Catherine Kemnitz, Chief Strategy and Legal Officer at Axiom, discusses the launch of Axiom Advice & Counsel, a corporate-owned law firm in Arizona. They explore the reasons behind this move, the types of legal services they offer, and how they aim to deliver affordable and predictable services. The podcast also addresses the impact of Arizona's groundbreaking decision to allow non-lawyer ownership of law firms and the importance of addressing misconceptions about alternative business structures (ABSs).
Read more
AI Summary
AI Chapters
Episode notes
auto_awesome
Podcast summary created with Snipd AI
Quick takeaways
Axiom has opened Axium Advice and Council, a law firm in Arizona, following the state's decision to allow non-lawyer ownership of law firms, enabling Axiom to provide independent legal advice to clients and bridge the gap between traditional firms and alternative legal service providers.
Axiom plans to offer a streamlined compensation structure that focuses on the value delivered by lawyers rather than billable hours, support the inclusion of in-house experience among partners for better client understanding, and provide an alternative approach to legal services to reduce client stress caused by rising law firm rates and shrinking budgets.
Deep dives
Axiom launches law firm in Arizona
Axiom has opened Axium Advice and Council, a law firm in Arizona, following the state's decision to allow non-lawyer ownership of law firms. The move enables Axiom, known as an alternative legal services provider, to provide independent legal advice to clients. The firm aims to innovate within the law firm model, offering more value and affordability. It also plans to target growth companies and expand its offering beyond in-house counsel services. Axiom's ownership structure involves a 100% subsidiary of Axiom to ensure independence and compliance with professional rules.
Benefits of the Arizona launch
By launching Axium Advice and Council in Arizona, Axiom aims to bridge the gap between traditional law firms and alternative legal service providers. The firm plans to offer a streamlined compensation structure, focusing on the value delivered by lawyers rather than billable hours. Additionally, Axiom plans to support the inclusion of in-house experience among its partners, ensuring a better understanding of clients' needs. The firm also aims to reduce the stress caused by increasing law firm rates and shrinking budgets for clients by offering an alternative approach to legal services.
Educating the market and advocating for regulatory change
Axiom recognizes the need for education and transparency to address misconceptions and objections regarding the alternative business structure (ABS) model. The firm plans to report on its operations in Arizona to showcase the success and transparency of the ABS program. Axiom also intends to communicate the value proposition to clients, emphasizing how it differs from traditional law firms. Moreover, Axiom expresses an interest in being more vocal and participating in discussions to advocate for regulatory changes in other U.S. states, promoting innovation, access to justice, and technological advancements in the legal industry.
Focus and future expansion
Axiom plans to initially focus on providing seamless client service and transitioning existing clients to Axium Advice and Council, which has already launched with clients. The firm aims to be inclusive, diverse, and value-driven. It plans to expand the number of partners over time to offer a wider range of expertise and services. The ABS law firm model allows Axiom to offer legal services that complement its existing talent solutions for in-house teams. The firm's ownership structure ensures independence and accountability, and Axiom aspires to be an opener of doors in the legal industry by demonstrating the benefits of ABS and supporting the transformation of the legal profession.
Axiom, a company that is one of the longest-running alternative legal services providers, this week stepped into the world of regulated legal services as it formally launched Axiom Advice & Counsel, an Arizona law firm. The move was enabled by the Arizona Supreme Court’s decision last May to grant Axiom a license as an alternative business structure.
That follows from Arizona’s historic decision in 2020 to become the first U.S. state to eliminate the ban on non-lawyer ownership of law firms – a development we’ve discussed several times on this podcast, including when our guest was Arizona Supreme Court Vice Chief Justice Ann A. Scott Timmer, who was not only among the justices who approved the changes, but who chaired the task force that recommended them.
How will this new corporate-owned law firm differ from traditional firms? What types of clients will it serve and what should they expect? And what does this mean for the future of Axiom? Joining host Bob Ambrogi to discuss the launch of Axiom Advice & Counsel is Catherine Kemnitz, chief strategy and development officer at Axiom, as well as its chief legal officer.
Thank You To Our Sponsors
This episode of LawNext is generously made possible by our sponsors. We appreciate their support and hope you will check them out.