Becoming a consultant solicitor is a very different way of working when compared to a traditional role. Many consultants flourish and very often double (or even triple) their earnings, as well as enjoying the benefits of a better work-life balance. However, some consultants can struggle, particularly if they are used to their firms feeding their clients to them.
Is becoming a consultant solicitor right for me?
You should ask yourself whether you have a decent following of clients or are confident in your ability to obtain new ones, as this will be the main hurdle you face.
An employed solicitor earns on average only 30%-40% of their annual billing. As a consultant, you can expect to earn a much higher percentage of the work you do.
As a consultant solicitor working for Gibson & Associates, in return for a percentage of your fees billed and paid, we will provide you with access to the following:
Are you interested in becoming a consultant solicitor
Modern office facilities
Administrative, paralegal, marketing and IT support
Finance and billing services
Case management systems
Professional indemnity insurance (PII)
Access to other specialist solicitors that can help you support your clients and generate additional income
A Guide to Becoming a Consultant Solicitor
Gibson & Associates will provide personal advice and assistance to help solicitors wishing to become consultant solicitors for the firm to do so seamlessly, so it remains ‘business as usual’ for your clients.
Our assistance with your transition will include:
Guidance through the process of becoming a consultant solicitor
Access to tax advice and planning
Personal financial planning for a smooth transition to self-employment
For centuries, the traditional career path of a successful solicitor involved entering a law firm as a trainee and working hard (often every hour possible) to move up the ladder.
A good track record, specialist expertise and the ability to bring in clients gives solicitors the opportunity to progress to more senior positions, with some later making partner by proving success through business development, hours billed and tenure.
Today, as everyone places more value on their time and freedom, law firms need to adapt working practices to allow employees to work more flexibly and independently. However, most firms have been slow to recognise this challenge, mainly due to the constraints of outdated legislation and traditional law firms being reluctant to change the way they have always worked.
Consultancy within the legal sector is helping define a new way of working. Enterprising solicitors with a good following of work can use this type of relationship with a law firm as an opportunity to break away from the traditional model and begin working on their own terms.
Consultancy allows solicitors to practice on a self-employed basis, servicing their clients with the support of a law firm that can provide assistance when it is needed. Gibson & Associates will provide the benefits of everything that a large firm brings, including; access to additional resources, IT and case management systems, administrative support, marketing backup, compliance and insurance. Consultants work on their own terms, set their own hours and are rewarded fairly in line with the work they undertake.
Consultancy suits solicitors that are great at attracting and building relationships with clients and want to be rewarded properly for their skills.
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