I have had a multitude of discussions with solicitors about becoming a consultant. The positives are well known and plentiful – freedom, flexibility, increased earning capacity and the opportunity to learn to Love Law, Love Life. However, it is not a cake walk and there are concerns that are regularly raised, some of these are summarised below.
In my experience clients will often follow a lawyer if they have a good relationship with them. This frequently extends beyond the firm with the clients focusing on the individual. Naturally, you may be bound by restrictive covenants, but these can often be negotiated and are often not enforced.
One small tip I would recommend and have found useful – keep a note of matters you have billed or referred over a period of time. This will give you a flavour of what your following is and how much work you create for yourself and others.
Remember, there are other ways to create income as a consultant such as locum work, holiday cover and referrals. An entrepreneurial spirit will help you a lot.
To help you get as much income as possible we offer the best in class:-
percentage of billing to the consultant lawyer
referral rate for work referred
referral arrangement rewarding you for bringing consultant lawyers into nexa law
Primarily whether you will be a successful consultant lawyer or not will not necessarily hinge on whether you have a following or not at the beginning, but how much you commit to the process once freed from the shackles of a traditional law firm.
As alluded to above, if you join nexa law you will get the best percentage available. There is a calculator on our website where you can work out exactly what you can earn https://www.nexaconnex.com/calculator/.
Income will also be obtained for referrals you make and you will also receive a percentage of the fees billed by consultants you are responsible for bringing in.
There is no limit on what you can earn and the more fees you generate the better percentage you receive.
At nexa law we fully understand that becoming a consultant lawyer can be intimidating especially if you have financial commitments and a family to support. We make this transition as smooth and as comfortable as possible. We don’t want you to be put off from making the jump to a more lucrative future and to this end we offer a financial support package. This package will be tailored to your circumstances and is discretionary but the fundamental aim is to support you through the start- up period. We have been there and listened and appreciate it takes time to take instructions, undertake the work and to get it billed and paid. The financial support package takes the pressure off and allows you to focus and get on what you want to do, client work.
Unlike many other new model law firms, nexa law genuinely has no start-up costs. All you need to get started is a compatible notebook PC, mobile, printer and basic stationery. nexa law aims to make starting as a consultant lawyer as easy and stress free as possible. We understand you don’t want to be confronted by costs or additional risks, such as indemnities against insurance excesses, often hidden in the small print.
The platform and services we provide to our consultant lawyers can briefly be summarised as follows:-
Indemnity insurance cover with no requested indemnity against the excess
Access to Practical Law precedents
CPD compliance via Practical Law
An online case management
E mail address
Mail opening and scanning to e mail
Access to search providers
Access to the Land Registry
Telephone number and forwarding service
Access to meeting room facilities
Ongoing business support, compliance support and auditing
Your own professional profile on the nexa law website
Archiving and deeds storage
Preferential limited company set up costs
No start-up costs
However, more detail is set out in our brochure:-
At nexa law we meet with consultants as often as they wish and also have an experienced board of investors who can offer general business support as well.
Hopefully this information allays some of the fears you may have. We have also created another useful brochure which sets out how the practicalities of having your own limited company work. This can be viewed here:-
So what are you waiting for? If you need any more information on nexa law and how to become a consultant lawyer with us, contact Eliot on 03300 24 24 20 or email email@example.com