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This is the question we get asked most! So what’s the answer. Well, in true lawyerly fashion we say –‘it depends!’ But in this article we answer a few frequently asked questions about your earning potential…
Will I earn more than I do now?
Not every lawyer becomes a Consultant so that they can earn more. There are many advantages of joining nexa law including the flexibility to manage your own time and the autonomy to decide what type of work you want to do, and for whom. But many of our Consultants came out of traditional law firms because they were having a cap put on their earnings. From top billing Associates who were overlooked for partnership, to experienced Partners who were fed up sharing the fruits of their labour, nexa law is certainly an appealing proposition for those lawyers who want to enhance their earnings. Many of our Consultants enjoy six figure incomes just as they would in many traditional law firm partnerships. But they do so on their own terms, and for many lawyers that’s the true reward of being a Consultant Solicitor.
How many hours will I have to work?
The joy of being a Consultant Solicitor is that you set your own hours! No more 9 – 5pm (or later!) and no more being told where you have to be and when. You can choose whatever hours you like, and you can work as much or as little as your clients demand. Some practice areas have busy times and quiet times and some are fairly steady. So you’ll already know how things tend to work in your area, and that’s unlikely to change. But generally our Consultants work fewer hours for more money in their pocket compared to when they worked at a traditional firm. A lot of our Consultants do the same amount of client work, but save hundreds of hours a year by no longer having endless internal meetings and presentations. Most Solicitors could probably get their client work done in a few hours a day if they weren’t distracted by everything else that goes on in law firms.
Who decides the price I charge my clients?
You’ve probably realised by now that nexa law gives you a very flexible and autonomous lifestyle. The same goes for your working relationships too. You’re free to set your own hourly rate or pricing structure based on what you think is right for your clients and marketplace. However, if you want support, our management team includes very experienced lawyers who have managed teams of lawyers and big practices and they are always on hand to work with you on client relationships, winning work and service delivery. Our lawyers have no difficulty in charging similar rates to traditional law firm lawyers, and clients are prepared to pay these rates because they get a much more responsive and personalised service from you – their dedicated “go to” lawyer. It’s all about good value and your clients will know if they’re getting that.
What’s the fee share?
Here’s the lowdown on our fee sharing arrangements:
- You take home 75% of your earnings as standard
- Lawyers with bigger books of business can keep up to 85% of earnings
- You’ll get a 15% referral fee from any work you refer to consultant colleagues (and 60% on any work referred to you by a colleague)
- You earn 60% on work referred to you directly from nexa
How quickly do I get paid?
As soon as your client has paid us, we’ll pay you! Quite literally we usually have the money in your bank account within 12 hours. There’s no monthly reconciliation or waiting period with us. Most of our Consultants are careful to ensure that they get money on account for new clients and get into a rhythm with clients who provide regular work. Unlike a traditional law firm, we don’t have month end billing cycles. Once you’ve done the work, we encourage you to invoice your client. Because as soon as they pay, you’ll get your fair share.
Why not take a look at our potential income calculator to see your earning potential for yourself: https://www.nexa.careers/calculator/
Or to arrange an initial discussion about joining nexa law, please get in touch with our Sales & Recruitment Director Nigel Clark at [email protected].