Philip Lewis

Professional Practices (solicitors and accountants) Consultant - Sole Trader

Professional Practices (solicitors and accountants) Consultant

Sole Trader

I get involved in 5 key areas in the legal sector where I can often help, which are:

1. Recruitment

2. Professional Indemnity Insurance

3. Finance

4. Business Development

5. Mergers & Acquisitions

As previously mentioned, my main current focus is on law firm mergers. I believe there will be more law firm consolidation in the SME space during the period following the lockdown and given my 10 years’ experience managing solicitors practices banking, I am well equipped to discuss this topic with appropriate lawyers. Succession planning remains one issue but there are also changes in the professional indemnity insurance market which are impacting upon smaller law firms. Some of the up and coming younger solicitors no longer aspire to be partners so this type of natural succession plan no longer exists in some firms. If you come across any solicitors practices who would like to discuss any of these issues, kindly point them in my direction so I can have a no-obligation exploratory chat with them.

In addition, I do have introducer agreements with some law firms who are recruiting consultant lawyers. As you are probably aware, they will not be paid a salary but their income will be based upon a % of  the amount they bill. This type of arrangement is becoming more common in the legal sector and can work well with a partner who is “retiring” from his/her current firm but wants to continue working, perhaps on a part time basis from home looking after some long-standing key clients.  Such lawyers need to be generally self-disciplined and organised but it can give appropriate solicitors more flexibility in their lives as we come out of lockdown and also increase their income in some cases. Again, if you come across any lawyers who want to have this type conversation, such referrals will be appreciated. I don’t charge for my time but I am able to generate some income from these types of introduction as the law firms pay some recruitment commission in these cases.

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