Pros:
- IMHO, it's much more fun day to day
- More "consultancy" like than "contractor" and that rubs off in the way you're treated by clients and permies
- Far less of a tendency to get involved in random other stuff (Great for IR35), and it's easier to say no
- Can generally demand a higher daily rate
- More time off / at home
Cons:
- In my experience, less money overall because nothing ever juggles perfectly. A 6 month contract will probably be 6 months solid at your day rate, whereas this won't be
- Agents do NOT understand this model at all. I'm not kidding when I say this - expect pain later on
- As above, it's hard to find this work through agencies. You need contacts
- Less consistency - it's always the London bus effect
While I'm sure there'll be some debate about the specifics of IR35 (And yes, it's on a per contract basis), IMHO the reality is that you'd have to work really really hard to operate with multiple clients and remain within IR35
Overall, I enjoy working like this but I wouldn't necessarily say I prefer it. There's a lot to be said for an easy, well paying Mon - Fri gig.
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