As a consultant you still need to find your own clients, and pay a percentage of your fees to the firm which provides professional indemnity insurance cover, and deals with other regulatory compliance, and provides you with a business through which to operate, so that you have suitable notepaper, email address and so on to use.
Many lawyers have voted with their feet in the last few years and moved to firms offering this consultancy model, thereby reducing the administrative burdens they are under when working within a law firm, and getting to keep a bigger proportion of their fees. The lifestyle gives them flexibility to work from home, and it’s no wonder that these dispersed firms have done so well, providing a business model that drives growth.
Now with the impending changes about to be introduced by the Solicitors Regulation Authority, lawyers will have more options. They will be able to provide most of their services through ordinary, non regulated businesses, while still keeping their solicitor status. They may also work as freelance solicitors offering reserved activities. The impact on the legal industry will be huge.