Annual consultancy revenues have more than quadrupled since pre-pandemic
Taylor Rose MW, the fast-growing and innovative UK law firm, has more than doubled the number of consultant solicitors in its legal consultancy division within the past year.
With over 350 consultant lawyers at present, the number of consultants working within its practice is currently increasing by 15-20 per month.
Momentum has been helped by the impact of Covid-19, such as an increased acceptance of home working, with consultancy revenues in its latest financial year more than quadrupling compared to pre-pandemic.
A report published earlier this year by Arden Partners predicted that 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 pandemic and the benefit of significant investment in IT and back office infrastructure.
The report estimated that approximately a third of all UK lawyers could be working under the legal consultants’ banner in just five years’ time, marking significant disruption in the legal sector.
Taylor Rose MW’s consultant solicitor platform is one of the top four in the UK, and number one in the property sector and in consumer law. Complementing its consultant division the firm operates a more traditional practice with 500 employees.
Adrian Jaggard, CEO, Taylor Rose MW, 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.”
The legal 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. The lawyers themselves are self-employed consultants, who retain an average of 70 per cent of their billings, with the remainder taken by the consultancy firm.
Taylor Rose says its consultants enjoy multiple benefits, including a referral network, marketing support, a recognised brand, sophisticated IT support and systems, professional indemnity insurance and SRA supervision, as well as the lower operating costs of home working.
Antony Jaggard, Director, Consultant Services, Taylor Rose MW, 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.”
About Taylor Rose MW
Taylor Rose MW is a fast-growing and innovative top 60 UK law firm operating in England and Wales.
Founded in 2009 as Taylor Rose Law, the business has successfully undertaken several mergers with the likes of Tucker Turner Kingsley Wood and McMillan Williams Solicitors. It currently has around 500 employees and 350 fee-earning consultants, generating revenues of £70m in the year ending September 2021.
Primarily focused on consumer law, Taylor Rose MW operates in sectors including property, where it is a top three UK conveyancer; private client; family; and criminal law.
At the forefront of market disruption in UK legal services, Taylor Rose MW also operates a fast-growing top four UK consultant solicitor platform, which is number one in the property sector and in consumer law.