The Pros and Cons of Self Employment as a Legal Consultant

Anyone who’s ever worked for themselves can tell you that the independence and notable lack of bureaucracy can be intoxicating. Not to mention you don’t have to take on any case you don’t want to — whatever the reason. Here are several other things legal consultants like about working for themselves:

Autonomy

Legal consultants choose their projects, their focus areas and their clients. They set their office hours and decide where and when they’ll be “on the clock.” Of course, you’ll need to take on some work that doesn’t fit your ideal criteria sometimes (just to keep the lights on in your co-working space of choice), but overall you have much more control over your professional life. By contrast, working at a law firm often involves billable-hour quotas, last-minute emergencies, clients you’d rather not service and cases you’d rather not handle.

Work-life balance

Control over your professional life is an incredibly appealing aspect of going freelance, but so is the ability to go “out of pocket” for a child’s soccer game or to visit a sick relative. Work-life balance can be challenging for consultants who work in a traditional firm. They often see their best-laid plans cancelled because an urgent client matter sprang up.

Financial freedom

If you’ve ever calculated how much money a firm takes in based on billable rates and compared that sum with a typical salary, you already know you’re not getting your share. Clearly, the value of your independent services far outstrips your salary (otherwise law firms wouldn’t be profitable). As a freelance consultant, you set your hourly rate and that entire payment flows into your bank account. Like any entrepreneur, you’ll have to brace yourself against the ebbs and flows as client work dries up over the holidays or picks up toward the end of the fiscal year.

Overhead

Until you go into business for yourself, you might not realize how expensive it is to run a freelance business. As far as equipment, you’ll need a computer and software, file storage space, accounting and billing programs, bank accounts, and insurance. If you’ve never been self-employed, you might not realize how expensive it can be. All those costs that used to be bundled into your salary are now line items in your business budget.

Fewer corporate perks

One of my favorite things about working at a large law firm was the perks. My firm had a contract with several local businesses, like a fitness center, dry cleaner, and restaurant. I could work out as much as I wanted, get my suits cleaned regularly, and engage in fine wine and dine when I didn’t want to cook. They also hosted a lavish holiday parties and summer jamboree for employees and their families. Be prepared to say good-bye to all the amazing freebies. There will be days that you miss the perks of working in a traditional firm.

This could be your time to soar

If you’ve weighed the pros and cons, and still want to make the leap to freelance work, there’s never been a better time than now. Step out of the law office, step into the sun, and ready to start your new career as a freelance legal consultant. As for this Legal Process Lady, I wouldn't have my profession any other way!