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Downsides:
* Being constrained by outside counsel spend budgets but also not having the proper expertise to advise (ex: asking a corporate atty to advise on IP strategy, etc.)
* Limited growth/upward trajectory in a small department or having to "wait your turn" to be promoted.
* Your bonus being dependent on the strength of the industry or your company
* Being seen as a cost center
* Clashes with founders/mgmt if they feel your approach is too conservative
*Advising against a course of action for reason XYZ (risk management reasons); business proceeds anyway; having to sort the consequences
* Business side not understanding ethical boundaries or pushing up against them in a way that makes you, as the keeper of the guardrails, uncomfortable.
* Possibly not having legal peers at your level or not being able to speak with other work colleagues about what you are working on, because it's always confidential
* Lack of support (no doc processing or secretarial help)
And you didn't ask, but a few of my favorite things:
* equity upside or carry if you go in house to the right industries
* a seat at the table/much less hierarchical BS than law firms--you work side by side with partner-level colleagues without being made to feel lesser than
* stretching to practice in adjacent areas, often--privacy, real estate, corpgov, securities, commercial, etc.
* negotiating and closing deals at a much earlier time than at law firms
* dealing with interesting employment issues and ethical quandaries that have real life implications
* contact with many smart executives and being asked to advise on novel issues, often
* watching your advice getting implemented and the business succeeding over time
* learning from very savvy legal colleagues
* immersing yourself in an industry
* outsourcing yucky projects to outside counsel
* better control of your nights, weekends and holiday
* time to pursue CLEs and explore where to position your career
Wow, thanks so much A1!! So helpful.
I think A1 is pretty spot on and that describes a majority of in-house companies. However, now that I’ve been at a few companies some of these downsides can be eliminated or tempered based on company size so that’s something to consider when looking for your job. At larger companies I have noticed these differences from the list above.
*specialized attorneys for each practice area (rarely asked to advise outside your scope and if you are there is budget or a peer attorney you can ask)
*large OC budgets
*pathway for growth (does get more limited the more experience you have)
*many legal peers
*admin support
Thanks A3 and C1!
Only have one client and thus do not have diversity. Sort of like investing in one stock as opposed to a balanced portfolio.
When working at a firm, it’s like going to the zoo and seeing all sorts of animals in their habitat. You see daily all sorts of scary, ugly, cute, or noisy animals.
Working in house is like living in the habitat. And if you’re not careful, you may be living with a snake with no fluffy animals to counterbalance your experience.