The COVID pandemic, together with the rising cost of professional indemnity insurance has refocused the minds of many as to how they trade. Sole practitioners and individuals within smaller firms are driven to work for larger firms operating the consultancy model as the PII market hardens. The consultancy lifestyle has become an attractive and viable alternative way of working for experienced lawyers. Many now recognise that they can achieve the same level of delivery for their clients by working remotely. With the additional benefits of reduced overheads, a better work/life balance, increased earnings and a new sense of security and freedom, it is easy to see why the consultancy model is becoming increasingly attractive to lawyers. Adopting that model allows them to continue to trade autonomously under the banner of a successful and high-profile law firm with the benefit of much better commercial terms and flexibility.
The legal consultant business model offers lawyers a central service platform, brand and operational infrastructure to service their clients. Consultants are self-employed, many generate their own work and their own client base, and they retain an industry average of 70% of their billings, with the remainder taken by the consultancy platform.
Experienced lawyers no longer want the responsibilities of compliance and increasing operating costs, yet; they remain ambitious. Through the consultancy model they can often end up running their own business without the burden of high overheads such as office space, systems and IT, and professional indemnity insurance. These advantages, combined with marketing and support provided by firms with strong brands, leave lawyers to concentrate on providing the best possible legal service to their clients, whilst the consultancy firm carries the operational burden.
Sir Kingsley Wood Limited T/A Kingsley Wood is a new, pre-eminent, high performance law firm based in London, adopting a consultant-based model to enable high calibre Partners and fee earners to trade. We have the benefit of exceptional technology, a reliable and proven operational structure, and great people working within a positive, collaborative, and flexible environment.
The consultancy model has been successful for several firms. But Kingsley Wood has a different approach. We recognise that the heart of a law firm, and the key to its success, is its lawyers. We will invest in, develop, and promote the firm’s Partners and, critically, their very different backgrounds both personally and professionally. There will be a core, non-negotiable focus on imbedding “diversity” into the firm’s culture, corporate model, and Partner offering.
A consultancy-based model does not have to mean remote working in isolation to colleagues. We want our lawyers to have the freedom and autonomy of consultancy, whilst benefitting from the support and community feel that dispersed law firms sometimes lack. We will facilitate online hubs together with regular networking, socials and collaboration meetings. We recognise that as the people on the front line, our Partners have an unparalleled insight in to what we should achieve, and how we can achieve it. Our Partners will have the opportunity to be involved in driving the firm forward, so we remain one step ahead.
Kingsley Wood is part-owned by Taylor Rose MW (“TRMW”) and will adopt the state-of-the-art operational and technological infrastructure that TRMW has built over the past 12 years. Kingsley Wood will utilise the market-leading risk and compliance framework, as well as administrative and marketing functions of TRMW to achieve its objectives. With proven systems and functions already in place, Kingsley Wood will focus on providing the best possible service to our lawyers enabling them to provide the best possible service to their clients.
Getting a strong sense of what we could achieve together? It’s time to get in touch. If you’re a client or a lawyer that’s longing for a fresh approach to legal service delivery, you can email Camille Bellchamber, our Chief Operating Officer, at Camille@kingsley-wood.com. You can also email us any specific queries or questions you may have by contacting email@example.com