Most of the solicitors I know consider themselves privileged to be a part of this profession. Given the choice though, many say they would prefer to work fewer hours and dedicate more time to their families and leisure. So, is being a professional with a comfortable income compatible with a more balanced private life? Answer – Absolutely, yes it can be. I have achieved it. I work the equivalent of four days a week and I have increased my income at the same time – AND I have created a virtual practising platform at Berwick Law for others to get there too.
As a senior solicitor/partner at a traditional law firm the annual hourly fee earning target is typically 1,200 hours. At £300 per hour, this generates £360,000.
Of that the solicitor may receive a salary (or drawings) of £150,000.
With our virtual practising platform at Berwick Law, a solicitor receives 80% of the revenue they generate. Thus 625 hours of fee earning (being fees of £187,500), equate to a salary of £150,000.
SO about half the fee earning results in the same income.
This is not theoretical, it is real. Any solicitor with even a modest client following has the potential to achieve this.
Tweak the numbers as you see fit, but the point is there is no need to be limited by the traditional law firm structure. There is a different way to work.
I am enthusiastic about this and would be happy to hear from anyone who would like to know more. We have a great team in place, and the model is already proven – so you are not walking into the unknown.
07825 171 925