Over the last few months I have had a number of conversations with solicitors at various levels considering moving back into private practice after a spell of working in an in-house role.
It’s not an easy decision, and many are grappling with the pros and cons of both worlds. If you’re in the same boat, here are a few key questions I’ve been advising candidates to reflect on as they weigh up their options.
01 – What do I enjoy?
It is important to take the time to really analyse what you enjoy and motivates you. In-House roles provide an opportunity to immerse yourself into one business and to feed into the overall business strategy.
Private practice on the otherhand offers more variety around clients and sectors and as such you can gain knowledge of lots of types of industry
02 – Am I ready for billable hours and business development again?
Am I ready again for billable hours/BD?
Private. practice can mean you have to focus not just on the technical legal work itself but also around business development and a focus on meeting bllable hours targets. Do you enjoy the buzz of building and developing new client relationships and networking?
03 – What type of impact do I want to make?
In-house, your role often feels like a strategic partner within the company, whereas private practice allows you to shape outcomes across various clients.
Which environment allows you to make the impact you desire in your career?
04 – Is the financial reward worth the trade off?
While private practice can offer some signifcant financial rewards it can come with longer hours and a more intense workload with multiple clients.
It is important to decide whether the potential increase in earnings outwreigh some aspects of work life balance.
There are also variations on this dependent on the firm etc
05 – Specialise versus a broader role
Generally speaking particularily within the corporate and commercial firms private practice enables you to specialise and become an expert in your chosen practice area.
In-House roles tend to be broader and even if you specialise you need to be able to handle any query the business comes to you with. Even if you don’t do the technical legal work and instruct counsel you need to manage that stakeholder and that makes for a broader role
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