{"id":1645,"date":"2023-04-06T16:41:37","date_gmt":"2023-04-06T15:41:37","guid":{"rendered":"https:\/\/www.infolaw.co.uk\/partners\/?p=1645"},"modified":"2023-04-06T16:41:38","modified_gmt":"2023-04-06T15:41:38","slug":"the-rise-of-the-fee-share-model-how-consultant-law-firms-are-changing-the-legal-industry","status":"publish","type":"post","link":"https:\/\/www.infolaw.co.uk\/partners\/the-rise-of-the-fee-share-model-how-consultant-law-firms-are-changing-the-legal-industry\/","title":{"rendered":"The rise of the fee-share model: how consultant law firms are changing the legal industry"},"content":{"rendered":"\n

There was a time when consultant law firms were a great option for lawyers who could afford to take a little bit of risk, or who were looking to downscale their career. That time, however, is far behind us; thanks to pioneering firms and recent events, the fee-share model has become more accessible and its benefits more desirable. In fact, it is predicted that a third of lawyers will work as consultants in the next five years. <\/p>\n\n\n\n

The success of pioneering new model law firms such as Excello Law<\/a>, Taylor Rose and Keystone Law was highlighted during lockdown, when a flexible approach wasn\u2019t just an option, it was a necessity. The Great Resignation further pushed the boundaries of the traditional model, creating a space where in-demand talent knew that they could ask for more, including a fair share of the fees that they generated.  Today, taking the leap from employment to self-employment entails lower risk than the formative years, with consultant solicitor earnings, control over work, and lifestyle balance being an attractive prospect compared to the average solicitor salary and work conditions.<\/p>\n\n\n\n

Lawyer vs consultant lawyer<\/h3>\n\n\n\n

The primary difference between being an employed lawyer and a consultant lawyer lies in the employment status; traditional law firms employ lawyers and pay them a salary and bonuses based on caseloads, performance, area of expertise, position, and law firm size, while a consultant lawyer is self-employed and operates on a fee-share model, thereby retaining the majority of the client fees they bring in.  <\/p>\n\n\n\n

While it is not possible to accurately compare salaries, in broad terms, in traditional firms a solicitor wage constitutes about 30% of the money they bring in, while consultant solicitors take home upwards of 70%<\/a>. The impact isn\u2019t just financial; the consultancy model includes full back-office support and systems, and the assurance of a sound regulatory infrastructure, which allows outstanding lawyers to focus on what they do best, free from time-consuming management  and administrative concerns. <\/p>\n\n\n\n

The rise of the fee-share model<\/h3>\n\n\n\n

The fee-share model, also known as consultancy or new-model law, is not a new phenomenon. Pioneered by ground-breaking firms as long as fifteen years ago, most fee-share law firms promise their lawyers the support that they need to achieve outstanding results on their own terms. For more than a decade, the fee-share model has been the reserve of the brave; whilst the consultant solicitor salary potential was undoubtedly higher than the average \u201ctraditional\u201d solicitor salary, the consultant model came with greater risk, and without the safety net of a regular, guaranteed income, holiday and sick pay, and other employment benefits.  <\/p>\n\n\n\n

While success in today\u2019s fee-share model still depends on the lawyer working hard and to a high standard, the efficacy of the model has been proved; this evidence comes at a time when people don\u2019t just expect, but demand, greater flexibility in how, when and where they work, as well as greater control over their workload and fairer financial reward for developing and maintaining successful client relationships.  <\/p>\n\n\n\n

Making the move<\/h3>\n\n\n\n

When it comes to deciding which model or which specific firm suits an individual, it is not just a case of calculating how much solicitors earn and comparing it against the average consultant lawyer\u2019s income. Lawyers need to clearly understand the level of support they want and whether that support is all provided as part of the fee share or is charged as extra, is there access to office and meeting room facilities, what is the culture of the firm, is there support from senior colleagues across a range of disciplines and are there other benefits – from regular social and networking events, access to wellbeing support, marketing and business development advice for example? <\/p>\n\n\n\n

In order to achieve in a fee-share environment you must be committed and ambitious; you need to have the drive to perform well and the desire to take control of how you work, as well as for whom. Whether you want to fit your work around other commitments, prefer to work longer days or weekends, or favour a 9-5 model, for lawyers who are tenacious and talented the fee share model has the potential to deliver more in terms of flexibility and remuneration. <\/p>\n\n\n\n

Photo Public Domain via Piqsels<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

There was a time when consultant law firms were a great option for lawyers who could afford to take a little bit of risk, or who were looking to downscale their career. 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