Some people move into contracting to make more money, or to leapfrog into a higher position on the career ladder.
For Ed Bardos, a co-founder of iContract, it was a chance to fund his dreams.
Ed’s a trained solicitor. He worked in a private legal practice, then became in-house at Lehman Brothers until the financial crisis hit.
Rather than let that steamroll his career, Ed began focusing on his passion project – launching a restaurant. A few months later he was asked to contract back to his previous employer (in a higher-ranking role with more money), which provided him the funds (and flexible schedule) to launch his own business.
Whatever your reason for moving into contracting, Ed says there’s never been a better time to make the transition. Companies are still trying to avoid increasing permanent head count, but they need legal experts on hand.
Brexit poses a huge opportunity for contracting lawyers, he says.
Firms will already be trying to work out what the impact will be on existing contracts, trade arrangements, international distribution agreements and shared data. The legal repercussions of Brexit will affect almost all businesses, and the smart ones will soon be looking to pay project fees to teams of advisors.
Ed has a few tips for lawyers who decide the time is right to start contracting. Firstly, keep up to date on your industry – you’re not going to be put through company-paid training as a contractor. Be sure to sign up for newsletters, updates and webinars from law firms and legal news sites so you stay current.
Most jobs are found through people you know; so make sure you maintain your network of business contacts. iContract is a great way to stay in touch, but so is an email, and meeting for a coffee or drink.
Finally, don’t be afraid to ask for what you want – if the employer needs you more than you need them, you’ll be able to negotiate terms that work for you.
Listen to the full podcast here.
iContract launches next month, so make sure you pre-register now to get first access to new roles and contracting information.