Practical advice on growing your law firm, from Travelers and other expert suppliers to law firms. Watch this new site grow.

Search

This section covers succession, specialisation, mergers, selling a law firm, recruitment and talent retention, becoming a partner, and business structure

How to set up your firm’s systems to provide the information that enables you to improve profitability and cashflow

How to avoid professional negligence claims, with examples of common problems and suggested solutions. Plus FAQs on PII

This is a new section and only covers SRA Accounts Rules and GDPR at the moment. More articles will follow

How to protect your law firm from cyber attacks. What steps to take if your systems are hacked

In marketing, like anything, you need to get the basics right. Otherwise the time and money you invest in marketing will be wasted

How to win new clients, make the most of existing relationships, encourage referrals and generate new leads

How to approach creating a law firm website that works, from agreeing your objectives to making sure you get the results you want

Why lawyers need to know about social media, how to make the most of the opportunities and how to avoid potential pitfalls

How to use PR to build your firm’s reputation; and how to create cost-effective advertising – traditional and online – that delivers results

Self-employed people not motivated by money

28 August 2015

Self-employed people not motivated by moneyIndependence, improved job satisfaction and a better work-life balance - these are the key drivers for self-employed people according to new research.

A survey conducted by PeoplePerHour found that the most important reason for working for yourself was the freedom of "being your own boss" cited by 22% of respondents.

One in five (20%) also cited the need for a greater challenge, creativity, success and job satisfaction. Other important factors included: being able to work from home (13%); flexible hours (12%); and being able to balance work and family life (11%).

Tax advantages were of little importance, according to the research. When asked if the possibility of tax deductions was a motivating factor, not a single respondent agreed.

Instead, a big factor for many freelancers is childcare - 56% said childcare was a financial burden and 24% said it was a factor in their decision to work for themselves.

The survey highlights that fact that self-employment is a lifestyle decision for most people. Only 1% of those surveyed said they had to be self-employed due to the nature of their job; while 3% joined or took over the family business. Only 7% of those interviewed disliked the solitary nature of their work.

The downsides of being self-employed include worries about income and the burden of red tape. The survey found that:

  • 57% said lack of stability in their work was of some concern to them;
  • 51% had either experienced cashflow problems or worried about income fluctuations;
  • 29% felt that they missed out on the benefits of employment;
  • 19% said that filing their own tax was a burden;
  • 18% felt the stress of having too much responsibility.

The average take-home earnings for UK respondents is £19,512.50. However, the majority of those polled (74%) admitted that they are not saving for their retirement.

Stay up-to-date with business advice and news

Sign up to this lively and colourful newsletter for new and more established small businesses.