Virtual Law Firm Axiom Grows and Profits in DC
Virtual law firm Axiom Law is posting some big gains since it opened in Washington, D.C., in January 2009 with just one lawyer.
Axiom’s D.C. office now has 30 lawyers, and it projects 100 percent growth in the third quarter compared to the same period last year, the Washington Post reports.
At Axiom, the lawyers work from home or at client’s offices, there are no partners, and the typical fees are $150 to $275 an hour. Axiom lawyers handle transactional matters, contracts and regulatory and compliance-related research. The firm has worked with a third of D.C.’s top 25 companies by revenue, the story says.
Pharmaceutical manufacturer MedImmune has used Axiom lawyers. Jeff Peters, associate general counsel for the company, told the Post that Axiom is a good law firm for “medium level, semi-routine” matters. “They exist in a good middle space for us, which is not quite the bet-the-company type matters where you hire the big law firms for $500 to $700 an hour,” he said.
Axiom has nine offices in the United States, Hong Kong and London. Most of its 600 full-time lawyers have at least eight years of law firm or in-house experience. Average pay is $200,000 a year.