhance efficiency. This platform has not only improved their internal processes but has also gained popularity among clients, leading to its spin-off as a proprietary platform. The success of Deal Driver underscores Flatiron's commitment to innovation and client satisfaction.

Flatiron's unique labor pool taps into senior associates and counsel with elite firm backgrounds who, for various reasons, seek alternative work environments. Flatiron offers better pay and a more flexible, engaging work culture, attracting highly skilled professionals. Conrad emphasizes the importance of their "coolness factor" in recruitment and client acquisition, noting their collaborations with Stanford Codex and the positive reception from private equity clients who appreciate their efficiency and data management capabilities.

In the crystal ball segment, Conrad speculates on the future of the legal industry. He predicts that traditional Big Law firms may eventually adopt more innovative models, possibly through spin-offs or off-brand ventures, to stay competitive. Additionally, he foresees alternative legal service providers and sandbox experiments in places like Utah and Arizona challenging the traditional legal market. Despite the potential for disruption, Conrad remains confident in Flatiron's model, emphasizing the green field of opportunities ahead and their readiness to adapt and innovate continuously.

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Music: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jerry David DeCicca⁠⁠⁠⁠⁠⁠⁠⁠

Flatiron LLP: flatiron.legal

Conrad Everhard on LinkedIn: Conrad Everhard

Email: ceverhard@flatiron.legal