How To Become A Consultant Solicitor

Becoming A Consultant SolicitorAre you tired of billing large sums for your law firm and only receiving a fraction of it for your income? Is it time for you to go it alone? Here is my “Hot to become a consultant solicitor” guide showing ou all of your options.

The legal world has changed so much since I entered it in 1990. Now, as well as freelance solicitors which virtually means working completely on your own, you can become a consultant solicitor where you still have the support of a larger firm around you, but you also get to keep at least half of what you bill, and in some cases as much as 90% of your billing.

That makes you think, doesn’t it?

Let’s look at all of the pros and cons of becoming a consultant solicitor, starting with the most important one to you, no doubt, how much you will be able to keep as an income.

You Keep A Share Of What You Bill

The biggest change in your career when you become a consultant solicitor will be the fact that instead of receiving a fixed salary, you will take home a percentage of what you bill.

The standard rate across the many consultancy models that I see and help with recruitement is 70% to the consultant, 30% to the law firm for providing case management software, professional indemnity insurance and in some cases administrative support.

The ranges can vary from 50/50 fee split to as much as 90% for the consultant.

However, when considering becoming a consultant solicitor, don’t just look at the headline figure, but the full offering given to you.

It is not just about the money, as I will share with you in the Winning Clients section below, but first, there are other things that you need to consider.

Tax And National Insurance

As a consultant solicitor, you will become responsible for paying your own tax and national insurance contributions. You will need to hire an accountant to help you with this, but so that you compare your salary with your anticipated earnings, if you take 30-40% off your turnover, that will give you a guideline to your potential earnings.

Let’s look at how this might play out with our consultant solicitor earnings calculator examples below:

Billing £200,000 per annum, salary £60,000.

  • 50% fee share will leave you with £100,000, net of £60-70,000. Whilst that looks on paper that you would not be better off, remember that you are likely to be working from home, at hours to suit you, and if you choose to work harder, you can increase your turnover and directly benefit from that increase.
  • 70% fee share will give you £140,000 gross income and around £84-98,000 take home pay, so a dramatic improvement if your salary is currently £60,000.
  • 90% free share will give you £180,000 gross fee earning income with a take home of £108,000 to £126,000. Which carribean beach will you choose to work from???

Those are examples to let you see what can happen as a consultant solicitor, but let me explain what else might happen so that you can weigh up all of your options when considering becoming a consultant solicitor.

Winning Clients As A Consultant Solicitor

Take a moment to think where your new clients come from now.

Do they all come back to you and you only because you have been an employed solicitor for so many years, or do they come back to your firm and then find themselves at your desk?

I have spoken with and worked with so many consultant solicitors in the last few years who have done my calculations above for themselves, left employment, become a consultant solicitor and then sat at their desk waiting for a client to come to them, and they do not.

If you have always received your clients from your law firm’s marketing initiatives, when you become a consultant solicitor you will have to do the leg work to get clients coming to you.

That is completely possible, but it is going to take you some time, effort, energy and money to generate new clients as a consultant solicitor.

Your marketing options are likely to include:

For the full guide to marketing consultant solicitor services, click the button below:

CONSULTANT SOLICITORS GUIDE: Start, Grow And Run A Profitable Consultant Solicitor Practice:>>

Thank you for your very useful free guides with six tips and the one for consultant solicitors. I found it very useful.

Piya Mayenin

Other Things To Consider From The Consultant Offerings That You See

Take a good look at any of the law firms websites of any solicitors offering you consultancy options.

Does what they say fit with the way you like to do your work as a solicitor.

Do they talk about a community amongst their consultant solicitors, so that you are not completely alone, or do they encourage you to work in a silo?

Will they provide someone to cover your work when you go on holiday so that you can properly relax and enjoy the time with your loved ones?

Remember it is never just a case of looking at the finances of the consultancy offering on the table, but every aspect of your working day, week and year.

To see current consultant solicitor vacancies and to discover how to run a profitable consultancy business, click the button below.

Consultant Solicitors Start Up Guide, Including Current Vacancies: Click here to download the free guide now:>>

Case Study

“We’re busier and more profitable than ever before, but we’re also having more fun too.”

I came across Nick and Samson Consulting back when I was employed and looking for help to grow my caseload.

Unsurprisingly I found him on Google (he definitely has a knack for that platform!), while looking for a legal marketing expert, and ended up joining his Marketing4Solicitors group, learning from afar for several years.

His advice was smart, sound and – most importantly – it worked.

And that’s why when I came to start my own firm up three years ago, I pretty quickly ended up giving Nick a call and started working with him.

I had used another company to help me with some online marketing before that, and to be honest – it was an absolute disaster, costing huge amounts of money and not really delivering any tangible results.

I hoped that wouldn’t be the case with Nick, and I was right.

I brought him right into the business, getting him involved top to bottom, and I can honestly say that it’s the best thing I’ve ever done.

His guidance quickly starting paying dividends, as he coached and mentored me on how to generate more interest and achieve more client instructions, as well as generally how to structure the firm in a way that was the most profitable and productive.

Three years in, and I’m over the moon with the impact that Nick has had on my business.

We’ve got a clear focus and a direction, we know why we do what we do, and most of importantly at all, we’re more successful.

We’re busier and more profitable than ever before, but we’re also having more fun too.

That’s one of the best things about working with Nick – the fact that the advice and guidance he gives is so holistic.

It’s not just about making money, although he has had a huge impact on that for us, but it’s also about helping me to enjoy my life, and growing my firm in a way that means that I have more money in the bank, but more time to enjoy life with my family too.

I guess that’s what makes him so different to others out there – he really does have my best interests at heart and I trust him implicitly.

It’s hard for me to convey just how good Nick is at what he does – before I started working with him, I thought I was pretty good with PR and marketing, but the truth is that in comparison to Nick, I really don’t know anything.

Nick really is a very, very smart guy, and when it comes to running a profitable legal firm, I think there are very few people who could touch him.

And that’s why I’m glad he’s on my team, and that isn’t just hyperbole – he really is a part of my team: any significant business decision I make is run by him first, because I know he’ll give me useful, tangible and practical advice that’ll result in the best outcome for me and the people I care about.

Before working with Nick, I felt like I was on my own, and the future of the firm was on my shoulders; to be honest it was quite a weight.

But now, I’m relaxed about the future, because I know that I’ve got Nick in my corner, one of the smartest marketing minds I’ve ever come across, and a truly honest good guy to boot.

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