It happens to all of us at some point – that career itch that needs to be scratched. Private practice lawyers often work in stressful environments, and those in the legal market are increasingly pushing for change in this traditional sector.
But there are flexible, agile and fulfilling positions across the legal services businesses – in fact, there are more career options open than ever before. The market has modernised and broadened, offering lawyers a variety of options beyond private practice. Here are a few options.
Third-party funding
For business savvy lawyers seeking a commercial role, balancing technical legal elements with business thinking and solution-based projects within an exciting growth industry. A move into Third-Party Funding, otherwise known as Litigation Funding, offers lawyers the chance to make the in-house legal move but retain front-of-house negotiation and drafting skills while developing both financial and commercial acumen.
The portfolio career
This option has become both acceptable and accessible within the legal industry in recent years. It’s mainly due to changing market perceptions, with players such as Axiom and LOD, and law firms’ own services such as Agile, Peerpoint and Vario to name a few, becoming prominent interim solutions for significant firms and in-house legal teams. The change in how legal services are offered has meant lawyers can work flexibly and take on multiple projects, while in some circumstances balancing home life.
Knowledge management
For lawyers not seeking partnership within private practice, this is a great career option. It’s commonly an off-track position that involves providing technical legal expertise in a particular specialism, as a support function to client-facing fee-earners. In recent years, though, knowledge lawyer positions have become increasingly client-facing, with law firms using it as a tool to differentiate through intelligence on changes in the law, or detailed analytics surrounding case or deal outcomes.
CxO/corporate executive
A positive senior move for lawyers with an interest in business management and leadership. Moving into a corporate executive role other than General Counsel is an increasingly common path for lawyers seeking to apply operational skills. Management and lawyers haven’t historically gone hand-in-and due to the structure of law firms, however, for the most entrepreneurial of lawyers, moving into a COO or CEO leadership position can be rewarding for both the employer and employee. The benefits of having a lawyer in a CxO position are that they have a strong understanding of the required regulatory structure, an understanding of business contracts, and typically have fully developed negotiation skills.
In-house legal
The traditional move, mainly due to the promise of a better work-life balance, enhanced corporate benefits and modern HR policies. An in-house move is common for experienced lawyers with the desire to take on the track towards a Head of Legal or General Counsel position. The perception of the entry-level Legal Counsel position is that it is equivalent to a business operational 9-5 role; however, the working hours and the pressure often differ between companies due to size, sector and expertise, and ultimately the size of the legal spend available. The exit options from an in-house legal team back into private practice has improved in recent years, with a return to private practice becoming accepted and welcomed by firms, especially in highly technical areas such as regulatory and niche structured finance areas.
Legal disrupters
Legal disrupters pushing smart contracts, alternative practising methods, and artificial intelligence will no doubt make this list within a short space of time.
For more information, please contact me – I would be happy to help. I’m an experienced technical headhunter with legal and financial services experience from both agency and in-house environments.