Five years into a private practice legal career, things can start to feel pretty tough. The excitement of those early days of being a lawyer is long gone and partnership might still be a long way off. It’s no surprise that a lot of lawyers start considering their options.
A survey by the International Bar Association (IBA) of young lawyers found that more than half (54 percent) were likely to consider leaving their jobs within the next five years, citing work-life balance, salary, and mental health reasons as motivators.
Many of those lawyers will consider an in-house role. Over the past 15 years, the U.S. in-house counsel population has grown by 80 percent from 78,000 in 2008 to 140,000 in 2023, driven in large part by the escalating appetite from corporations to build their legal teams. The total number of lawyers in the U.S. has also grown in that time, but more and more are choosing to pursue their careers outside private practice. Today, in-house lawyers make up nearly one fifth of the total U.S. lawyer population, compared to 14 percent at the time of the global financial crisis, according to data from the Association of Corporate Counsel.
For the competent and ambitious midlevel attorney looking ahead at a long career, there are many benefits to a move in-house. Work-life balance has long been seen as a key motivator, and was particularly front of mind post-COVID, with in-house roles often allowing attorneys more free time in the evenings and weekends. But there are plenty of corporate roles that also demand long hours and come with heavy workloads. So while an easier life may not be guaranteed, the upside is being closer to the business, seeing the direct impact of your work on an organization, diversifying the legal work you do, and getting access to opportunities to build broader business skills.
It’s a big jump and a decision that no lawyer wants to take lightly. It may be time for a change, but how do you work out where your skills will be most valued? What are the realities of a corporate career? Will you fit into a new organizational culture and way of working?
Charting a path with project-based legal roles
One exciting way to try out different in-house environments is a move into contract work. There is huge demand from the world’s leading businesses for interim support from first-class mid-career lawyers. Contract work allows attorneys to steer their careers in whichever way they choose by trying different roles, for different organizations, in different industries. Whether you are looking for more control, choice, or variety, you’ll get the chance to pick the best roles for you.
At Peerpoint, we’ve been helping lawyers build their careers for more than a decade. Sally McCrossin, Resourcing and Talent Manager for Peerpoint U.S., says: “We work with our lawyers to understand what they want to do, and why, and then we place them into interim roles that match their personalized career plans. You’ll be working in a really supportive environment, allowing you to focus on your professional growth. And as we’re part of A&O Shearman, one of the world’s leading law firms, you benefit from access to training, networking, knowledge resources, and even partner support when needed.”
The great thing is, whether you choose contract legal work as a means to experience different environments before identifying your dream permanent role, or decide to keep building your career as an interim lawyer, you can be confident your resume will benefit.
Peerpoint attorneys are always learning, working on complex matters alongside expert teams in high performing environments. “That means that just because you are not in permanent employment, your resume will be no worse off,” says Sally. “You can build the skills you want to hone and push yourself to expand your horizons in new industries and workstreams.”
Have you always wanted to work in a start-up but feared a wrong move? Do you harbor a burning curiosity to explore the fintech world, or work in a more global business? Interim roles let you experiment and grow on your own terms, without the need to commit for the long term.
A move that works for you
Interim assignments can allow you more flexibility to spend your time doing what matters most to you. Flexibility can take many forms, whether you choose to take on an assignment with hours that work better for you on a day-to-day basis, or take extended breaks between roles to travel or spend time with family.
With Peerpoint, you can shape not only the role but the working life that suits you: it might suit you to step back from office politics, or you could forge new connections and expand your coaching and mentoring responsibilities.
If you’re facing the Fifth-Year Dilemma, stepping out of private practice might feel like a big leap, but there are ways to test the water and see what you are getting into before you fully commit to a new long-term position. Or you might find the freelancer lifestyle works for you and decide to stick with it for years. We have plenty of experience supporting lawyers through career transitions – if you feel you might be ready for a change, please get in touch.
Get in touch with us today…
If you’re ready to explore a legal career on your own terms, contact us at [email protected] or find out more at peerpoint.com/join-our-panel.
