Becoming a consultant lawyer could be the route to a more comfortable retirement
Since the end of the pandemic, much has been written about the many “missing” workers who have apparently turned their backs on working life and headed for the sunny uplands of retirement rather earlier than anyone was expecting.
The government wants to coax such workers back from retirement – because their absence has contributed to a labour market shortage, pushing up wages and inflation.
In today’s Budget, the Chancellor surprised many by abolishing the pension lifetime allowance – the maximum amount people can save into a pension over their lifetime before incurring an extra tax charge -although there is still an annual allowance which limits how much you can pay in each year.
The government clearly hopes this will help persuade many higher paid workers, such as doctors, to carry on working for longer and not retire early.
Nexa doesn’t recognise this narrative
At Nexa, our experience is far from what seems to be the accepted narrative around early retirement.
Many of our fantastic consultants, who have extensive PQE, enjoy working with us because they are far from ready to fully retire – putting their feet up isn’t nearly as appealing as continuing to do the work they love and service the clients they have formed strong relationships with over the years.
Becoming a self-employed consultant enables our lawyers to carry on working (and earning) on their own terms – considerably enhancing their well-being and work-life balance. To find out more about income generating opportunities at Nexa see our recent blog: Retirement can wait, consultancy provides the perfect glidepath.
Many of our consultants who were previously partners in traditional law firms tell us they don’t miss worrying about paying costs such as rent, business rates and salaries or dealing with insurance and regulatory admin., not to mention managing staffing and the politics of the partnership!
Nexa takes care of these back-office tasks providing all the support you need to run your business and there is a friendly team of high-quality lawyers here who are ready to collaborate, if you want to.
What’s keeping you?
So, the great news is that if you want to carry on working, it looks like you will now be able to carry on saving into your pension more tax efficiently, enabling you to carry on building up a nest egg for the day you are ready to use it. Working on your own terms just got even more attractive, what’s keeping you?
Ready to find out more?
If you are interested in finding out a bit more about life as a consultant solicitor and building your own business at Nexa, then check out our careers pages or have a look at our brochure. For a confidential, no obligation chat, contact David Roth.
–Nigel Clark, CEO