Are you considering Leaving the Big Law Firm? Here are the Pros and Cons

If you’re working as a mid-level associate at a big law firm and are already contemplating leaving it for a small law, here are some of the things you must know before leaving your job.

If you’re working as a mid-level associate at a big law firm and are already contemplating leaving it for a small law, here are some of the things you must know before leaving your job.

There are many reasons why a mid-level attorney would consider leaving the Big Boat to start their own.

• Your marketability is at its peak, and your phone may already be ringing off the hook with opportunities.
• You have earned enough experience in your niche
• You are considering starting your own law firm.
• You have a build a good network of associates who are willing to start a new venture with you.
• You have had enough of the office politics and complexities of working in a large firm
• You have considered taking up the government and nonprofit position.
• Whatever your reasons are, you should always consider assessing the pros and cons of leaving your job.

Staying put

What every mid-level attorneys look for in a Big Law Firm is to become a partner in the future. If they see that their future is bleak, then they decide to either leave or confront it.

If you want to stay the course at the firm, the first thing to do is really evaluate your shot at a partner. How are your performance reviews? This is a good time to look closely at past reviews, assessing them with a critical eye, and reading between the lines of all written feedback. Have you made strong connections with any of the partners?

If you’re a great attorney, you would already have offers from other law firms to become a partner. But you must ask yourself, what can you bring as the partner? Also start thinking about how you would accomplish that goal? And, how well do you fit in the culture of the new law firm?

Another important thing to think about is if you’re an attorney of color. The 2018 Vault/MCCA Diversity Survey report states that nearly 91% of equity partners at the nation’s largest law firms are white. You must ask yourself if the current law firm has a serious commitment to diversity, equity, and inclusion in recruitment and retention of your race. The same theory applies to women associates and third-gender. You will need to decide if you want to stay to try to improve that environment or go somewhere else that is a better fit for you.

Going in-house

Who are In-house Attorneys?

In-House Counsels, also known as Legal Counsels, are attorneys that carry out legal work directly for their employer, as opposed to Private Practice Lawyers who earn money for their firm by working on behalf of multiple clients.

You must have considered leaving private practice and join an in-house. There are definitely many advantages to going in-house. Historically, most lawyers are happier in-house than in law firms. This is because there are NO BILLABLES. With more time in hand, you can spend more time with your family or pursue your other interests.

However, an important thing to consider before going in-house is that because companies are demanding more from in-house counsel in an attempt to minimize legal costs, your workload may be greater than expected.

The in-house practice is much different from private practices where you can have any kind of resources; team, money, and experts, for your assistance. You would probably be working with a much smaller legal team than you are used to (or no team at all).

As many in-house attorneys suggest, you must assess what you will be getting out of your new job. As in-house practices revolve around the industry and company you are working in, you can get great experience in that niche. This can help you set-up your own firm later.

If you haven’t been working long in the industry and have not yet paid off your student loans, now may be the time to be more aggressive in your debt reduction strategy to lessen your future financial burden. Along with seeking a high-paying job, you would need to clear your debt. Consider refinancing your student loans, if you have not already, to potentially save thousands per year in interest. Although you would lose the protections that come with federal loans, they are not as important if you plan to repay the loans in a relatively short period of time.

Many big law firms are located uptown. If you can’t afford living uptown, consider taking a place in the least expensive part of the town.

Working for a government or nonprofit agency

Many aspiring attorneys seek a chance to practice in private firms where they can take up the cases they felt stronger about. But it doesn’t exactly turn out the way you think. It may take years before you actually land up a great case to lead.

The number one advantage of a government legal job is that you can have work hours that are close to a 9-to-5 job. You can also have a flexible work schedule; some lawyers have every other Monday off, others have job share situations with other attorneys.

There are many foreseeable advantages to working for the Government. However, the most obvious disadvantage of working for the government is the compensation.

One Government lawyers explained that,

“What’s most disturbing to me is that, relative to other employees in this agency, your law degree doesn’t mean anything. You could be a high school graduate and be making almost the same salary I make now. If you come out of law school with a ton of debt, your federal government job will not help you pay it down. However, this kind of job would qualify you for loan forgiveness, if your law school has a hefty enough endowment to offer it.”

Many experts suggest that, although career government attorneys with long service records usually earn less in compensation, you could enjoy a significant bump in pay by gaining some government experience and then returning to the private sector.

Unlike private firms, government and nonprofit agencies offer generous benefit packages. If you don’t have any kind debt to pay off, then taking up a reliable government or nonprofit job can be beneficial. You will have more time in hand and you can pursue lots of different interests.

Before taking a government job, you should compare the pay, resources, technology, and administrative support like big law firms. If you are passionate about a particular cause or looking to escape the stress of Big Law, then you can pursue a government job.

Starting a Small Law firm

Who doesn’t want to own their own law firm? Even, if you can’t own one, you would love to become a senior partner someday.

And, there are many advantages to it. Let’s take a look at few of them

• Due to the nature of a small law firm you have the opportunity to have a varied choice of work instead of just specializing in one particular area. This is always challenging and gives you the chance to work across a broad spectrum.
• Working in a cozy environment it lends itself to be adaptable and work schedules are more flexible amongst staff and colleagues.
• Because there is only such a limited number of staff on board, one has more of ‘hands-on’ experience. This will be particularly beneficial if you are new in the trade as you end up performing more substantial legal tasks and have more responsibility than if you were to be in a larger firm.

Mark Grey Law PLC is the best attorney law firm in Ankeny. We run a small private firm with few of the great Ankeny lawyers. Get in touch with us to find out more about the pros and cons of practicing in Big Law.