Consultancy: a New and Uprising Model. Is it for you?

The global pandemic has disrupted many industries causing a great deal of change, especially in the legal sector.

Previously it was believed that working from home was impossible for Lawyers. however, with remote working becoming essential during the national lockdowns, this is now seen as an achievable way of working. As a result of this, many Partners, Senior Associates and Conveyancers are making their work-life balance a priority and law firms are forced to adapt to meet these needs to retain the best employees.

A rising business model which facilities a healthy work-life balance for top Lawyers and Partners is the consultancy model. This model is designed for experienced Lawyers who have a significant client following meaning you will have a ready-made client base to build your workload from. Many of those who have trodden this path have never looked back at their old firms which still follow the traditional partner model. If you chose to become a Consultant you gain the freedom and flexibility of when you work, where you work and what you do.

There are plenty of reasons why this model is advantageous for some Lawyers and why it may be suitable for you. So, consider the points below. They may sway your opinion on Consultancy and could be an option for yourself presently or in the future.

What differentiates Consultancy law firms from the traditional law firms?

1. Fee Split
Fee split arrangements vary between firms. A fee split allows you to take home a percentage of your billings, enabling you to make greater profits for the same amount of work you are currently doing. An approximate arrangement may look like this: If you bill £0 to £250,000 you receive 75% of billings, £250,000 to £500,000 you take 80% of billings and over £500,000 you take 90% of billings. These firms also offer a percentage of fees on any work that you refer through the firm that you yourself would not be able to complete.

2. Rising Stars
Some consultancy firms are recognised by the Legal 500 to be leading in many of the services they provide. These firms have been making strategic hires from big-name firms and are continually growing their presence over the country, opening offices in most major UK cities and some are even expanding their presence internationally. So, while these firms may seem much smaller on paper their reach is becoming just as significant as those larger traditional firms.

3. Quality Support
These firms also offer intricate aid which you can access wherever and whenever needed. This ranges from providing the assurances of a traditional law firm which include access to the law firm's CMS, administrative support, access to lender panels, accounts, archiving, complaints support compliance and auditing, electronic mail, IT support and telephone systems, marketing support, professional indemnity insurance, reception and training, ensuring you can provide a quality service to your clients.

4. Flexible Arrangement
One of the main benefits of consultancy firms is that they provide a great amount of flexibility to your life. They offer both office and remote based working, meaning that if you would like to work in Spain, France or Australia, it wouldn’t matter as you would still have full access to everything. Some firms are also open to providing retainers and a fixed income guaranteed for the initial 3 to 6-month period, while you build up your desk and start to bring in client billings.

5. Freedom
This model allows you to set your own fees, make your own targets and pursue your goals. This career path is for self-motivated and entrepreneurial individuals who are tired of seeing all their hard work go into their companies pockets instead of their own. Be your own boss!