Which Consultancy model should I go for?
This is the final blog in our Consultant Solicitor series. Antony Jaggard sums up the benefits of joining Taylor Rose TTKW as a self-employed solicitor, why networking with colleagues is important and explains why the Taylor Rose Consultant model is so successful.
Antony Jaggard, Director Taylor Rose, TTKW
“During the past few weeks our consultancy programme has put us in touch with some amazing lawyers who are keen to learn more about working with us as self-employed consultant solicitors. This is because of our strong brand name, our vision to practice Smart Modern Law and the unique model we have introduced for consultant solicitors to make it easier for them to work with us.
“I am very proud of the progress some of our newest consultant solicitors have made in a short space of time - and I’m delighted to introduce Mark Quinn, who gives us an insight into his journey from employment to pursuing a fulfilling career as a member of the Taylor Rose TTKW consultancy team.
“Our consultant solicitors enjoy a great work-life balance. Financially they retain 60 or 70 per cent of the business they bill, they have the choice to work from home or base themselves at one of our 10 offices around the country, have access to our back-office support, plus the added benefit of networking with other consultant solicitors at our firm.
“We never underestimate the power of networking. Our consultants often refer each other across the different fields - opening up new opportunities to do business through their own mutual contacts.
“We hold a major function every year where we bring all our consultant solicitors together. Last year we hired the George Hotel in Stamford where we held a special dinner and a social event. There is a great atmosphere created when everyone comes together in a social setting - which always amazes me. The next day we run an information morning where we give everyone an update on the firm, our strategy for the year, plus some of the ‘less fun’ but essential stuff - such as changes to compliance and risk. I'm looking forward to our next big event in September which will be a day at the races.
“So what’s in it for us? Why do we want to encourage lawyers to work with us under our consultancy model? We can see the benefits stack up. It’s not just about the money. We may earn less doing business this way, however we get to work with some amazing
consultants. It’s more about the quality of work we can deliver and the service we give our clients.
“A little while ago we worked on a programme called ‘Judge Business School’, with Cambridge University. We set out the model we wanted to grow and they asked us what part of the business we found the most exciting - and this was it. The feedback we received from a senior member of the programme was that we had the most evolved business structure he had seen in a law firm.
“Our model is a great way for solicitors to work independently without the risks attached to setting up their own law firm, where they could find themselves spending half their time running the business and have the added expenses, such as professional indemnity
insurance and staff costs.
“With our model, our lawyers can focus 100% of their time on practising law - doing what they do best - as we already have the structure in place to look after all the other necessary elements of running a law firm - such as lending panels and compliance etc. It’s the economy of scale that can be reinvested back into the business.
“This structure delivers the most flexibility. Our consultants work when it suits them, if a consultant wants to bill some hours on a Saturday - they will get paid for it. They manage their own caseload. Likewise, if on a Friday afternoon they want to meet a friend for a glass of wine, they’re not answerable to anyone. It’s a model that works for everyone.”
If you are a solicitor with four years PQE and considering switching from an employed role to a self-employed role, contact us today on firstname.lastname@example.org or click here to read more.
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