I’m currently doing securities & m&a and have an opportunity to go to a securities role at a public company. Pay is similar-ish (I’d be taking a cut but it’s not terrible) and I’m thinking it will be a predictable schedule (I know when busy times of the year will be, for example, and can plan for them). Is going into a “niche” in house role like a securities counsel a career killer? Will I never be able to do anything else or “move up” to an AGC or GC role? Advice please!

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I think it depends on the size of the company and legal department. I went in house as a securities attorney at a Fortune 1000 and also worried about being pigeonholed but I was quickly able to expand my practice into corporate governance, executive compensation, m&a, and support for tax, treasury, charitable foundation, etc. I’ve now moved to a much larger Fortune 500 company and see that my practice is a bit more narrow — mostly securities, exec comp, and corporate governance and a little bit of m&a. I would just make it a point to your colleagues/manager that you’d like to take on stretch assignments as they come available and be open to taking on assignments out of your wheelhouse. It’s definitely true that becoming a GC will require a broader skill set and will likely take jumping a couple of companies too so I wouldn’t worry too much about it at this stage.

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Your answer is within your question. I’ve commented on this before, but the fact that there is a problem in your view about advancement means you need to ask more questions. Are you being pigeonholed? Those are questions you need to ask. And also realize what you want.

I think I’m okay doing the same thing for a while but don’t want to never, ever have a shot at doing something else if for some reason I absolutely hate it after 5-10 years. I know enough to know that I really prefer securities work over m&a for various reasons but not enough to know if I ever even want to be an AGC or GC. I may even want to go back to private practice at some point; probably in securities. So maybe it doesn’t matter as much for me after further reflection?

GCs are usually brought into startups when they are begining to think about an exit (ideally an IPO). Someone with significant securities background is going to be a good candidate in those situations provided they have the generalist skills, risk flexability, and ability to provide personalized counseling to the CEO and Board. Just make sure you keep learning about things outside your core niche so you know how to address broader issues, even if that's just knowing when to get another niche expert on the phone.

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