In recent months at Alex Correa Executive, we are seeing a slightly unusual trend and that is an influx of lawyers who currently are working in house, wanting to return to private practice. These senior, experienced, talented lawyers have made a clear decision that the time has come to refine their skills in a private practice setting and to move away from the more generalist in-house environment.
The pull back to private practice
Private practice firms do several things very well:
- Provide mentoring opportunities
- Foster specialisation of skills
- Offer career development and progression opportunities
- Greater earning potential in medium to long term - in-house salaries have a ceiling
- Offer an abundance of resources
- Provide the chance to surround yourself with subject matter experts ranging from tax and stamp duty to intellectual property law
Many of these in house lawyers, made the move from private practice earlier in their careers, hoping for better work life balance and to step away from billable hours. Some found what they were looking for, and others found that the hours were just as long and the pressure and demands just as challenging!
Those seeking to return to private practice still have a little trepidation about billable hours and long days, however, are now seeking to maximise their earning potential and many are keen to work their way up to partner.
We have many years of experience recruiting across all types of firms, private, in house, government, top tier, boutique and mid-tier and all the others in between. What we have learned in relation to work life balance and long hours is that they both are very dependent on the industry you are serving and the clients you are working for.
Individual motivations
One lawyer we recently recruited back to private practice expressed her excitement about her access to experts at the end of the corridor. No longer would she need to problem solve in areas outside her own expertise, she could tap into those years of experience by dropping by their office and asking a quick question. She knew that would help her provide a better service to her client base and that she would learn from the best whilst doing so.
Another recent candidate came from an in-house background in manufacturing. He had great experience at acquisitions, employment matters, industrial action, leasing commercial premises and even tax issues. After several years in the manufacturing industry however, he was coming towards the end of the interesting corporate transactions and was looking for a new challenge. All of the skills he developed in industry were valued in private practice and he was snapped up very quickly.
The return to private practice is not just being seen in top tier firms, but also mid-tier and boutiques. These firms that often have ex top tier partners have set themselves up well for success, are running profitably and can now meet the market to attract talent towards them. We are also seeing that the work life balance aspect of a career in law is slightly more manageable in these smaller firms.
In our early days of recruiting, the return to private practice situation would have been regarded as quite unusual. Once a lawyer had chosen to take the in-house path it was much more challenging to reverse direction. This has certainly changed as in-house and government skills are much more in demand. Part of this relates to the shortage of candidates, but also a general acceptance that their time outside private practice is valuable and brings new and innovative ways of doing things. We expect to see this trend of mid to senior career lawyers making this transition from in house and general industry back to private practice to continue in 2022.
Let's be clear... it's not for everyone
This diversion from traditional career paths can pay long term dividends. Having earned your stripes outside of private practice, talented candidates returning with significant skills and experience can put themselves on the track to partnership and a greater earnings potential. Having said that – money is not everything and candidates should also consider that a firm aligns with their values and that they fit the company culture well.
If you are a talented in house or general industry lawyer looking to make the move back to private practice, get in touch. We can provide a confidential career consultation to help you understand your market value and what is on offer in the QLD legal industry. You can make an appointment by emailing us at
info@alexcorreaexecutive.com.au
