Empowering Young General Counsel: Navigating Career Growth and Building a Book of Business
As you may all know, we at The GRM Group along with Law Ninjas recently hosted an extremely successful African GC Summit retreat and it was packed with informative talks that related to AI.
But let’s step away from all of that, and focus on the General Counsel. Due to the nature of my work and one of our core values being “curiosity” it goes without saying that curiosity often leads to asking questions. What I’m about to unpack might not apply to everyone but could apply to most of the younger in-house attorneys . After engaging with some wonderful people at the summit, I noticed that many (not all) younger in-house attorneys are interested in stepping out of the role of GC and into bigger law firms and more specialised firms.
We all know that in-house counsel are different. They have the expertise to navigate regulatory complexity, they take on the role of a strategist, possess a wealth of knowledge and experience in crisis management and also have the business mindset— to name but a few of their skills. But with all this being said, I have noticed that many young in-house counsel are hungry for growth and are sadly, being deprived. They either experience slow growth within the company where they are at, or they get promoted, but the only thing that changes is their job title.
Yes, being promoted is nice (speaking from recent experience), it is accompanied by a remuneration increase, incentives, and a nice title.
But is it worth it if you are doing the same work you did before you were promoted? Many (not all) young in-house attorneys want to be challenged, they are hungry to try and learn new things and many are yearning for growth and if it comes with a nice increase, well, why not? But what’s stopping in-house counsel from entering or reentering bigger law firms?— The short answer - “a book of business” or in simple terms “a list of clients or accounts that you managed as part of the business”.
This is often the one requirement that is a barrier to them, regardless of the tremendous amount of expertise and skills they possess.
So what can you as an in-house attorney do to develop a book of business? An in-house counsel typically obtains a book of business by leveraging a combination of legal expertise, networking, and strategic business development efforts. Here are a few tips on how they can build this:
Networking and Relationship Building: In-house counsel can often develop their book of business through extensive networking within their industry. Attending legal conferences, industry events, and connecting with other professionals (executives, in-house lawyers, etc.) can open doors to new clients and opportunities.
Previous Client Relationships: If an in-house counsel has worked with a private law firm before moving in-house, they might continue relationships with former clients and leverage those connections. Strong, ongoing relationships can lead to opportunities for business referrals and new clients.
Demonstrating Expertise: Publishing articles, speaking at conferences, or participating in thought leadership events can raise an in-house attorney’s profile within their industry, attracting potential clients who seek expertise.
Internal Business Development: In-house attorneys often work to develop business internally by suggesting innovative legal solutions that can drive a company’s success. This can include taking on additional projects that broaden the scope of work they handle, creating new legal services, or enhancing their company’s legal offerings.
Referrals: Another common source of building a book of business comes from client referrals. As an in-house attorney’s reputation for effective legal guidance grows, clients and other professionals may refer new business to them.
Joining or Forming Legal Networks or Firms: Some in-house counsel may be part of a network or legal consortium where referrals and joint business development happen. In some cases, in-house counsel may move to a law firm or start their own practice to formally build and manage their book of business.
Proactive Engagement: In-house counsel should approach potential clients directly by offering value through consultations, exploring unmet legal needs, or offering a specific legal service that aligns with market demands. In-house counsel often find themselves with a unique position because they gain a deep understanding of their company’s needs and industry, which can naturally lead to new opportunities as they expand their roles.
The benefits of stepping out of the in-house realm?
Joining a larger law firm could offer significant advantages for in-house legal counsels. Here are some key reasons why this transition can be beneficial:
Expanded Career Opportunities:
● Diverse Practice Areas: Larger law firms often have multiple practice areas, allowing legal counsels to explore and develop expertise in various fields of law.
● Career Growth: The hierarchical structure of big firms provides clear pathways for career advancement, with opportunities to rise through the ranks to senior positions.
Broader Client Base:
● Access to High-Profile Clients: Larger firms typically represent more prominent and diverse clients, offering legal counsels exposure to high-stakes cases and significant corporate clients.
● Increased Networking: Working with a variety of clients and colleagues can expand professional networks, opening doors to future opportunities.
Enhanced Resources:
● Advanced Technology and Tools: Big law firms have access to cutting-edge technology and extensive legal databases, enhancing efficiency and effectiveness in legal research and case management.
● Specialised Support Staff: Availability of paralegals, legal assistants, and administrative staff can alleviate the workload, allowing legal counsels to focus on complex legal issues.
Professional Development:
● Continuous Learning: Larger firms often provide training programs, workshops, and continuing legal education (CLE) opportunities to ensure their lawyers stay updated on legal developments and hone their skills.
● Mentorship and Collaboration: Working alongside experienced legal professionals offers invaluable mentorship opportunities and fosters collaborative learning.
Greater Resources for Business Development:
● Marketing and Branding: Big firms invest in marketing and branding efforts, which can attract new clients and enhance the reputation of their legal counsels.
● Client Development Support: Resources and support for business development initiatives can help legal counsels build and maintain a robust client base.
Financial Incentives:
● Competitive Compensation: Larger firms often offer higher salaries, bonuses, and comprehensive benefits packages compared to smaller firms or in-house positions.
● Profit Sharing and Equity Opportunities: Some large firms provide profit-sharing or equity participation opportunities, which can lead to substantial financial rewards.
Prestige and Recognition:
● Reputation: Being associated with a well-known and respected law firm can enhance a legal counsel's professional credibility and marketability.
● Industry Standing: Larger firms often have a more prominent presence in the legal industry, which can lead to increased recognition and influence.
Specialized Practice Groups:
● Focus on Expertise: Big firms have specialized practice groups dedicated to specific areas of law, allowing legal counsels to deepen their expertise and work on complex, high-impact cases.
Global Reach:
● International Presence: Many large law firms have offices in multiple countries, providing opportunities for international assignments and exposure to global legal practices.
● Cross-Border Work: Involvement in cross-border transactions and international litigation can broaden legal counsels' experience and skill sets.
Transitioning to a larger law firm could be a strategic move for in-house legal counsels seeking to advance their careers, enhance their skills, and gain exposure to a wide array of opportunities. It’s a step that can lead to professional growth, financial rewards, and greater recognition in the legal industry.
As the legal profession continues to evolve, the demand for dynamic, forward-thinking, and business-savvy legal professionals will only increase.
Written by: Nasreen Arabi