Exit opportunities for Lawyers.

OK, so I've been fairly curious about this for a while now and thought TSR would be a good place to ask. If you're able to get a TC and qualify as a lawyer, how in demand will your skills be later on in your career? It seems like so few people make partner, and you can only be a 'senior associate' for so long (from what I hear) so you may never actually hit the top of the legal profession.

For example, if at 35 you realise you're never going to make partner at your firm, what are your options? except jumping before you're pushed. Alternatively, if 3 years post qualification you decide that you want to get out of the industry, what can you realistically do, without taking a massive pay-hike and moving down in seniority? Politics seems like an option, but any others? can you go into finance as an experienced hire, if you've got experience within M & A and general banking.

I'm just curious really, since bankers can go onto private equity, hedge funds, start ups, venture capital, politics etc, whereas I've been hearing that once a lawyer, always a lawyer, unless you're going to trade down or move sideways. Loads of ex-lawyers I know seem to be doing things like teaching the LPC, or working for niche recruitment firms..

Thanks for any thoughts.

You have been met by a deafening silence here.

Firstly are you referring to exit routes from law or exit routes from private practice?

If one is looking at exit routes from private practice, a lot of lawyers go in house and a lot of lawyers end up in local government (which has more or less stopped training its own).

I think if one is looking at getting out the law entirely, I think that is largely a phenomenon of City firms. I know few provincial lawyers who have jacked it in and those that have, have tended to go back into a non-legal family firm.

Simply given the earnings of solicitors in City firms, those who go off and do something else will inevitably experience a pay reduction. I have met vicars, teachers and a consultant psychiatrist who have all been City solicitors. I know a fund manager and one of two who have gone into legal management consultancy.

Are you asking what you can do if you are getting nowhere in your firm, or if you want to change careers entirely?

Most lawyers change firm at some point in their career, for a variety of reasons. If you want to escape typical private practice, companies are springing up now which act as hubs for freelance lawyers working on a project basis. This isn't for everyone, though. If you want to leave law entirely, I would have thought nulli above would be as good a person to ask as any. It really depends on your motivations for getting out.

Interesting.

I think I'm referring to a bit of both really. I was curious, as If your salary begins to plateau and you're not going to make partner, your options become very limited surely? I assume you can't just move from senior associate at X to the same role at Y firm in the hope of making partner there.

It doesn't seem like finance where you can go into a more lucrative field..ii.e managing a fund, senior role in government, etc. Whereas, it seems like once you're in law, that's as good as it's going to get for you.

For example, my older brother is a second year analyst at a top tier bank, so only 22 and is already making more than a mid-level associate at a city firm. It just almost appears that in comparison to other industries, city lawyers seem to peak early and then have their salaries stagnate and at that point you'll be caught up by your peers in teaching, marketing etc (hence why it's not a good reason to enter the industry for solely financial reasons)

It seems like your skills are only really in demand in the legal industry.

What is it that makes you think it is a city phenomenon? I don't even really understand how it works, I worked for some months at a law firm, but still a bit confused. Assuming you do 2 years as a trainee, a couple of years as a junior associate, and then onto senior associate. When do they actually decide if you're partnership material?

Yeah kind of. Just say hypothetically, I was 38 years old, worked at a top 20 firm, racked up lots of experience as a senior associate. If I'm good at the job, but my face doesn't fit ( for partnership purposes) what exactly can I do with my skillset, if I still want to stay in the corporate world. Could I go and work for the UN? (not corporate but still)

Yeah kind of. Just say hypothetically, I was 38 years old, worked at a top 20 firm, racked up lots of experience as a senior associate. If I'm good at the job, but my face doesn't fit ( for partnership purposes) what exactly can I do with my skillset, if I still want to stay in the corporate world. Could I go and work for the UN? (not corporate but still)

x

I don't know if I'm not expressing myself too well. However, your post sways towards the 'once a lawyer' always a lawyer'.

All those suggestions involve selling your legal services in some way or another.

I wouldn't do the latter suggestion simply because I can't imagine why I would want, except if I wanted to be my own boss. Where's the fun in being your own boss if there's noone under you

I think the OP poses an interesting question but doubt it will get much traction on here.

Most posters are anxious about getting a TC. Once people have a TC and are in their penultimate seat they worry about being kept on/qualifying into their seat of choice.

Only the long sighted worry about what they will doing in a few years time.

You will be fortunate if you don't have to face that problem until you are 35. My City firm has consistently high retention rates on qualification but the exits come thick and fast soon after that.

Law firms are often very steep sided pyramids.

I think the OP poses an interesting question but doubt it will get much traction on here.

Most posters are anxious about getting a TC. Once people have a TC and are in their penultimate seat they worry about being kept on/qualifying into their seat of choice.

Only the long sighted worry about what they will doing in a few years time.

You will be fortunate if you don't have to face that problem until you are 35. My City firm has consistently high retention rates on qualification but the exits come thick and fast soon after that.

Law firms are often very steep sided pyramids.

It's a fascinating question and it's almost a dark secret that law firm recruiters don't reveal to university students. Something like half the trainees will have left within one year of qualification at my magic circle firm and another half of the rest within two years - where do they go? Some stay in law others leave law and do something else. Those that leave law altogether inevitably take significant salary and status cuts to do so. It's not as easy as finance to move sideways to a different career and continue making the same amount of money.

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This is indeed very surprising!
Why do you think this happens?

By the sound of what you said then, almost all trainee intake is gone within up to 3 years post qualification! :O

You can always become a GC in-house at some corporation or another. As nulli indicates, these companies are legion. Goldman, the FT, Cisco and so on. Your salary would likely take a hit, but at that level of seniority you would still be earning a good living at these kinds of companies.

ROF scares me...

Are the dynamic different in the regions? i.e more chance of making partner?

ROF scares me... It's quite sad and depressing, that I asked this really, probably should go into freshers with the mindset of 'drink now, worry later!

I'm assuming that firms need to trim the fat, so to speak, so I guess that explains the high attrition rate. I had always wondered how can a firm take on 100 trainees annually, but it makes some sense now.

I struggled to articulate my original question which I think was mainly whether the 'ceiling' for lawyers was making partner (i.e the holy grail) Doesn't seem possible to go into an similarly lucrative senior role.

Are the dynamic different in the regions? i.e more chance of making partner?