The rise in consultant solicitors
It’s clear to see why consultant solicitors are one of the fastest growing demographics in the legal sector today. When a solicitor joins a consultancy firm, they’re offered a brand, a service platform and a management infrastructure, providing them with everything they need to operate. With the ability to set their own targets, allocate their working hours and put all of their energy into their clients’ needs, becoming a consultant solicitor has never been more popular and has proven to be a big hit with those interested in leaving behind the traditional law firm setting.
In a recent report, Arden estimated that a third of all solicitors will be working as consultants within the next five years. That’s around 30,000 solicitors interested in reaping the benefits of consultancy. And, the recent pandemic has only accelerated this development, as more and more solicitors turn to consultancy for its flexible working arrangements.
The next step for consultant solicitors
Whilst in a traditional law firm setting, it’s easy to imagine the next steps your career will take, as you progress from lawyer to partner. However, for consultant solicitors who have chosen to leave behind that traditional career path, it can be challenging to know where your legal career will take you next. With no clear promotion or progression within a consultancy model, many are left asking themselves, what’s the next step in their career?
When working as a consultant solicitor, it’s up to you to determine your practices and grow your client base. So, why not take the knowledge and experience you gain as a consultant solicitor and apply it to your own brand and law firm? Starting your own firm is the next obvious step for consultant solicitors. However, many believe setting up a regulated law firm to be too stressful and expensive, particularly when consultancy firms already handle all the back-office processes for their solicitors.
If only there was a way you could start your own law firm, without losing the benefits of being a consultant solicitor.
Introducing the Bamboo Platform.
The Bamboo Platform is a law firm operating system, enabling consultant solicitors to start their own law firms with ease. By providing a fully regulated and insured framework, solicitors no longer need to waste their valuable time with lengthy applications. Much like a consultancy model, Bamboo handles all of the back-office processes, prioritising client-focused delivery.
However, there are a few key areas that separate the Bamboo Platform from consultancy models. Firstly, depending on the consultancy firm you work for, it’s likely you will retain an average of 70% of your billings, with the remainder being shared with the consultancy firm. Whereas, at Bamboo, we want you to retain as much of your revenue as possible, providing you with the opportunity to keep up to 85% of your revenue. Secondly, the Bamboo Platform enables you to create and control your very own brand, meaning you can build value for your brand, instead of someone else’s. Third, you can build a team and a culture all of your own – engaging other lawyers as employees or consultants or even taking advantage of the Bamboo Platform’s resourcing options.
Whether on your own or as part of a team, the Bamboo Platform is the place to be for consultant solicitors interested in taking the next step in their career and building a brand with value. So, if you’d like to find out more about starting a law firm on the Bamboo Platform, feel free to get in touch.
