Life after 20 years BigLaw. What next?

[trappedinlaw]

I need to make a change and would really value some views.

I’m 20 years qualified and promoted to equity partner 4 years ago. My share usually translates to something between c.£220–250k. I have a strong self generated work stream (easily north of £600-700k, this year was actually closer to 3x that because of a couple of big projects). Bear in mind this is not all work that “I” do for these clients - some of it is shared across the firm for multiple depts.

On paper it’s great. In reality, I’m done.

The anxiety is constant – I overanalyse everything, deal with some unreasonably demanding clients (including derogatory, misogynistic behaviour), and spend my days firefighting, justifying fees and timesheets to clients, doing BD/drinking and schmoozing with people I don’t really like to try to sell my services, timesheets, being visible at external conferences/roundtable events, etc etc. I have absolute flexibility in terms of when I choose to go into the office (I go whenever I feel I need to or at the drop of a hat for a client meeting /event) but my time never feels like my own. And I feel like I’m flogging myself for clients’ success and for their legacy (whilst cringing at constantly needing to sell my services and pitch for new work…”I’d love to support you on that” etc etc which just makes me now cringe). Internal politics I’m also over - people salivating at a coffee with a senior director who may have the gift of work, and the moment that “intro” is revealed, how everyone jumps on the same bandwagon and reminds of the time they had coffee with said person a number of years ago etc etc. l

I don’t think in-house is the answer. I already have flexibility – it’s more the things mentioned above.

I’m considering leaving to set up on my own – small, selective practice, fixed fees where possible, and only working with people I actually want to work with. Some work from existing clients might follow, but I’d be starting from scratch on the conveyancing side - which terrifies me! I’d have the ex BigLaw partner tagline to throw about but tbh conveyancing is conveyancing so I’d be starting with a blank sheet of paper and trying to scale that as I go.

Part of this is also wanting to build something for myself/for my family longer term. I’m just tired of big law politics and being treated poorly by clients.

Has anyone made a similar move (especially from equity partner level)? How did you find it – financially, professionally, personally? Or any other ideas I should be considering?

Can’t comment on setting up on your own. But in-house can be great fun (not just for flexibility) and also public sector legal roles can be especially motivating, if you can find a good one :)
best of luck xx

@trappedinlaw I have a very different legal background so can't be of much help, but I started a post a week ago along similar lines, especially around anxiety and overanalysing.

@montybella Do you have personal experience in public sector legal roles? If so, can I message you to ask a few questions?

Surely in-house is the answer? You’re the client! No schmoozing, someone’s a sexist pig…decline their RfP!

I guess the tricky part is how to attract business, given that you are going to be moving in a very different world. Do you have a specific niche skill/area you could home in on ? Could you try and do some networking with small legal firm owners (even if their circumstances are different to yours) to get a feel for what is and isn’t successful ? Local women’s business groups and so on

I’m leaning towards this but I quite like the autonomy I have atm - I manage my own diary, pretty much my own boss other than having to be at the beck and call of said sexist pig.

Quite like the idea of creating my own legacy / having something my kids could potentially even step into in future (of course should they wish) but terrified at the thought of starting from scratch / moving in completely different circles…

You haven't said what sort of law you do, OP. Surely that's key info re the viability of you setting up on your own. Would you literally be a one man band or would you have associates and support?

I'm also a bit confused about the conveyancing stuff. Are you saying you'll be offering conveyancing but don't have any background in it? Do you need to offer it at all?

I can completely see the appeal, btw. I do wonder whether it's for you if you're fed up of pitching and marketing though, as a new firm needs a lot of both.

Yes am a commercial real estate lawyer now (big complex multi million pound deals) - with a bit of conveyancing on the side for senior clients on a personal basis which is a “hobby job” alongside the day job. So property is v much my job!

Ah, that makes sense. Not my area at all but if there's a market for standalone commercial real estate work then why not?

Have you considered acting as a specialist subcontractor/interim support for other law firms? This might be an easier way to set yourself up independently?

Don't underestimate how much autonomy you'd have in-house. You'll be expected to be completely self starting, self monitoring and self everything. It's quite an eye opener not to be surrounded by other lawyers, but in the right company you'll absolutely be managing yourself.

I know you say in-house is not the answer, but maybe it could it be if you moved into one of your clients? It sounds to me like you don't mind the work, it's the BD you don't enjoy. I mean, if you close your eyes and imagine yourself on the team at somewhere like Segro, Berkeley or LandSec might you not have all the fun of the work without any BD requirements?

Can you gently step back, supporting team members to snooze and generate business and report back. Start making yourself the conductor not the orchestra. Delegate down making space to move up to the peaceful upper echelons of corporate law