Cognitive Law was born with freedom in mind. The freedom to work when, where, and how you want.
To date, Cognitive’s consultant solicitors have all been self-employed. They all work totally independently to, but wholly supported by, Cognitive Law. They enjoy all the autonomy of being self-employed but with the back up of a law firm behind them.
However our research has shown that full blown self-employed consultancy is not for every solicitor – or at least not at first. Which is why we have introduced Cognitive Flex.
Cognitive Flex is a hybrid remuneration model offered by Cognitive Law, designed to bridge the gap between being an employed solicitor in private practice and being a self-employed consultant.
Cognitive Law wanted to tackle head on the perceived drawbacks to solicitors of launching a self-employed consultancy career. I know from my own experience what a huge step it is to take, launching oneself into full self employed consultancy.
I have always known and believed in the rewards of being a consultant – the higher income, the work-life balance, and the autonomy, to name but a few. However the risks haven’t been lost on me either– not being able to act immediately for your client following for fear of breaching any restrictive covenants; the fear of not having a guaranteed monthly income whilst still having guaranteed monthly outgoings; the fear of whether you can actually do it. In short, the fear of being self-employed.
I am therefore delighted that Cognitive Flex offers a hybrid solution to bridge the gap to full consultancy. Solicitors joining the firm can elect to join the Cognitive Flex model, and will receive a guaranteed monthly salary based on the proposed fee income in their business plan. Even better, they will have thresholds over which they will receive a fee share based on bills paid. After a year solicitors will be able to move on to the full consultancy model and start to enjoy earning 75% of their fee income.
I am confident that this hybrid model will attract high quality solicitors for whom making the immediate jump to self employed consultancy is not necessarily an option; but for whom it is definitely their goal.
For further information on joining the Cognitive team please take a look at our website or speak to me direct on 0333 400 4499 or email lucy.Tarrant@cognitivelaw.co.uk
By Lucy Tarrant