Taylor Rose quadruples consultancy revenue as lawyers favour consultancy model post-pandemic
The legal consultancy business model has seen a post-pandemic rise in popularity with lawyers
Taylor Rose MW has announced consultancy revenues have more than quadrupled in its latest financial year, compared to pre-pandemic. It said the pandemic helped build momentum, as many lawyers have sought more work-life balance and embraced the flexibility of working from home.
Founded in 2009, the firm has undertaken a number of successful mergers. It also maintains a more traditional practice with 500 employees and generated revenues of £70m in the year ending September 2021.
Taylor Rose MW has more than doubled the number of fee-earning consultant solicitors in the last year; 350 consultants are currently engaged, with around 15 – 20 consultants joining each month.
The consultant business model offers lawyers a central service platform, brand and management infrastructure from which to operate, in return for a percentage of the lawyer’s revenue. Lawyers work as self-employed consultants and typically retain an average of 70 per cent of their billings, with the remainder taken by the consultancy firm.
Consultants often also benefit from being under the umbrella of a recognised brand, referrals from within the organisation, marketing support, access to IT systems and support, professional indemnity insurance and SRA supervision.
Earlier this year, a report published by Arden Partners Plc, corporate adviser and multi-service stockbroker, predicted the legal consultant business model will become the dominant model for the consolidation of high street and mid-market law firms, stimulated by the success of remote working during the covid-19 pandemic and significant investment in IT and back-office infrastructure.
The report estimated approximately a third of all UK lawyers could be working under the legal consultants’ banner in just five years’ time – a significant disruption for the legal sector.
Taylor Rose MW CEO, Adrian Jaggard, commented: “The past year has marked a step-change in the growth of our consultancy division, which has become one of the key drivers of our continued expansion.
“Our integrated growth strategy, where the development of our traditional practice through M&A continues alongside the growth of the consultancy division, is paying dividends as it enables our consultants to benefit from referrals and increased marketing and business development capability, enabling us to attract bigger contracts and attract and retain talent more effectively.”
Taylor Rose MW director of consultant services, Antony Jaggard, added: “Consultancy has become an attractive and viable alternative way of working for experienced lawyers that offers increased earnings and a better work/life balance. We’ve worked hard to develop a platform and processes that give our consultants the best possible experience and which is now really paying off.”