What Is a Consulting Contract? How You Can Use Incfile’s Legal Contracts and Save Money
Consulting is a huge business in the U.S., as companies increasingly need expert advice and direction to meet the challenges of the changing marketplace. Contracts and other paperwork are an essential part of managing consulting relationships and services with clients that create a common baseline, terms and expectations that everyone agrees to.
Unfortunately, contract attorneys can be expensive — independent consultants and consulting businesses can end up paying significant sums to get the right documents in place. What if there were a way to effortlessly create the contracts and documents you need as a consultant without the high hourly rates you need to pay to an attorney?
Whether you’re a freelance consultant or a full-fledged consulting firm, we’ve got you covered with access to a library of legally approved contracts and documents that can be tweaked to your exact needs.
Before we explain how we can help, let’s dig into the popularity of consulting businesses in the U.S.
The Consulting Services Industry, by the Numbers
- The total market value of U.S. consultant services increased from $55 billion in 2015 to $79 billion in 2019.
- The “Big Four” firms (PwC, Deloitte, EY and KPMG) together provide about 40 percent of all consulting services worldwide, leaving another 60 percent of market share for freelance, independent and small consulting business.
- Smaller consultancies can secure lucrative consulting contracts by focusing on areas like execution- and results-based approaches, especially outside the financial sector.
The Benefits of Having a Consulting Services Contract
Your consulting contract explains how you will work with a client and sets expectations between all parties involved. A contract for consulting services lays out the “rules of engagement.” Depending on how much you want to include in the contract, you can also include other details like the project scope, protections for you and the client and other expectations.
A Consultant Contract Sets the Scope of What You Will Do
Depending on your preference, you can define your consulting project’s scope of work in the overall contract or a statement of work. This lets you clearly define the consulting work you’re going to complete for the client and what they can expect. This will likely include:
- What your consulting client will get as a result of the project
- Timescales for meeting certain deliverables
- Consultant rates that you expect to bill and be paid for your work
- Details of the consulting work you will do
- Quality of the consulting work you will complete
A Contract for Consulting Services Protects You and Your Client
Your consulting contract is a legal document that’s signed by all parties and it sets expectations for everyone. Both you and your consulting client agree to a common set of standards and tells them exactly what to expect and how you will provide it. This gives confidence to the client that they will get what they pay for.
A Consulting Contract Promotes Good Client Relationships
Contracts are part of running a consulting business and building trust — essential for selling professional services. Documenting and setting mutual expectations shows your consulting client that you’re serious about meeting your obligations and giving them the expert direction they need. This goes a long way towards building a lasting relationship.
A Consulting Contract Can Resolve Disagreements
If there’s a conflict between you and a client, you can refer them back to the contract. Assuming you’ve communicated, managed and delivered the project as defined in the contract or statement of work, then you have a solid foundation if there’s a disagreement.
A Consulting Contract Tells the Client What You Expect of Them
Consulting services require close collaboration between you and your client, and that means discussions and feedback. You can set terms around this in the contract. For example, how soon you need feedback on data, analysis or other aspects of your services; how you and the client will communicate; and anything else to make the process easier.
How Incfile Saves You Money with Your Consulting Contracts and Documents
Contract lawyers can be expensive, especially if you have to customize your documents for your consulting business. That’s why we’re delighted to share our contract and business documents library.
This service is a specialized collection of over 25 legal documents that you can easily tweak for your consulting business. You’ll find a library of common business contracts, consulting agreements, letters, consulting contract templates and more to help you manage the legal side of your consultant business. Every document has been drafted, written and approved by specialized business attorneys, so you can be confident they will meet all your legal requirements.
- The consulting agreement sets out exactly what services you expect to provide as part of your consulting operation
- The independent contractor agreement ensures everyone understands and agrees to services, terms and conditions
- The non-disclosure agreement ensures that work for the client remains confidential
Customizing Your Consulting Contracts and Documents
You will want a consulting contract that’s specific to your business and niche. For a fee of just $199, you can speak to a specialist attorney who will draft a document to your exact needs.
The range of documents you can get access to includes:
- Non-Compete Agreement
- Non-Disclosure Agreement (NDA)
- Independent Contractor Agreement
- Intellectual Property Assignment Agreement
- Consulting Agreement
- Collaboration Agreement
- Terms of Service
- Release of Liability
Getting Access to the Incfile Document Library
- If you have started your business through us and are currently using a Silver or Gold package, you can get unlimited access to the legal document library for just $150.
- If you have started your business through us and are currently using our Platinum package, you already have full access to the legal document library.
Get your consulting contracts and other documents in place to build trust with your clients and drive business success.