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3 key things to think about if you’re considering Consultancy in 2025 Find Out More Lawyer? Miserable? With only 116 days of 2024 left, here are 3 key 💷 things to think about if you’re considering Consultancy in 2025… ⭐️ How much do I need to earn? A bit brutal this one. But vital! We all have our figure that’s required to keep the metaphorical lights on. What is that number? Can you bridge it with savings? If so, for how long? Can you bridge it with another household income? Can you make some changes now that will reduce that number? Do you want to! There’s no right or wrong answer here and everyone’s circumstances are individual. However, you’re about to become a business owner so knowing what you need to get out of it and by when is absolutely crucial. ⭐️⭐️ What does that figure translate to in hours/fees billed? Here you may be pleasantly surprised! Say you’re looking to replace a £75,000 salary. If you’re now keeping 75% of your billings that’s an annual turnover of £100,000. Which is £8,333.33 a month or £2,272.72 a week - using a 44 week working year i.e. taking all 8 Bank Holdays and 32 additional days holiday. Going even more granular, it’s £454.55 a day. At a Regional Band 1 SCCO Grade A Hourly Rate of £278 an hour, that’s just 1.6 billable hours a day… Imagine how much more time you’d have for life and the things you love and how much more value you could deliver for clients if you only had to bill 1.6 hours a day! ⭐️⭐️⭐️ Where is the work going to come from? Now, you may have a pre-existing portable and profitable caseload*. In which case the initial answer to this question is easy. But, whatever your circumstances, where the work is going to come from in the first instance and how you’re going to sustain it over the longer term needs some proper thought. Who are your ideal clients? Where do they hang out? How do you reach them there? Are there services/products/billing models they’ve always wanted that you’re not currently allowed to provide? What would that look like? How can you deliver that? What is your niche? How do you add value (and I mean *really* add value) to clients? And why do you want to help them? Who are your referrers? How can you help them? Can you refer work in to them? Can you offer them services/add ons that make you money and make them look great for their clients? Can you do joint events? How do you expand your network of said referrers. And why should they send their clients to you not anyone else? And, crucially, keep your former colleagues, trainee intake and professional connections close. Never underestimate the value of being considered a safe pair of hands/decent human being and how keen people are to help you succeed. This might all seem scary. It isn’t. I think you’ll surprise yourself with what you could do. But it *is* important to do the preparation. Because becoming a legal business owner is a big decision. Even if I’m sure you won’t regret it if you do! *If so, then, seriously, what are you waiting for! 2024 08 06 Ian Mccann https://www.legalstudio.co.uk/Team/Ian-Mccann
James Perry’s top 10 tips for an effective disclosure exercise Find Out More James Perry’s top 10 tips for an effective disclosure exercise Disclosure is probably the most important stage of any civil case. Here, James Perry sets out his top tips for conducting a decent disclosure exercise. TIP 1 - Understand the Importance of Disclosure: Firstly, as a client, understand the importance of disclosure. The disclosing of documents is a critical part of a dispute. The success or failure of a claim often hinges on what you disclose so a good search is of paramount importance. Getting it right in one-sitting is also the sort of optics you want for you case. Proper disclosure ensures transparency and credibility during the legal proceedings. There is nothing worse than pulling out a document late that you should have found at the start. That’s the kind of look you want to avoid! TIP 2 - Prepare Early: It is never too early to start the task of disclosing documents and you need to understand that preserving documents from the very outset is important so make sure nothing is about to be destroyed. Waiting until the last minute to deal with disclosure can also lead to inefficiencies and mistakes so think about it from the outset, think about how you are going to do it and stick to your plan. Map out your process, make sure everyone in the business that needs to know about it is sent a copy, and don’t deviate from it unless you have to. There is nothing worse than explaining to a Court a piecemeal disclosure exercise which lacked logic so make sure you identify relevant documents properly and organise them systematically. TIP 3 - Know the Rules: Do not leave the rules to your lawyers. Get a basic understanding of them because it will help with the exercise. Familiarise yourself with Part 31 of the Civil Procedure Rules (CPR) and Practice Directions on disclosure and ask if you don’t understand something. We don’t bite! TIP 4 - Collaborate, collaborate, collaborate: Work closely with your legal team. They can guide you through the process and help you comply with the rules. Do not leave it to them. Help them by organising things for them or don’t complain about the end at the end. It will be far more expensive. Make sure you seek advice on what documents to disclose and how to handle privileged information. TIP 5 - Maintain a Document Trail: Keep tight records of your disclosure process. Document the steps you’ve taken, searches conducted, and decisions made. Set out how you found something, particularly if it is the key piece of evidence you needed for your case. This helps you to demonstrate diligence and compliance if challenged later. TIP 6 - Be Thorough: Conduct a comprehensive search for relevant documents. This includes electronic records, emails, contracts, and correspondence. Don’t overlook minor details; even seemingly insignificant documents may be relevant. Have a method in place for cracking the dreaded email chains. How are you going to handle email chains to ensure the story makes sense? Email chains are back-to-front. What is your plan to handle that problem? This is where the most mistakes happen if you don’t master this problem. TIP 7 - Consider Privilege and Redaction: Try to have at least a working understanding of legal privilege (e.g., legal advice privilege, litigation privilege). Some documents may be exempt from disclosure and you may be able to redact sensitive or irrelevant information to protect confidentiality. This is the part when your lawyer comes in very handy! TIP 8 - Use Technology Wisely: Use e-discovery tools and software to manage large volumes of data efficiently. Consider using keyword searches, filters, and categorisation. When you are buying in software make sure your procurement team assess how easy it is to search and extract data should the software form a part of a disclosure exercise. There is nothing more frustrating than taking screenshots because the data is too tightly locked into the software. TIP 9 - Be Transparent with the Other Party: Yes, they are perceived as the enemy but if you communicate openly about the disclosure process you are less likely to end up at Court arguing over disclosure points and spending even more money on the exercise. Share relevant information promptly and make the process of disclosure smooth even if you are at loggerheads with each other regarding the dispute. It benefits everyone if you conduct a disclosure exercise in this way. TIP 10 - Review and Update: Do not think that when the list is done, you’re done. Regularly review your disclosure list. Update it as new documents become available or you spot new searches that need to be conducted. Always be prepared to justify your decisions during the case and recognise that being quick to report a change in circumstances is going to put you in the best light. Remember, proper disclosure contributes to a fair and efficient legal process. It also gives you the best possible chance of settling your dispute before you get to Trial so make it count. 2024 56 08 James Perry https://www.legalstudio.co.uk/Team/James-Perry
LexisNexis 2024 report: Has the partner track lost its lustre? Find Out More LexisNexis 2024 report Disloyal lawyers: has the partner track lost its lustre? According to a recent LexisNexis report of more than 500 lawyers across the UK (Disloyal lawyers: has the partner track lost its lustre?) Lawyers are increasingly opting not to pursue partnership positions within law firms due to concerns about burnout and work-life balance. Some key findings of the report are: Only a quarter of associates want to become a partner at their firm in the next five years. Half of leaders have noticed a decline in the number of associates seeking to become a partner. Work life balance is the most important factor for associates when seeking to move firms. According to the report Elizabeth Rimmer, the CEO of LawCare, says. "Junior solicitors are no longer aspiring to be partners," she says. "They will likely take one look at the lifestyle of current partners and be put off." How is Legal Studio different? How is the consultancy model at Legal Studio different to the traditional model? At Legal Studio we prioritize collaboration and support. Avoiding the politics and targets that can come with a traditional law firm. By becoming a Consultant Solicitor you are free to practice law on your own terms by choosing your own hours and clients. All while retaining up to ninety percent of the fees you generate. We look after compliance, provide admin and cashier support as well as market leading legal software, freeing up your time to practice law and enjoy work. At Legal Studio we are different to a traditional law firm and this difference is reflected in our consultant retention rate which was 100% in 2023. Full report: https://www.lexisnexis.co.uk/insights/disloyal-lawyers-and-the-partnership-model/index.html Contact Us Full Name: Phone Number: Email Address: Enquiry: I have read and understood the Terms and Conditions: 2024 14 13 Ian Mccann https://www.legalstudio.co.uk/Team/Ian-Mccann