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Attorney Seeking Greener Pastures In-house
According to a recent survey by NALP, the attrition rate for experienced attorneys in law firms with about five years of experience jumped dramatically from 60 percent in 2000 to 78 percent in 2005. A 2006 BCG Attorney Search survey concluded that approximately 80% of attorneys were actively seeking in-house opportunities.
These trends are likely to continue in 2007 as attorneys express concerns regarding their work/life balance, rising billable requirements, business development demands, repetitive work, and unlikely prospects of making partner. So why are they looking to transition in-house?
The reason most often cited by attorneys looking to transition in-house is an interest in becoming more involved in a company's overall business. There is a real interest by these attorneys to operate closer to the decision-makers and provide influence beyond the legal arena. For the majority of attorneys who come from law firms this represents a major shift from "putting out fires" and providing pure legal advice, to acting as legal counselors articulating the risks and benefits of making certain business decisions. The appeal is an obvious one; attorneys practicing in-house are looked upon as business advisors providing tangible solutions to business matters rather than pure technical experts identifying legal problems.
There is an ongoing debate about whether in-house counsels work fewer hours than their law firm counterparts.
According to a recent Corporate Counsel 2005 Quality of Life Survey, about 59 percent of the attorneys who work in law firms of more than 20 attorneys on average put in more than 50 hours a week, with 28 percent working more than 60 hours a week. That is far higher than the 36 percent of in-house lawyers who work more than 50 hours a week. Fifty hours remains a long work week - except when compared to a law firm where billable hours can stretch even longer and business development is expected in addition to billable time.
Given how career and family balance is increasingly affecting our decision to change course in our careers, it is safe to predict that the number of attorneys transitioning from law firms to in-house legal departments will likely continue to grow in the coming years.
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