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Last week’s report from Codex Edge reveals that Setfords is now the most popular Alternative Law Firm in the UK, with more consultant lawyers than any other firm within the sector.
Last year, Arden predicted that a third of lawyers would be working as consultants by 2026. Despite scepticism from traditional lawyers, the alternative law firm sector has continued to flourish. The data from Codex suggests that at current rates of growth, up to a quarter of lawyers could work at ALFs within the next three years. So why the popularity of Alternative Law Firms? And why Setfords?
Lawyers are leaving traditional law behind
The Codex report shows that ALFs have grown by headcount at a significantly higher rate than traditional firms. The numbers for consultants at ALFs at the top 5 hiring consultancy firms have a compound annual growth rate (headcount) of 15%. The figure for the top 5 hiring traditional law firms is actually negative at -1%.
As detailed in the Codex report, Setfords has seen the number of joiners far exceed those who choose to leave the firm. Katy O’Dowell, in her article for The Lawyer, notes that
“Setfords is now the platform firm to watch. It broke into The Lawyer Top 100 for the first time in 2021 having doubled revenue in that year to £34m… And when it comes to lawyer headcount, Setfords leads rival Keystone with 419 consultant lawyers to Keystone’s 405”
The data for traditional firms shows a starkly different story. Despite high numbers of hires, many traditional firms have experienced an equally high number of exits. Indeed, the Codex report shows that the number of exits is higher than the number of joiners at CMS, DWF and Eversheds.
Why the exodus from traditional law?
Once, many lawyers aimed to climb the hierarchy with the hope of eventually becoming partner. However, this career path entails years of impossibly high targets, ever-increasing billable hours, workplace politics and bureaucracy. Now lawyers are waking up to the fact that there is more to life than partnership. Not only does life in an Alternative Law Firm offer greater freedom, flexibility and control, but it can also be incredibly lucrative.
Sarah Edwards is a real estate consultant solicitor at Setfords who has benefitted from the alternative set-up. She says:
“Since joining Setfords, I have earned my highest income since qualifying as a solicitor! I have always been a hard worker and, now I am unencumbered by all the tasks associated with being a partner, I’ve had the time to concentrate on generating more work and providing my clients with the best service. The Setfords fee structure allows me to reach an income that I would not usually achieve at a traditional firm. I am over the moon that I can do this whilst working remotely and flexibly.”
Many lawyers have become disillusioned by traditional firms that have been unable or unwilling to live up to their post-lockdown promises of ‘hybrid working’. In Alternative Law Firms, lawyers can work whenever they want, from wherever they want. Sarah Edwards adds:
“My favourite thing about being a consultant solicitor is the freedom to manage my time myself. Now, I can work as much or as little as I like. Spending time with my partner, partner’s children, mum and grandad and friends is important. I am based in London, and they live in Worcestershire, so being able to work from Worcestershire at the drop of a hat is fantastic! I love travelling, and I’ve been able to work remotely from Cannes and Spain last year.”
Women are taking a stand
This desire for flexibility is particularly prevalent amongst female lawyers. The Codex report shows that more women are now working at ALFs than men. Percentage-wise, more women moved to ALFs than to traditional firms since January 2021. 64% of Setfords’ consultant lawyers are women – a figure highlighted by the fact Setfords has one of the highest female-to-male ratios in a UK top 100 Law Firm. Some of Setfords’ female lawyers commented on the results of the report:
“Having spent many years working in traditional models and the last six at Setfords, I genuinely have no idea why anyone still works at a traditional firm, particularly women, who are often juggling a career and childcare responsibilities.” Anne Thomas, Family Law Consultant Solicitor”
“I’m not surprised so many lawyers are looking to make the move to consultancy. So many traditional firms undervalue their lawyers and don’t pay them, especially women, what they are worth or deserve.” Rowena Slater-Reay, Consultant Conveyancing Solicitor“
It is a sad reality that the burden of care for children and elders falls disproportionately on women, but flexibility is not only “a women’s issue”. At Setfords, many male lawyers also seek flexibility so that they can see more of their families or enjoy hobbies. Setfords Commercial Solicitor Tom Mitchell is one such lawyer:
“I didn’t want to be an absent dad. Now I can collect my daughters and go to the park on the way home or I can go for a bike ride when I choose to. The notion of ‘annual leave’ seems antiquated as now I can work when and where I want, at home or abroad; what is essential is getting the work done, not how and where I get it done. To me, what is important is doing the best for the client, and my life fits around that objective.”
Why Setfords?
The report shows that Setfords has attracted more lawyers than any other alternative law firm. We believe that we stand out because of our support offering, our culture and our network.
Our support package is the biggest in the industry. We drive more qualified leads to our lawyers than any other alternative law firm, courtesy of our Business Development Department. In addition, our lawyers benefit from services such as marketing, IT, compliance, admin and secretarial, all included within their fee share with no additional charges.
At Setfords, our culture is friendly and supportive. Some alternative law firms still set billing targets, but we don’t. Instead, we believe in supporting each lawyer to do their best work. Internally, we have a wellbeing team who keep in regular contact with our lawyers to ensure they are happy and well looked after. Richard Hiron is a consultant employment law solicitor. On our support, he says:
“I have found the support team at Setfords to be very dedicated. The administrative team get things done to a high level of efficiency. Recently, a member of the support team went out of her way to get a file opened for me on a Sunday, which to me, was a clear example of going above and beyond. The marketing and business development teams are incredibly friendly and very appreciative of each lawyer’s capacity for work. I have also been impressed by the wellbeing team, who are helpful.”
In terms of our network, our lawyers have a minimum of 5 years PQE, and a vast array of experience. We encourage our lawyers to connect with those in and out of their area of expertise. This ensures that all our lawyers can pick up the phone when they have a question or need support on a particular matter. Furthermore, we also arrange regular networking events for our lawyers across the UK and yearly parties that enable our lawyers and support staff to get together.
The Future
For many traditional law firms, this new report may reveal some surprising findings, but at Setfords we feel that it simply proves the obvious: more lawyers are attracted to alternative ways of working than ever before. It is clear to us, and to the lawyers that work with Setfords, that we offer the very best package for consultant lawyers, whether they are looking for freedom and flexibility, high levels of support, or greater earning potential.
Is consultancy for me?
If you want to find out more about becoming a consultant with us, get in touch. We are happy to conduct interviews remotely for suitable, UK-qualified candidates with five or more years’ experience. If you’re a good fit, you’ll be joining a team that was created for lawyers to do their best work.
The next step towards a better way of working…
