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Why Freelancing In The Role Of A Legal Assistant Could Be The Answer To Boost Paralegal Salaries
In case you ever thought how to improve the paralegal salary you take home, have you thought about becoming an independent contractor? While not convenient for everybody, becoming a freelance paralegal could only be the way to significantly increase your take home salary.
Why? There is a need for well skilled legal assistants who are willing to work on an agreement basis. Law firms can unexpectedly become quite busy for example, during the middle of a trial. They need help but don't get the time to undergo the recruitment and training task used to find a permanent staff member.
What they desire is someone who can commence working immediately. As a freelance paralegal you are able to fulfill their requirements. You can ask for the hourly rate subject to the area of law, your location and your experience. When you are just starting out and trying to build up a customer bank you may need to offer your services at a lesser rate. But if you work really hard and are good at what you do, you should be able to maximize your rates very quickly.
Is there any draw back to becoming an independent contractor?
There are many downsides. The important one is the aspect that as a self employed person you are solely liable for your business tax returns. You should pay your federal and if applicable state taxes on time and in accordance with their plan. You must keep proper accounting data detailing all the incoming payments and outgoing overheads. Quite a lot of normal business expenditures are tax deductible so you may require to read up on this in depth. Alternatively it can be good idea to seek the services of a CPA.
You need to be organized. When you are serving for yourself by offering paralegal services and charging the hourly rate you cannot afford to waste time at the water cooler. We all know certain things can occur to delay us that will be outside of our control. You cannot afford for this to happen too often and your rates must reflect an element of allowed time for unplanned emergencies. Each firm you work for will become more impressed if you complete a job ahead of time frame as opposed to you completing it late. If you work in litigation and it isn't feasible to give them an estimate of when the work will be finished you might desire to work on the hourly basis instead. You can arrange with the firm to give you a retainer and after that on timely intervals unless you leave. This will make your cash flow simpler to manage than having one bill at the end.
You are required to have money to tide you over and handle your living costs mainly when starting out. A few firms are better than others for clearing outstanding invoices. You need to aim to have savings equivalent to a minimum of six months worth of expenses before you start freelancing.
Besides increased paralegal salaries are there any benefits to freelancing?
One big but often overlooked benefit of freelancing as a paralegal is the truth that it opens doors. A lot of an independent contractor became a full time staff when the firm they were contracting for made them deal they couldn't refuse.
So if you are ever wondering how to increase your income why not give freelancing another look?
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