Many Law Firms now offer a fee sharing arrangement or a consultancy arrangement for Lawyers and Solicitors wanting a flexible working model. This arrangement normally means that you are not employed by the law firm and are a consultant with a contract in place. The law firm will take a percentage of your fees that you invoice the client and in return they will provide you with Indemnity Insurance, Compliance support, IT packages and additional administration support etc.
Why choose a fee sharing arrangement?
It is predicted that fee sharing, and consultancy arrangements will increase hugely over the coming years. It is largely experienced Lawyers and Solicitors that take this route, as they are more likely to have their own client base. However, if you are a more junior Lawyer or Solicitor, it is important that you choose a Law Firm that can supervise and support you. A fee sharing arrangement will give you the flexibility to choose where and when you work.
What are the fee structures?
It depends on the Law Firm, with fees ranging from 60% to 75% of the invoiced fees that a consultant will receive. Some Law Firms will stipulate a different percentage if the client is introduced by the Law Firm or if the client was introduced by the consultant themselves.
Law Firms may make additional charges for the administration support and postage services they provide.
It is important to do your homework and work out the total costs to you before entering a fee sharing arrangement.
