The rise of fee-share firms

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As a successful lawyer with at least five years PQE, there are many opportunities out there for you to consider. We are a virtual law firm and provide a unique working experience offering freedom for lawyers who want to work more flexibly and improve their earning potential.

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The rise of fee-share firms

Research carried out in September 2022 by digital firm Arch Law Insights found that the number of lawyers working for fee-share firms has increased dramatically by over 45% in the last three years. In part, the coronavirus and its concomitant lockdowns have contributed significantly to this figure. However, if there is one big takeaway from the pandemic experience, it’s that working remotely has brought enormous benefits in terms of flexibility and increased productivity. None more so than in the legal sector.

With this in mind, there has been a trend towards lawyers and legal practices embracing more agile ways of working. Amid the change, the fee share model of law firms has increased sufficiently as to now be considered a real competitive alternative to working for a more traditional law firm.

One recurring reason lawyers give for deciding to switch to a fee-share firm is to avoid the increasing bureaucracy and hierarchy within some firms, where internal politics can take up a lot of bandwidth, both professionally and emotionally. Some report being dissatisfied with the incessant and relentless pressure to increase billing. With one fee earner pressured into increasing their previously exceeded billing target by another third.

As a self-employed ‘consultant’ in a fee-share firm, the responsibility firmly lies with the lawyers to self-motivate and set their own financial goals. Being a self-employed fee-earner can be hard work, but it can also give experienced lawyers much welcomed autonomy to determine the way they work, and the number of hours they work in line with their own work/life balance expectations.

There is a common misconception surrounding those who work in a fee-share firm that it can be an isolating experience with minimal collaboration with colleagues. However, our experience is that lawyers often find themselves referring work throughout the practice and, as a result, get to know others well, making long-lasting connections way beyond the limited boundaries of high street firms.

To make the leap from a more traditional practice set up to a fee-share model is a daunting prospect. It requires a huge amount of confidence in your abilities, but with the right attitude and excellent support, which Scott Moncrieff can provide, the financial benefits can definitely far outweigh the risks.

Work with Scott-Moncrieff as a Freelance Lawyer

We are currently expanding our teams across most areas of law. If your interest has been piqued and you are an experienced fee earner with at least five years PQE, please contact us for further information.

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