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I have a boutique IP firm now (located in Miami, Florida). We would consider this as well. If you have a good group of attorneys, clients will be served 5+ days a week, with attorneys helping each other even if the client calls on the originating attorney's day off.
Of course, I would consider it. More money, less work.
What’s the downside?
I don't believe there is a downside, but wanted to get some outside perspectives.
I work remotely most of the time but cannot see how a 4 day work week would be possible. My clients are reaching out 5 days (or more) per week. Would you just not respond to them?
The tiered approach to compensation is hard. I would ask them about what recent of people reach that top tier. It might be floated out there but no one reaches it, and you are stuck in a less beneficial arrangement.
I think the biggest problem as an outside counsel is that business is 5 days a week, not four. Being unavailable that day can grind on some clients, so you'll have to explain that relationship fully and get buy in from them.