Law firm Taylor Rose MW has seen the number of consultant solicitors in its legal consultancy division more than double within the past year.
The group currently has over 350 consultant lawyers at present, though the number of consultants working within its practice is currently rising at a rate of 15-20 per month.
The firm said that this momentum has been boosted by the impact of Covid-19, including the increased acceptance of home working, with consultancy revenues in its latest financial year more than quadrupling compared to pre-pandemic.
It comes as a report published earlier this year by Arden Partners predicted that the legal consultant business model would “become the dominant model” for the consolidation of high street and mid-market law firms.
It predicted that this would be helped 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.
Adrian Jaggard, CEO, Taylor Rose MW, said: “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.”
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.”