The pros and cons of becoming a freelance lawyer in today's market

The pros and cons of becoming a freelance lawyer in today's market

With the rise of flexible working arrangements and the demand for specialised legal expertise, more lawyers are considering the freelance route. But is it the right choice for you? This blog explores the pros and cons of becoming a freelance lawyer in today's market, providing insights and statistics to help you make an informed decision.

 

1. Flexibility and autonomy

One of the most appealing aspects of freelancing is the flexibility it offers. Freelance lawyers can choose their working hours, clients, and projects, allowing for a better work-life balance. According to Darryl Cooke, Co-Founder and Executive Chairman of gunnercooke, "We don’t have the bureaucracy, we don’t have the politics... If they don’t want to work Fridays, they don’t work Fridays."

A ³ÉÈËÓ°Òô survey found that 34% of law firms rely on freelance lawyers, highlighting the demand for flexible legal services.

2. Financial considerations

While freelancing can offer financial rewards, it also comes with uncertainties. Freelancers often earn a higher hourly rate than salaried employees, but they must manage their own taxes, insurance, and benefits. John Joyce, Former Managing Partner at Addleshaw Goddard, notes, "The margin you make is a lot less, because you've got to pay the freelancers a contract rate."

64% of firms using freelancers rely on them for one-fifth of client work or less, indicating limited but valuable opportunities.

3. Access to diverse opportunities

Freelance lawyers have the chance to work on a variety of projects, gaining experience in different areas of law. This can be particularly beneficial for those looking to specialise in niche fields. As Joyce points out, "If a client wants an expert in something quite niche... you can hire an expert on a short-term contract basis."

Medium-sized firms are the most likely to employ freelancers, with 46% doing so, offering diverse opportunities for freelance lawyers.

4. The impact of technology

The rise of generative AI is transforming the legal landscape, potentially reducing the demand for freelance lawyers in certain areas. However, it also presents opportunities for those who can leverage technology to enhance their services. A ³ÉÈËÓ°Òô survey revealed that 26% of legal professionals use generative AI tools monthly, up from 11% in July 2023.
 
48% of associates believe investing in technology that increases efficiency is key to making more money, highlighting the importance of tech-savvy freelancers.

5. The growing appeal of freelancing

The appeal of freelancing is growing, particularly among younger lawyers seeking flexibility and autonomy. Moira Slape, Chief People Officer at Travers Smith, notes a shift in mindset post-pandemic, with associates valuing work-life balance and diversity commitments.

Keystone Law's legal consultants stay for an average of 12 years, demonstrating the long-term viability of freelancing.

Conclusion

Becoming a freelance lawyer offers numerous benefits, including flexibility, diverse opportunities, and the potential for financial gain. However, it also comes with challenges, such as financial uncertainty and the need to stay competitive in a tech-driven market. By weighing these pros and cons, you can determine if freelancing aligns with your career goals and lifestyle preferences.

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About the author:
Dylan Brown
Dylan covers the latest trends impacting the practice of the law. Follow him for interviews with leading firms, tips to refine your talent strategy, or anything technology and innovation.