Also known as in-house counsel or in-house counsel, in-house counsel provides their employer with high-quality, accurate and relevant advice on the full range of legal issues that apply to the company and its services or products. In-house counsel are often just one member of a larger legal team and report to the General Counsel or Chief Legal Officer. • Provide accurate, relevant and timely advice to your employer and other employees on various legal issues related to the business sector and its products or services. • Drafts, revises and negotiates various commercial contracts and agreements. • Manage and mitigate legal risks by designing and implementing corporate policies and procedures. • Ensure compliance with all laws and regulations applicable to the company. • Promote legal, compliance and risk management best practices throughout the organization. • Communication and management of third parties such as external lawyers or auditors. • Design and delivery of legal training for the company. • Stay informed about changes in legislation, especially with regard to laws, rules and regulations that directly affect your specific business and industry.
• Works with senior managers. While the opportunities to enter one`s own business are certainly limited, the benefits of a legal career outside of a law firm are undeniable. Benefits include: Responding to increased pressure on legal fees while managing risk requires a thorough understanding of what determines the cost base and affects the company`s profit line. In-house counsel should proactively initiate proposals to reduce costs and identify appropriate benchmarks to measure effectiveness. The challenge as an in-house lawyer is to ensure an optimal balance between profitability and efficiency and to educate the company on balance. For more information about using it internally, see some of the following resources: Since corporate law departments employ far fewer lawyers than larger law firms, new graduates have traditionally been at a disadvantage when it comes to hiring: As Bigwig, another law school, points out, corporate law departments “generally prefer to hire more experienced lawyers rather than graduates. directly from the Faculty of Law.” In fact, new in-house positions tend to be reserved for experienced recruits with more than five years of legal experience, so opportunities to secure an in-house position right after law school remain scarce. For graduates, however, things are starting to go well as companies look for other ways to minimize legal costs. Tired of the rising cost of outsourcing work to inexperienced junior partners at large law firms – whose average hourly rate approaches $300 – more and more companies are opting for the most cost-effective way to hire their own lawyers, fresh out of law school, to train them in-house. As a result, employment opportunities for in-house counsel are expected to increase in the coming years.
In 2021, 46% of our audience works in-house, but only 19% are employed in in-house counsel and general counsel roles, so a significant number of unqualified lawyers pursue in-house careers. The relationship between external lawyers and in-house counsel is becoming increasingly important. The successful appointment of a group of preferred legal counsel and the establishment of close working relationships with these firms can be a significant opportunity for in-house legal teams and help save time and money. Effective legal counsel must now work with the company, understand its problems and develop viable and tangible solutions. In some organizations, business units may tend to transfer risk to their in-house legal teams by encouraging or pressuring the General Counsel (CG) to make business decisions. The role of in-house counsel is to understand the company`s pressure points, strategy and objectives, and to effectively communicate to management the risks and legal issues associated with each decision. This allows management to make informed strategic decisions within an acceptable legal risk profile. Lawyers who demonstrate their ability to be business “facilitators” and make informed business decisions will likely find it easier to connect with sales teams and will be more successful in their careers. Management is increasingly turning to legal teams to make strategic decisions based on business and legal analysis. The ability to offer this combined advice is where CCs can add real value to a business.
An in-house lawyer with many years of experience can become general counsel or chief legal officer. Some large organizations also have a general counsel who sits alongside the CEO and the rest of senior management. Learn more about these roles below. Whether they have the potential to become so in the future is a guess, as the dean points out: “These companies are trying, but no one is sure that others will follow. It depends a lot on things like the economy and their ability to maintain the ability to hire and train young people. Given the volatility of the economic situation, combined with the fact that the concept of in-house training for lawyers is still relatively young, it is difficult to predict whether efforts to increase entry opportunities will work in the long term. TMs must have an influence on the boardroom and their value must be recognized by the chairman, independent directors, the chief financial officer and the CEO. AoM can create specific added value by promoting a better understanding of non-financial risks.
They need to be able to put any legal decision into context through their knowledge of the people and goals of the business: what motivates the company and understanding pressure points. Despite their unanimous praise for the training programs mentioned above, our interviewees were quick to point out that such programs are far from the norm. “The reality is that the number of companies that recruit in-house lawyers directly to law school is extremely low, although this number could increase in the coming years,” reveals a career dean. “Overall, people usually have to go to a large company for a few years before moving into the house.” However, if the elusive entry opportunity eludes you, all is not lost – our interviewees strongly advised students not to overlook the possibility of working in a company for a few years before moving into the house. One pointed out: “Most companies really want people to go out and work in a company or government agency before trying to set up shop there. In a few years, you will have gained enough experience to have substantial value to the company. It often works best for everyone. However, every rose has its thorn, and internal work is no exception. The disadvantages of an in-house career include: In-house legal teams also include professionals such as paralegals, legal secretaries, or compliance officers. When moving from private practice to an in-house role, many lawyers move from a professional setting to a generalist role, responsible for areas where they have less experience. This, coupled with less support, fewer systems, precedents and general “know-how”, presents fundamental resource challenges for in-house counsel, particularly in changing markets. Fortunately, there seems to be a recent resurgence of interest in in-house careers, suggesting that the programs are safe for now.
“We`re seeing more and more students moving into intern summer positions,” says another senior law school guidance counselor. “And also more scholarships with the university`s general counsel,” which offer the opportunity to be part of a university`s internal board for a summer or sometimes an entire year. Some law schools, like SUNY Buffalo, even offer courses that specifically explore the role of corporate lawyers and the challenges they face.