Hope you had a relaxing weekend. Here’s the second part of the post from last week: “insights into the differences between working as a counsel, ACG and GC in-house and as a partner at a law firm.”
+ In-house you’ll have the ability to not only work with legal & compliance professionals, but also with a wide range of business professionals. Whereas at a law firm, you typically work with the GC & the legal department of a company & a select few business professionals.
+ When you’re at a law firm, your advice is sometimes more readily accepted by the client. In-house, your advice is subject to greater scrutiny and questioning.
+ While law firm partnership compensation models may vary, there is typically greater incentive at a law firm to build a book of business. There is rarely something analogous in-house.
+ In-house, you will typically work the hours that your company works. Law firms tend to me more of a round the clock model.
+ Very often, law firm partners wind up going in house to companies that they get to know well.
On the heels of my last post, “Should You Take a Run For Partner,” I had the chance to catch up with a GC. He provided insights into the differences between working as a counsel & as a partner at a law firm:
ABILITY TO SEE ADVICE TO COMPLETION: when you work at an in-house position, you have the ability to see your advice implemented. Very often at a law firm, you don’t know how the clients will take your advice & use it.
IN-DEPTH KNOWLEDGE AND RELATIONSHIPS: Do you want to learn a little about a lot of clients or to learn in a deeper way about one client? When you work in-house, you gain a deep understanding of the inner workings of a firm, but at a law firm, you learn a small amount about many firms.
BOOK OF BUSINESS: Do you want to run your own book of business? Your compensation in-house may not be tied to the performance of the company whereas at the law firm you’re compensated based on the amount of business you bring in.
BUSINESS MINDED?: If you have an interest in moving to a business role or ultimately working in a business or non-legal capacity, an in-house opportunity may open that door.
The pandemic has completely changed the way we think about working remotely & in new locations. I’ve heard from many attorneys in recent months who have expressed interest in applying to multiple offices (of one firm) in different cities. It’s understandable that you may want to “change it up” & try a new city, but there are some factors to consider when doing so. As I’ve mentioned before, the way you frame your “story” is very important. The application process is a delicate one and should be handled with care. Working with an experienced recruiter can provide helpful insight for this process.
The last thing you want to do is raise red flags at the firm to which you’re applying. Law firms value decisiveness in their candidates. Do some research and determine which office would best suit your career for long-term growth. If you’re applying to a new location, you should be able to speak to why you would like to relocate. Many firms are open to considering candidates for multiple locations, but this conversation should take place between your recruiter and the law firm. Most importantly, this should not be two separate submissions.
Langer Search has advised many candidates in this way and is happy to help you navigate the entire process.
It’s almost the end of September….
While it’s important to keep your career goals in mind all year long, Q4 is approaching and we’re heading into bonus and promotion season. Are your expectations realistic based on your performance and the firm’s stats? It’s time to take a closer look…
I created the “Langer Search Partner Checklist” to highlight the areas to consider if you’re committed to making partner. These are the most common things I see attorneys struggling with while trying to make partner at their current firms. Go through it and give yourself an unbiased rating. Of course, I’m always here to hash it out with you as well.
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YOUR REPUTATION:
Are you getting stellar reviews? How many partners will go to bat for you? What are your strongest and weakest areas?
YOUR BOOK OF BUSINESS:
What does your client list currently look like?
YOUR PRACTICE AREA:
What is your firm’s most profitable practice area? Is it yours?
YOUR GROUP SIZE:
How large is your particular group? How many people are ahead of you? How many others in your class are also trying to make partner?
YOUR OFFICE:
Are you in the main hub or a satellite office?
HISTORY OF PARTNERS:
How many people have been made partner at your firm in the past 5-10 years? Has the firm brought in partners from other firms with no business? Do they value promoting from within?
PARTNER PROFITS:
What are the partner profits? This correlates *directly* to the firm’s ability to promote you.
ORIGINATION CREDIT:
Do you get origination credit?
Fifth to seventh year attorneys, listen up! These pivotal years can make or break your next big step in your career. During this time, you may start considering in-house positions or you decide to take a run for partner at your current firm (or a different one). Either way, this is the time to really reflect on your experience & plan for the future.
If you’re going to take a run for partner, look around and take stock of how many partners your firm has named recently. What does your class year look like? Who is ahead of you & behind you? What value are you bringing to the table? Is there a business case for your firm to make a partner? If not, you should look around & find a platform that would set you up for success. What are your best relationships? Can you utilize the relationships at your current firm? If you do this inventory you’ll recognize whether your current firm can provide the opportunity to make partner.
I encourage candidates to think about where they see themselves in 5, 10 & 20 years. My experience as a recruiter enables me to see the big picture. I’m able to analyze your experience & map out your options. I offer this type of planning & coaching sessions to all of my candidates, even before they commence a formal job search.
