Is it time to lateral, or move in-house?
Is it time to lateral, or move in-house?
At Montalt Partners, we speak to many attorneys who reach a point in their career where they wonder whether to lateral to another firm, or move in house. It’s a difficult decision, and a lot to think about, so we have detailed some considerations to help below.
Sticking with a Law Firm: Climbing the Partnership Ladder
Moving Up: In a law firm, making partner is the main way to advance. This means proving your worth, building a client base, and being a positive force in the firm.
Money Matters: Being at a firm usually means more money and a shot at acquiring equity.
Work Hours Warning: Long hours are part of the deal in law firms to meet billing targets. You might have less control over your schedule.
Stability Check: Law firms tend to offer more stability due to the revenue model.
Trying In-House: Different Paths and Reality Check
Moving Around: In-house gigs open up different career paths and expose you to more than just legal work.
Money Maze: In-house pay can be tricky, with bonuses and perks making it more complex. Look closely at the details.
Balance Boost: Generally, in-house jobs promise a better work-life balance and more flexibility. But, watch out—this can vary by industry.
Reality Check: Some folks moving in-house are surprised—they still work long hours and might take a pay cut. It is important not to ‘presume’ less hours, solely because it is an in house opportunity.
Understanding Models
Law Firm Pay: Usually more straightforward and higher.
In-House Pay: In-house pay tends to have more variables, with advertised amounts sometimes including bonuses. Take a close look at the details.
Weighing Stability and Risk
Firm Ground: Law firms tend to be more stable due to their revenue model.
In-House Woes: During tough times, companies might cut back, and legal teams can be at risk because they're seen as a big cost.
Making Your Choice: Deciding between a law firm and an in-house role is a big decision. Think about what you want, talk to people to get advice, and be realistic about what each option really means for your career and life.
