Retirement can wait, consultancy provides the perfect glidepath
It is estimated that half of workers aged 55 and over are planning on reducing their hours at retirement age rather than stopping altogether. Recent research by Legal & General suggests that the “hard stop” retirement is dying out, with 18% of participants surveyed saying they intended to cut their working hours and 15% saying they were considering going self-employed to give them more control over their working hours, rather than retire.
Benefits of remaining in work
As an article in The Times recently pointed out, a steady reduction in working hours rather than a sharp stop could also help your savings and pension last a lot longer. In addition, the health and social benefits of continuing to work are now well known.
At Nexa we see this trend in action. Many traditional law firm partnership arrangements require partners to step down at a certain age, often as young as 55. There may be good financial reasons why someone needs to carry on working after this age – second families to raise or, older family members to look after for example.
Why stop doing something you enjoy?
Alternatively, many professionals are just not ready to stop working at an arbitrary cut off point. They have worked hard over many years to gain experience and cement relationships with their clients, they are at the apogee of their careers and are in a great position to really enjoy their work – why should they stop?
The self-employed consultancy model that we offer solicitors at Nexa really ticks all the boxes for those looking to work differently in later life. You can keep your hand very firmly in as well as taking back a bit of time for other activities, but there are still plenty of opportunities for a healthy income.
Keep getting value from your practice, while working less
One way you can begin to scale back while still generating a good income is by referring work to someone else within Nexa. We believe our referral fee structure is generous and it shouldn’t be hard to find someone who works in a similar field, who is keen to grow their business and would be happy to receive referrals. In this way you can gradually sell your business, while keeping working for as long as you want.
The hassle-free option
We offer a hassle-free option by taking care of all the administration, regulation and compliance that can sometimes make working for a traditional law firm feel like a bit of a slog. There are no fee or hours targets, you really are your own boss and can work when and where suits you.
Alongside the day-to-day independence you will have from being self-employed, you’ll be part of the wider Nexa community of diverse lawyers. Our collaborative culture means you’ll never be short of a like-minded, friendly colleagues to work with if you want to.
But don’t just take our word for it. Find out about some of our consultants’ stories and what working with Nexa has meant for them.
Want to find out more?
If you’re interested in finding out a bit more detail about life as a consultant lawyer and what we can offer you at Nexa , check out our careers pages here or, for a confidential, no obligation chat, contact David Roth. Or, have a look at our brochure.
–Eliot Hibbert, COO & Founder