It’s time we separate fact from fiction as we look at the most common misconceptions surrounding consultancy.
These myths are preventing many able legal professionals from
- pursuing self-determination;
- achieving a sustainable work-life balance;
- getting remunerated in line with their efforts and working hours.
‘Setting up as self-employed is too hard, I don’t know how.’
A common initial stumbling block when it comes to a consultancy role is transitioning to the self-employment set up.
Many fear the thought of the tax and accountancy implications that sit outside of PAYE, however, these complex requirements have long since been streamlined and made more accessible. Simple online forms and interactive completion guides, with additional support from Direct Gov and Companies House, mean the whole process is now accessible to the majority.
The first steps are no more difficult than considering the following questions
- Will I be a sole trader or limited company?
- Will I engage an accountant or set up my own business account directly?
- Will I be doing the accounting myself or using a software package?
We have guided hundreds of nervous starters on taking their first steps into consultancy and the set-up journey is shorter than you think, starting with the first call with our team.
‘What about finding clients?’
It’s natural and sensible to consider whether you will be able to secure clients, but a good service will market itself in many unexpected ways.
Social media is a great way to connect you to potential clients through your family, friends, and colleagues. Word of mouth and testimonials from previous clients are also important in building a client network.
You should also consider creating a list of companies that connect you to your target clientele and reaching out to partner with them and create relationships.
We find many of our current consultant solicitors have already been generating business through networking in their previous employed roles without fully realising it, resulting in them naturally building their client base.
We also have all the tips, a business development team, and a robust referral network, to help you get started.
‘I can’t afford the operational costs.’
Numerous legal professionals dream of running their own business and have all the skills and knowledge to make it a success.
However, they find themselves hampered when it comes to expensive start-up operational costs for example;
- Indemnity insurance
- A case management system
- Management of accreditations and compliance
- Admin, post, and reception support
The consultancy model allows consultants to benefit from an already established infrastructure, without paying any initial set up costs to get started.
We believe that legal professionals should have the freedom to do what they do best, without infrastructure becoming a barrier to flexibility and starting their own business.
‘There is not enough stability.’
Financial security is the main concern of most self-employed professionals, but the recent climate is a clear reflection that employment does not necessarily equal stability.
Making the move to consultancy is taking your financial future out of upper management’s hands, putting it into your own.
Consultants directly benefit from the hours they work, their caseload, and their choices and join a large group of professionals all successfully doing the same.
Fact and fiction
Don’t let these commonly held misbeliefs become your obstacle.
If you want to separate fact from fiction contact consultantrecruitment@taylor-rose.co.uk to find out more about the programme.
Why not take those initial steps today.