Why Lawyers are Transitioning to Consultancy Roles
The legal landscape is undergoing rapid transformation, characterised by fierce competition, a flexible approach to costs and the relentless march of technology.
Under the radar though, a staggering amount of UK lawyers are now currently operating as consultants, a figure expected to surge to a quarter of all lawyers by 2026 according to The Law Society Gazette, in search of a more rewarding and commercial model to trade from.
Lawyers are stepping away from the traditional confines of full-time, permanent roles in private practice or in-house positions to embrace the flexibility and autonomy of consultancy. This trend is not just a fleeting phenomenon, but a significant transformation driven by various factors reshaping the profession.
Why Lawyers are Leaving Traditional Roles
Flexibility and Work-Life Balance
One of the primary reasons lawyers are turning to consultancy is the quest for better work-life balance. The demanding hours and high-pressure environment of traditional legal roles often leave little room for personal time. By becoming consultants, lawyers gain control over their schedules, allowing them to work when and where they choose and without worrying about office politics or management responsibilities.
Diverse Opportunities
Consultancy allows lawyers to diversify their work portfolio. Instead of being tied to a single employer or client, consultants can engage with multiple clients across various industries. This variety not only keeps the work interesting but also broadens their experience and expertise. Consultants can choose projects that align with their interests and strengths, making their work more fulfilling and work collaboratively with other like-minded consultants in a collegiate atmospnancial Incentives
Many consultants find that their earning potential does not increase much in traditional roles. Without the overhead costs associated with having your own law firm, consultants can often charge competitive rates while retaining a larger share of their billable hours. Additionally, the ability to take on multiple clients can lead to a more stable and lucrative income stream.
Autonomy and Control
For many lawyers, the appeal of consultancy lies in the autonomy it offers. Consultants have the freedom to decide which clients to take on, what rates to charge, and how to structure their work. This level of control is rarely possible in traditional roles, where lawyers often have to adhere to the firm’s policies, billing targets and client demands.
Capital Value
One often-overlooked benefit of consultancy is the ability for lawyers to build capital value without the risks of owning a law firm and of run-off legal insurance cover. By growing their own client base or team, they create a business with tangible value that can be sold internally or externally in the future. This offers far greater potential for long-term financial gain and a long-term reward that traditional law firms simply cannot compete with. At Kingsley Wood, we are keen on building an internal marketplace to allow Partners to sell to each other or even to sell externally and we want to be able to support you with that.
The Numbers Speak: Statistics on the Shift
The shift towards consultancy in the legal profession is backed by compelling statistics:
Introducing Kingsley Wood: A New Era of Legal Consultancy
Kingsley Wood is a leading platform in legal consultancy, known for its stability and reliability. As part of the AIIC group, listed in the FT 1000 as the fastest-growing legal services group in Europe, we understand the evolving needs of modern lawyers.
Our platform law firm supports legal professionals transitioning to consultancy with a range of benefits that make the move seamless and rewarding: