Have you ever wondered about the differences between Employed vs Self-Employed Solicitors? If you have only ever worked as an employed solicitor within a law firm, the idea of self-employment may seem daunting and unfamiliar. The two options have many similarities, but it is often falsely believed that self-employment is more difficult and unstable than working as an employed solicitor. However, working as a self-employed solicitor can offer you all the benefits of employed work with much more flexibility and a healthier work-life balance.
One of the biggest differences between employed and self-employed work is having to manage your own taxes and accounts. If you are used to being PAYE, this idea may seem overwhelming. However, the process of organising your own taxes has in recent years become much more streamlined and easier to grasp. We offer all of our consultant solicitors support on how to get started, making the process of becoming self-employed as easy as possible. Once you fully understand how to manage your finances, working as a self-employed lawyer becomes much more straightforward and similar to employed work than you think. If you are interested in working as a self-employed lawyer but the idea of managing your own taxes had formed a barrier, there is plenty of support available to help you handle your own finances.
Another big difference between employed vs self-employed solicitors work is the ability to secure, manage and maintain your own client list. Although working for a firm guarantees clients, it doesn’t always give you the freedom of choice. Having the confidence to connect with your own clients is a key skill, but if you have worked as an employed lawyer within a firm it’s highly likely that you already have the necessary connections and experience to build your own client list and manage your workload. At Taylor Rose, we can also provide support to the self-employed solicitors on our consultant programme to help you get started, make connections and reach clients.
Self-employment also gives you the opportunity to take control of your own earnings and finances. Employed work guarantees financial stability no more than self-employment does, and by setting your own hours and caseload, you can benefit directly from your work and potentially earn more than you would as an employed solicitor. The most important difference between being an employed solicitor and a self-employed solicitor is the freedom it offers. If you enjoy what you do but you find that the pressure, long hours and vast workloads aren’t working for you, becoming a self-employed consultant solicitor could be the right choice for you.
At Taylor Rose, we provide jobs for lawyers that combine the best of both worlds of employed and self-employed work. Our consultant solicitors can benefit from all the flexibility and freedom of self-employed lawyer work, with all of the back-office support and infrastructure of working with a firm. If you’re ready to make the transition into self-employment, get in touch and we can help you find your next solicitor job.