Edwards & Praly, an introduction
It is only on March 1st that Lucie and I have launched our independent law firm active in the tech area, especially in the financing and exit of start-ups as well as M&A growth operations, including cross-border naturally.
So that you know where you would be going, we wish to present in a few words our ambitions and our projects:
My partner Lucie Praly (www.linkedin.com/in/luciepraly/ ) worked with me at Orrick for two and a half years and then stayed at Freshfields for three years until March 1st, 2022.
Lucie and I no longer believe in the "full services" model because full services law firms cannot be the best in all areas. We also no longer believe in the hourly billing model. The evolution of technology means that today, an associate charges for the secretarial time it spends on a document at the full hourly rate. In addition, the same associate must reach 1,800 billable hours per year to have the right to remain an associate of its law firm. Finally, as the market is tight, associates’ remunerations are constantly increasing, leading to an increase in hourly rates. As a result, an associate's hourly rate is no longer a reflection of his added value but of his remuneration.
We want to implement an operating model that allows us to charge only for added value. The solution lies in the lightness of the structure which allows a drastic reduction in operating costs and in the association of associates with the profits of the firm to set their fixed remuneration at the level of their competence.
Our ambition still being to be the external legal hub of our clients, to satisfy their diverse needs, we shall rely on a network of expert firms of various sizes in legal matters where we have little or no expertise. Naturally, we will choose the best ones which are not necessarily in the guides.
The law firm of Constantin Pavleas (www.pavleas-avocats.com/a-propos/) is already one of these experts. Founded in 2001, it works with a French and international clientele in the field of technologies and the digital economy, mainly in the sectors of software publishing, video games and the design, development and manufacture of electronic circuits.
We are already operational in labour law and Christian Nouel, a former partner of mine specialized in tax law has established his firm at our premises. Christian has also developed a strong competence in ESG.
Also with us at our premises, my good friend Sacha Benichou and his team are focused on litigation and entrepreneurship.
As far as the USA is concerned, we already rely on the Venable firm where one of my former Jones Day comrades (formerly Orrick) is a partner. They have already intervened in a negotiation with a major Tech group to customer satisfaction.
Eventually, we shall set up a Club of lawyers-entrepreneurs the purpose of which would be to allow each of its members to claim a "breadth" of expertise and a capacity of intervention that it does not have today and then communicate together on this new model of organization of entrepreneurs-law firms.
