Many Solicitors are interested in becoming a Consultant Solicitor with almost all of them asking similar questions; with this in mind below is a list of frequently asked questions and answers.
If you are thinking about becoming a Consultant Solicitor, please get in touch with our Consultant Liaison Team by email or phone 01733 865135.
In the meantime, we hope you find the below questions/answers useful:
Only you will be able to answer this. Being a Consultant Solicitor is a very different way of working when compared to a typically employed role. Many Consultants flourish and very often double (sometimes tripling) their earnings, along with having a far better work-life balance. Although minimal, some consultants struggle too, especially if they have been used to their firms feeding their clients to them.
Start by asking whether you have a following of clients or whether you are confident in your ability to obtain new clients. This will be the main hurdle you face. If you can overcome this there are so many advantages to being a consultant, including the flexibility to come and go as you choose, work from home, avoid rush hour traffic, to be there for your children as they return from school, and so on, the list is endless.
It is also great for a Consultant solicitor to build clients for themselves knowing that if they leave, they are not bound by the usual restrictive covenants attached to conventional employment.
We only have Consultant relationships with those who are Legally qualified as a Solicitor/Legal Executive or a qualified Licensed Conveyancer and those who can demonstrate plenty of experience and a good track record in their chosen practice area.
If you do not quite reach this threshold please still free to make contact with us as there may be an opportunity for you to work with an existing consultant where they can be responsible for your supervision and will also be able to help you develop your training.
It is fairly simple; we are after good quality lawyers with good quality clients. If you can bring this to the firm, we can offer you great back-office support to enable you to manage and service your clients effectively.
Client care is everything to Taylor Rose. Customer feedback and internal audit scores are monitored carefully for both employees and Consultants within the firm.
Some of our best consultants are the ones seeking that work-life balance, to work fewer hours, but to earn a bit more money.
How much do I earn being a Consultant?
At Taylor Rose we offer two options either 70/30% or 60/40% fee share split both in the Consultants favour. The 60/40 option provides a full-time desk in one of our offices, and 70/30 work from home. A detailed list of our offices can be found on our website.
As a solicitor, if you consider your current billing when compared to your current wages you will see with the above percentages your scope for substantially increasing your earnings.
What does Taylor Rose provide for their percentage?
We support back-office functions including:
- Access to our Case Management System
- Accounts support eg invoicing
- A dedicated Consultant Liaison Team
- HR support
- Immediate access to accreditations (CQS/Lexcel/ISO etc.)
- Immediate access to our lender panels
- IT and phone systems
- Learning and Development
- Compliance support
- Complaints support
- Digital Marketing support (limited)
- Reception support
- Professional indemnity insurance (we currently hold £10m cover)
Does Taylor Rose have a minimum billing threshold?
The answer to this is both yes and no. As a firm we don’t like to set these targets to avoid influencing any negative client care, however, to manage our Consultant's expectations a certain level of billing does need to be put through the firm to ensure this remains sustainable for all of us. To explain a little further support staff, licences, systems (all with significant cost) and processes are all based on the number of staff/consultants, and assumptions on generated revenue coming in from each consultant, this is all factored into the business model you choose.
Can I take on employees to assist me?
Yes through our approved person process.
Why choose Taylor Rose over other firms?
It is for you to make this decision but we are very confident in our offering when compared to other firms, for example, Keystone Law. We are a top 75 law firm with a growing number of offices across England, including two premium central London offices. We are well accredited with an excellent track record.
We are aware that many other firms are looking for consultants, but it is essential to assess what they are offering, including the quality and access of the back office support. We are more than happy to go in to further detail should you be interested in taking a consultancy role forward with the firm. We would also recommend talking to some of our existing Consultants for more information.
Can I speak to any of your existing Consultants for a reference?
Absolutely. We are happy to arrange this for you, it is the best way to get a feel for Consultancy generally and the firm.
Many of our Consultants have worked in this capacity for other firms as well as Taylor Rose so they are well placed to let you know how we compare with other firms.
Do you provide the Consultants with any work?
The answer is officially no, but in reality, we always try to pass work back to the Consultants. One of our USPs is that we are not solely a virtual law firm which means the firm has regular referrals of work instead of just the individual consultants.
If I am interested what are the next steps?
Call on 01733 865135 or email us to arrange a meeting or a telephone catch up at a time convenient to you. During this call, we can tell you a little more about the firm and our due diligence process.
What are the downsides of becoming a Consultant?
You are self-employed so if you struggle to locate work or do not have a following this could be problematic for you. However, the average employee earns only 30%-40% of their annual billing so the chances are you won't have to be as busy to earn above your current salary.
Also, be conscious that you are not an employee so you will not get paid when you are on annual leave.
What happens if I leave Taylor Rose?
The Contract between us is fairly detailed but fair. If you hand your notice in, our Consultant Liaison Team will work with you to ensure your files are properly wrapped up or transferred internally or to your new firm.
If you bring any clients and referrers to the firm they are of course yours to take away, subject to the client's consent. Likewise, if we pass you any clients, these will of course remain with the firm.
Get in touch today, call us on 01733 865135 or email firstname.lastname@example.org
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