Let me preface this by saying I’ve been known as many names (generally rightly so), however a ‘dangerous businesswoman’? by no means. Actually I lead the fastest growing law firm in BC. Consider me, I might by no means make a enterprise choice in haste or do one thing to place my enterprise in danger. So to start, please give me the advantage of the doubt.
After I was in my second 12 months of working towards as a lawyer, I obtained a 30 web page knowledgeable report from my migraine specialist who beneficial I ought to work solely 4 days per week. That’s as a result of I had a number of bodily and psychological sicknesses resulting from being overworked and pressured. I went to my employer and requested them permission to permit me to work 4 days per week. They did, however it got here with a 20% minimize to my pay.
By then I had by no means missed a billing goal and was the best billing and accumulating affiliate on the agency. I didn’t wish to work 4 days per week however discovered that I merely had no selection as my physique and mind had been screaming at me to decelerate in any other case I might have greater costs to pay.
These 3 months of working 4 days per week had been the perfect months of my work life. I felt like I used to be in command of my life, I used to be happier, extra productive and extra centered. I nonetheless met and exceeded my full time billable goal and I did it with ease.
Quick ahead to eight years later, I personal my very own agency and still have a 1.5 12 months outdated daughter. I work 4 days per week to have a while along with her. A pair weeks in the past whereas having a glass of wine and cooking meals, the thought crossed my thoughts: why not all of us?
I researched the subject obsessively and spent my evenings planning learn how to implement 4 work days per week with out hurting our high quality of service to our purchasers, our worker’s pay, and naturally our profitability.
Let’s look first at why I believe 4 day work weeks for regulation corporations is a good thought:
At the start, I seen our staff feeling exhausted each Friday after working so laborious all week. I needed them to be ok with coming to work and expertise what I really feel after I work 4 days per week. It was nothing however the thought of constructing them happier, displaying my appreciation for his or her laborious work, and letting them be human and have a tendency to their private lives.
However let’s face it: as enterprise homeowners we take into consideration the underside line. We wish to maximize our earnings and scale back danger. So I perceive why some can be hesitant to even implement the 4 day per week thought. However after a lot thought, I spotted 4 days per week work may very well show to be the identical or extra worthwhile. Right here is why:
Revenue Loss or is it?
Based mostly on my calculations and if I assumed that legal professionals would invoice proportionate to the hours they are going to work in a 4 day week, I estimate that at worst we might lose 10% of our web earnings (I’ll clarify this quantity within the subsequent weblog). That is one thing that’s simply measurable once you take a look at the variety of hours versus billable time misplaced.
What just isn’t clearly measurable are the long run positive aspects you’ll have by implementing this coverage. That is exactly the place most pondering of implementing this mannequin would cease and never entertain the thought. They might see an instantaneous lack of revenue however can be unable to measure the long run positive aspects that will be set off in opposition to it that simply. However let’s see if we are able to measure the long run positive aspects a bit extra exactly:
Loyalty
Dropping legal professionals and employees has been the largest cash waster for me. Changing legal professionals or employees who depart for different jobs can take months. And through these months I could face lack of income within the tens if not a whole lot of hundreds of {dollars}. After which should cope with quite a few shopper complaints about how we have to do work without spending a dime or comp them for the lawyer leaving. I can measure the loss by our earnings throughout these months. Most regulation corporations don’t instantly change departing staff or legal professionals. Through the time of alternative, a lot time and cash is wasted away at discovering a brand new one who could or might not be the proper match.
Now think about if you happen to supply your staff 4 day work weeks, most would by no means wish to lose that job and go work someplace 5 days per week. Loyalty to the enterprise in itself will scale back waste, in all probability greater than the ten% of earnings I might doubtlessly lose.
Quicker Growth
If I supplied a 4 day per week work atmosphere at my agency versus different corporations who don’t, which agency do you assume a superb, gifted lawyer or employees would select? My possibilities of increasing and including extra legal professionals and staff would imply extra earnings. My price of enlargement can be doubtlessly, exponentially greater than the following agency.
Most legal professionals and assistants are at phases of their lives the place they’ve completed education and wish to have kids and households. Permitting them to be human, spend time with household and still have a profession is effective and irreplaceable. This ought to be the main target of any enterprise proprietor if we wish to have a wholesome, reciprocating work atmosphere.
The most effective choices are those who make emotional and logical sense. When you don’t have each, it’s possible you’ll fail.
Income Seemingly Received’t Do Down
Income will seemingly keep the identical or improve: most of our legal professionals are on a price cut up pay, so that they eat what they kill. Given my very own expertise in assembly and exceeding my full time billing goal working 4 days per week, I’ve little doubt our legal professionals will proceed to fulfill their full time billable targets. This time although, there isn’t a stress to. In the event that they exceed or meet their full time goal, that may assist them with their confidence, added earnings, and so forth, however it doesn’t stress them to carry out and overwork themselves. This can be a system of reward versus punishment in case they don’t meet a full time goal. And my associates, imagine me love and appreciation will convey much more productiveness and profitability than limitations, self-discipline and stress do.
The selection to work 4 days per week would give my staff autonomy, selection, freedom to do as they see match. This may imply higher psychological well being and bodily well being for all concerned; higher work and life satisfaction.
Elevated effectivity
Analysis has proven that most individuals are productive and really work 2-3 hours out of their 8 hours work days. If we scale back the working days however add effectivity to the times we’re working, we are able to obtain the identical ends in much less time. Attorneys will simply be extra productive, environment friendly and centered as a result of they know the break day is simply across the nook and the extra they invoice, the extra will earn cash.
Even for legal professionals who should not doing a price cut up, billing extra means greater pays, extra bonuses and extra appreciation.
Workers will even be extra environment friendly in getting extra duties completed realizing that they are going to have a break day. Win win up to now.
What’s 4 Day a Week Analysis Saying?
Irrespective of the place you look, 4 work day per week analysis is just concluding brilliant outcomes:
- Microsoft MSFT, -0.02% examined a four-day work week in August — and, the company said, productiveness jumped 40%.
- Perpetual Guardian, performed a trial examine of a 4 day work week. Not solely did staff keep the identical productiveness stage, however additionally they confirmed enhancements in job satisfaction, teamwork, work/life stability and firm loyalty. Workers additionally skilled much less stress with a lower of 45% to 38%.
- From 2015 to 2017, Sweden performed a trial examine right into a shorter work week. Nurses at a care residence labored solely 6 hours for 5 days per week. Outcomes had been largely constructive with nurses logging much less sick hours, reporting higher well being and psychological wellbeing and better engagement as they organized 85% extra actions for sufferers of their care.
On a sunny Friday, I gathered all of our employees and legal professionals and introduced the information. I bear in mind they applauded no less than 3 occasions, most individuals had been in shock. Some thrilled and a few anxious. All of us as a group advised and mentioned insurance policies to make this work.
Some legal professionals, resembling junior legal professionals who’re single weren’t the largest fan as a result of that is their time to make their profession and show themselves. That’s nice, the secret’s giving them a option to work 4 days per week, however not forcing them to take action.
I’ll focus on the insurance policies we carried out, that are extraordinarily vital to our possibilities of success within the subsequent weblog.
Written by Leena Yousefi, founding father of YLaw – February 10, 2021.
