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What are the top 3 reasons to become a Consultant Solicitor?



Thu 19 September 2019 What are the top 3 reasons to become a Consultant Solicitor?

As a consultant solicitor working at Taylor Rose TTKW you can work from home or make use of our office space and facilities - it’s your choice. Here are some of the benefits:

What we expect in return are consultants who are good lawyers, with strong credentials and a great reputation and client following.  Solicitors who will to follow our processes and compliance, be excellent at record-keeping and file management, and keep within their specialist areas of law.  

Is becoming a consultant solicitor for you? Questions to ask yourself

If you are considering self-employment as a consultant solicitor, then these are some of the things you should consider before making your decision. 

 

  1. How will I get paid? While the benefits of working as a consultant solicitor are clear, if you’re thinking about stepping into consultancy for the first time, there are some things you need to be aware of, such as having a financial back-up plan. Think about the area of law you work in? Is the billing turnaround quick or slow? If you work in property, then you’re likely to be paid within two or three months after submitting an invoice for the work you’ve done. However, if your area of work is litigation, then you might not start earning for a year. This means you’ll need a fairly large cushion to see you through the months leading up to your first payment. Having said that, once you have a stream of work coming in, and you keep to a consistent routine of billing, then the financial
    rewards will follow.
     
  2. What is the difference between being employed and self-employed
    If you are the type of person who is really organised, like the freedom of being your own boss, and not having to check with anyone but yourself when you can take leave, working as a consultant solicitor could be for you.  Some of our best consultants move from employed to consultant status - and its a great springboard. 

    You can choose the fee-split that works best for you - either 60-40 or 70-30 in your favour.

    However - do bear in mind that when you are self-employed, you lose your rights as an employee.  This means you will not get paid when you take holiday or receive paid
    maternity or paternity leave. You will also have to do your own business administration. This involves billing your clients yourself, you will need to register to pay VAT when your turnover exceeds a certain limit and be responsible for completing a tax return. So one of the first things we’d ask you to question is, which home is the best fit for you,  employed or self-employed?

    Before setting up your company, you will need to engage a good accountant. They will be able to advise you on the best route to take and talk you through all the things you will need to do as a new business owner.
     
  3. Where will my clients come from?
    A seasoned solicitor with 10 years experience will have a good client following.
    However, if you are moving from employed to consultant status, you will lose the
    regular referral of work you have been used to, as this will naturally go to employed staff. However, if an employed solicitor is branching out as a consultant, and they are indispensable to contracts -  then we would want them to keep their clients. 

    Think about how good you are at going out to get work. Being affiliated with a well-known respected law film helps our consultants gain more business. Taylor Rose TTKW has a great reputation for practising smart, modern law and we are well accredited, which means you will stand out when pitching to potential new clients. Talk to other consultant solicitors to find out what they do or contact our Consultant Liason Team to discuss becoming a consultant further on consultantliasonteam@taylor-rose.co.uk

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