Firm pledges all future profits to charity
By Nicola Laver
A young corporate firm has pledged to give all its profits to charity and other good causes forever as of this month
A young corporate law firm has pledged to give all its profits to charity and other good causes forever as of this month.
Dispersed firm Aria Grace Law made the pledge as part of its ethical commitment to share its wealth between clients, lawyers and society.
The firm is also planting a tree for every transaction the firm completes – 300 so far this year alone.
The firm was set up two years ago by former City lawyer Lindsay Healy and now has 30 lawyers - all partners – working remotely.
It already has more than 260 clients and aims to reach a turnover of at least £2m in its current financial year.
More than 100 lawyers have applied to join the firm since lockdown began.
The latest recruits include lawyers from Allen & Overy, gunnercooke and Baker McKenzie.
Under the firm’s operating model, each lawyer is regulated individually by the Solicitors Regulation Authority and each will now retain 90 per cent of fees – an increase of 5 per cent - compared to around 70 per cent at other dispersed firms.
Out of the remaining 10 per cent, overheads will be covered and the remainder will go to charity.
The firm believes this should mean charitable donations this year of at least £150,000 if its financial target is met.
The current beneficiary of the pledge is London’s Great Ormond Street Hospital.
Healy is paid in the same way as the other lawyers.
He explained: “Our model, when you boil it right down, is to spread wealth, with clients, lawyers and society as one ecosystem.
“We believe there is a better way, and through working together and sharing more, we are creating more.”
All lawyers within the firm supported the new model.
“We want to get away from the typical law firm triangle where the people at the top make the money and the people at the bottom do the work,” added Healy.
“I am not surprised to find that plenty of top-quality lawyers agree, particularly at a time where businesses need to prove their principles with deeds rather than words.
He said it is integral to the firm’s ethos that it plays its part.
“Our clients enable us”, he added, “and we thank them by providing top notch services at great value.
“Everyone wins: clients and lawyers, and because of our model, society and the next generations.”
The firm is also putting in place a mentoring scheme to help junior lawyers develop their practices.
“We want to create a pathway for the next generations into firms like ours,” said Healy.
Diversity and equality was a driving force behind Healy establishing Aria Grace Law – 60 per cent of its lawyers are women.
Healy said: “This is the only sector I know that side-lines people at 55 when they’re coming into their prime.
“I am actively making the firm look like society.”
The firm recently advised sub-postmasters on a pro bono basis in an appeal against their criminal convictions as part of the Post Office Horizon scandal.