Consultant solicitors are becoming increasingly popular in the legal industry. These lawyers work independently, providing services to clients while retaining the flexibility and freedom to manage their workloads and schedules as they see fit. In this blog, we explore the benefits of being a consultant solicitor on a fee share agreement.
Flexibility
One of the most significant benefits of being a consultant solicitor is the flexibility it provides. As a consultant, you have control over your working hours and can choose when and where you work. This is particularly valuable if you have family commitments, want to pursue other interests or prefer a better work-life balance. Being able to choose when you work can also help you avoid burnout, as you can take time off when you need it.
Increased Earning Potential
Consultant solicitors are typically paid based on the work they do and the fees they generate, which means that their earning potential is much higher than that of an employed solicitor. By billing more hours or working on higher-value cases, consultants can earn significantly more than they would as an employee. Additionally, because consultants keep a larger share of their fees than employed solicitors, they have a greater incentive to be productive and efficient in their work.
Greater Job Satisfaction
As a consultant solicitor, you have the freedom to choose the cases and clients you work with, and can take a more proactive role in shaping the direction of your career. This can lead to greater job satisfaction, as you have more control over the work you do and the direction of your career. By building a portfolio of clients and cases, you can create a fulfilling and varied practice that reflects your interests and expertise.
Ownership Over Your Work
Consultant solicitors have more ownership over their work than employed solicitors. They are responsible for building their own client base and generating their own fees, which means that they have a greater sense of ownership and pride in their work. As a consultant, you can take on work that aligns with your interests and strengths, and you have the freedom to work with and a sense of ownership over your work. As an employed solicitor, you may be working on cases and projects that are assigned to you by your employer, and you may not always have control over the direction of your work or the clients you work with. By contrast, as a consultant, you have the freedom to choose the cases and clients you work with, and can take a more proactive role in shaping the direction of your career.
Higher earnings potential Another key benefit of being a consultant solicitor is the potential to earn more money. Unlike employed solicitors, who typically receive a set salary, consultants are paid based on the amount of work they do and the fees they generate. This means that if you are able to bill more hours or work on higher-value cases, you can potentially earn significantly more than you would as an employee. Additionally, because consultants typically keep a larger share of their fees than employed solicitors, you have a greater incentive to be efficient, productive, and effective in your work. Job satisfaction As a consultant solicitor, you have the freedom to choose the cases and clients you work with, and can take a more proactive role in shaping the direction of your career. This can lead to greater job satisfaction and a sense of ownership over your work. Unlike employed solicitors, who may work on cases and projects assigned to them by their employer, as a consultant, you have control over the direction of your work and the clients you work with. Greater autonomy As a consultant solicitor, you have greater autonomy and control over your practice. This can be particularly valuable if you have a specific area of expertise or a niche market that you want to focus on. Rather than being limited by the needs and priorities of your employer, as a consultant, you have the freedom to pursue your own interests and build your own practice.
In conclusion, being a consultant solicitor is a great career move for those seeking greater flexibility, higher earning potential, job satisfaction, and autonomy. While there are certainly risks and challenges involved in such a transition, the benefits of becoming a consultant solicitor far outweigh any potential drawbacks. If you are considering becoming a consultant solicitor, it is important to carefully weigh the pros and cons and seek advice from experienced colleagues and mentors.