Being 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.
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.