Even though companies are scaling down their teams, there is always a need for legal talent.
Many new legal hopefuls, fresh off the bar exam, decide to go to a law firm because conventional wisdom tells you that the best and most successful lawyers cut their teeth in big law and stay for a few years before they go in-house.
But conventional wisdom doesn’t apply to changing times. As we enter yet another recession, new lawyers like you can and will find just as much success going to work in business rather than at a firm.
There are several advantages to doing so, including gaining more experience in a wider range of legal areas relevant to your business. Here’s what you need to know.
Going In-House vs. Big Law
Big law is known for providing the bells and whistles: state-of-the-art resources at your fingertips and all expenses paid work trips. Junior associates do important work in law firms, often focusing on multiple clients at a time. But that work is often specialized in a particular area of law.
In-house legal work, on the other hand, gives you exposure to a range of legal topics while working for a single client. You’re a subject matter expert in your business. You’ll lose the privilege of billable hours but gain so many opportunities to learn within the organization and innovate.
This is not to say one is better than the other, but if you are thinking about charting a new path and going in-house, here’s how you can prepare.
Preparing to Go In-House
Before you take the leap, you need a running start. Doing your homework will give you the best chance of success. Here’s our advice:
Learn the business and industry you’re trying to break into
Not all industries are the same. For example, working in-house at a SaaS company will have its own set of nuances that a Biotech company might not. And vice versa.
Get familiar with the different skill sets and knowledge bases you might need and the areas of law you’ll need to be familiar with to be successful.
Join networking organizations
Organizations that teach and facilitate networking will be your best friend. You'll have the chance to learn current skills needed for modern lawyers and you’ll also have the opportunity to learn from people who have been in the field for a while.
Build strong relationships and develop rapport with people in the industry you’re trying to get into. If you’re unsure where to start, here is a good list of resources for new in-house legal hopefuls!
Get familiar with legal tech
The tech stack at law firms is very different from the tech stack found in-house. For starters, knowledge of contract management software is a nice to have in big law but an absolute must for in-house practitioners.
Understand the benefits of CLM and how you can use it to do more with less. Learning how to evaluate contract software to meet your company’s needs will set you up nicely for success in your new role.
In Summary
With a little bit of preparation, you can make a smooth transition from outside to in-house counsel. There are significant differences in the practices you need to be aware of, but learning your industry, networking with other in-house lawyers, and getting familiar with legal tech like CLM will help prepare you for this new journey.
Learn how LinkSquares platform supports innovative in-house teams. Request a demo.
