Risky Business for In-House Counsel?

I've written in the past about the pro's and con's of leaving private practice for a corporate job. Overall, GC's seem to have a high level of career satisfaction. Here is more evidence of that. But GC jobs can be less secure than law firm jobs because partners have a more diversified portfolio of clients.

Corporate mergers are a risk for GC's but there are others. For example, the backdating scandal highlights additional risks for lawyers who decide that life might be better on the inside.

Returning to Law Firm Practice--Another View

In my post yesterday, I linked to my colleague Gloria Cannon's article about in-house careers. In the article, she made the case that it is difficult to go from a law department back to a firm (unless you can bring a significant amount of work from your corporate employer.)

I neglected to mention my own view which is that going back to private practice may not be quite as difficult as Gloria suggests (though it is certainly difficult--particularly if you want to return to a large firm.) Here is someone who supports this alternative view.

Going In-house: Potential Risks and Rewards

My colleague Gloria Cannon has written a nice piece about the pro's and con's of going in-house. She suggests that a ticket out of a law firm is likely to be a one way ticket--so think long and hard before you attempt the move. Gloria, who works out of the Pasadena office of BCG Attorney Search, has good personal insights because she practiced at a large firm and worked in-house for an investment management company (i.e. she held coveted jobs in both worlds.)

For a slightly different view, here is a piece that I wrote a few years ago.

Have Law Firm Salary Hikes Spread to In-House?

According to Altman Weil, the answer is yes. Of course, one should be very wary of studies like these. There are a lot of factors that are taken into consideration when corporations set salaries for attorneys. I wrote an article about this a few years ago. My data is a little dated, but the general parameters are still applicable.

The actual study (which accounts for regional differences) is quite pricey. You might want to check with your law school career services office or law library to see if they have a copy (or might be willing to buy one.)

GC Wannabes

How can you increase your chances of becoming a GC? Competition is fierce for in-house jobs in general. Top law firm credentials are not enough to land one of these coveted positions. Law.com provides 10 tips from recruiters in Atlanta who place candidates in-house. For more on the subject, I wrote an article which answers some common questions attorneys have about going in-house.

The Allure of In-house

If you regularly speak to lawyers at large firms, you know that many plan to go in-house and become general counsel some day. The general perception is that going in-house offers better hours, more job security, a chance to earn a big pay out, an escape from time keeping and an opportunity to become part of "the team". It is doubtful that this perception will change any time soon.

But increasingly, we are seeing articles in the legal press that are debunking some of these myths. Today in Law.Com, for example, there a piece which highlights the growing risks associated with becoming general counsel. In a post Sarbanes-Oxley world, GC's are increasingly finding themselves targets of investigations.

Recently, I also published a two part article highlighting some of the pluses and minuses of going in-house.

I don't expect to see a fundamental shift in associate attitudes. It takes a long time to change perceptions. In a few years, however, I predict that fewer lawyers will be chasing in-house careers with the same zeal.

How Corporations Compete for Experienced Counsel

Corporations have a harder time competing for experienced legal talent than they do competing for more junior talent. Large law firms clearly have the edge on base compesation. But corporations can use other incentives to attract more senior attorneys. An executive recruiter spells out the list which includes equity awards, incentive bonuses and more opportunities to get management experience.

Secondment is a Win/Win for Clients and Firms

Corporations are starting to create secondment programs. With these programs, associates work in-house for a client for a period of time. The company pays a lower rate for the associate, avoids search fees and has the chance to better educate their law firm about their business. The firm gets to strengthen its relationship with the client and the associate has the chance to see what it is like to work in-house.

Q&A Re: In-House Legal Careers

My latest article in Massachusetts Lawyers Weekly.

In-house Law Departments Facing the Squeeze

Going in-house may offer a number of advantages over law firm life. Most in-house lawyers do not have to track billable hours (at least not in 6 minute increments.) Also, working more closely with your client can mean fewer last minute deadlines. But in-house law departments are increasingly asked to do more with less. Corporate America may not offer a reprieve from the long hours that attorneys work in law firms.

Interviewing Tips for In-House Jobs

Some very good advice for lawyers who are interviewing for in-house jobs.

Only 30% of GC's Like Their Outside Counsel

Sounds like a great marketing opportunity (or perhaps a wakeup call to anyone with corporate clients.)

Going In-house

The General Counsel of Keane is interviewed by the Boston Business Journal. She shares her perspectives on what her relationship is like with outside counsel (e.g. when she calls up outside firms, what kinds of work she sends out, etc.)