Lifestyle creep
In our latest career conundrum submission, a young lawyer wants to quit but is struggling to walk away from such a well-paid job.
“Hello Legal Cheek. My career conundrum hasn’t come up yet, which surprises me a bit. I’m approaching 2PQE at a London law firm where the salaries are towards the top end of the market. I have enjoyed some bits of the job so far and (most of) my colleagues, but I’m starting to think corporate law just isn’t for me. Even setting aside the long, stressful hours, I don’t find the work stimulating or rewarding.”
That said, it obviously pays very well and lets me live a certain lifestyle in London that I’ve gotten used to. So ideally I’d like to hear from people who’ve been in a similar position. What did they weigh up before deciding to stay or leave, and do you feel better for the choice you made? I’d also be interested to know if they chose to leave, how they found the financial adjustment? Thanks, R.”
If you have a career conundrum, email us at tips@legalcheek.com.
I’m so sorry you are experiencing this. I am in the same position too, 1.5pqe at a top London firm and considering my options. Good news is that I think a lot of the skills are transferable but it is difficult to think of what to do next.
I hate to break it to you – but the skills aren’t transferable (10yr PQE corporate lawyer here) – that’s something your law lecturer says in first year to let you know that even if you’re not sure about the chosen degree and career now, it doesn’t matter because you can change later. There is nothing that being in law teaches you that is so transferable above any other skill in any other profession. No other job cares if you can spot a double spacing and a cross-reference error in a 100-page SPA or that you know the difference between representations, warranties and indemnities. The longer you stay in it, the less chance you’ll leave.
I mean if you’re interested insurance work, those skills are definitely transferable.
News to me! I’d have thought research skills, being analytical/ability to read and understand complex fact patterns, long hours/resilience, ability to communicate complex issues concisely, working in teams… were transferrable and sought after in other professions. Perhaps it’s just 10 pqe corporate associates on legal cheek which lack transferrable skills?
If all you’re doing as a 10PQE corporate lawyer is spotting double spacing and cross-referencing errors in the SPA, I think that says a lot more about the level and transferability of your skillset.
I’m really perplexed by this comment. Lawyers handle extremely complex, highly sensitive and commercially important projects for (often) high profile clients with a lot to lose. We are strategic advisers. Also we are often public facing, meaning we learn to become experts at presentation and essentially, selling a strategy. We have incredibly high standards in terms of our verbal and written communication and the way be behave and interact with senior executives. How aren’t these skills transferable? Yes we might need to learn about a new field in a technical sense but there is reason lawyers often end up in commercial, policy and political roles after a stint at practice. We don’t even double space anymore?!
You could always try in-house?
As someone from finance and risk and compliance in finance who moved into law I can tell you most banks would snap off your right hand, you can go into most financial fields and compared to the sqe most exams in finance are… well let’s just say easy. All skills are transferable I think 10 year PQE is a troll, A number of lawyers become wealth managers, compliance VPs, inhouse lawyers, analysis. Risk officers, trust me if you are qualified you will do ok in finance. My partner has also switched from law into finance (opposite way) and is working a less stressful role in an american firm so it is possible.
As a former senior in-house lawyer having held responsibilities in both legal and compliance I really don’t know why being in-house is touted as a solution. My work/ life balance was non existent, you can’t get away from your clients ( they will call 24×7) and, when things go wrong, you’re the first line of defence on a much lower salary, with little or no support or infrastructure.
Yes you don’t have billing targets but that’s about the only advantage I can think of!
I don’t think,for example, that the Chartered Financial Analysts exams are “easy”. A degree of humility and realism ( and respect for the expertise of others) is a condition precedent to taking up a new role.
There was a time when lawyers along with doctors and the clergy were the only bright and educated people out there:those days are in the past.
To each their own, I’ve worked in finance for a significant amount of time in various teams (risk, compliance, private and corporate) have multiple professional qualifications so I speak from my experience. I found the professional qualifications easier and more straightforward because its finance the exams arent designed to trick you they are designed to ensure you dont mislead clients and are competent to do the role.
Its not a case of disrespecting other professions its having lived that experience. I would ask have you worked in finance? Banking not finance law, have you dont any professional qualifications for finance like the CFA, IAD, CISI? I have so my experience comes from lived experience.
It doesn’t get better, but the money does.
Better to get out now before the golden handcuffs are truly slapped on. If anyone has any ideas for an alternative viable career which offers similar cash then I’m all ears.
Bank robber
Is this a life you want at 50 or even 40? Would you advise your kids/loved ones to do this?
Money is great but not at the complete cost of your life. Plan your exit, make a financial plan to exit (pensions will accrue over time) and get your life back. If you’re used to a certain lifestyle, now is perhaps the time to manage that and think about it, before, truly, there is no exit and you resent the life you made for yourself.
So true. After 36 years in law, half as solicitor, half as a barrister, I still enjoy my job 90% of the time, which I think is great. I love the intellectual challenge, fixing fuckups and thinking on my feet, but O have only ever worked in litigation.If that challenge thrills you, stay; if it terrifies you, get out now. Don’t stay if you don’t love it, it will kill you. Find another area of law, or another job. Don’t wait until you have so many debts and financial obligations that you feel stuck.
Get out while you can. If you are unhappy now then this will compound – the money will not increase that much (think tax and inflation) unless you make partner but the stress and responsibility will as you progress through the ranks (and few people make partner anyway).
The usual route is to transition into i) either a smaller law firm or in house or ii) a side hustle you have built up alongside the day job (coaching or some other business). If the latter make sure you have 6 months’ worth of living costs. If the former then reduce your baseline living costs as your pay will go down by at least 1/3. It may be painful but you will still be earning much more than most and you will benefit by getting a wider skillset as well (Biglaw trains people to be super niche) which can then be the springboard into a different career in professional services/business.
The biggest mistake is people thinking BigLaw skills translate well into other fields. They don’t.
It’s what I did fyi.
I completely understand, I am in the same boat working for an American law firm. Money is the only thing that keeps me going. I don’t plan on doing this for longer than I need to. For now, I am working to get on the property ladder and better my life, as somebody who got into this from a poor background. I still need to figure out an exit plan. No, lawyers absolutely do NOT have transferrable skills, they’re actually the most inflexible and stuck in their ways workers, they cannot see different angles to an issue other than their own view which they will fight people over about. If you go in-house, your salary will halve probably so only make the jump once you have enough savings. The reality in the UK is that you either have money but no life/time, or have life/time but no money. I am not ruling out moving countries tbh
Consulting is an option. Online games companies love people with a higher English degree, which in my view is as important as a law degree for law.
Law is cool. What a great profession
Are big law partners truly happy?
That’s not rhetorical.
I’m offshore, which I see as big law’s strange sibling they keep locked in the attic.
Big salaries, but I’m not convinced the partners are living their best lives.
They all seem woefully resigned to a life of unbounded servitude.
They seem surprised that their kids are so maladjusted, despite all the money they throw at them.
I am told that partnership is increasingly unrewarding, with inflation, increased overheads, increased regulation etc.
It depresses me how quickly my partners respond to emails when they are on leave.
I’m 3yrs pqe and on my way out.
I disagree that there are no transferable skills from law but agree that its door-opening abilities have been vastly overexaggerated. I have been most surprised by the inability to move within law (I am a jack-of-all-trades litigator).
I had an interview with a regulator yesterday. One of the panel was a lawyer. As I gave examples for the competency questions, a knowing smile would creep across the lawyer’s face before she relayed her own experience. The rest of the panel expressed shock.
Now I just need to remind my parents (yet again) why I would ever want to leave this most prestigious of professions.
I came from a poor family. Then I got into Law at uni, I rang my mother, excited that only 3 graduates were accepted and I was one. She said “Why would you want to do that?”. 36 years later, I am a barrister and still enjoy my challenging job. Move to Australia, it’s great here. Good weather, less snobbery.
I’ve said it before and I’ll say it again. The key job to revert to if you want a balance of good pay, job satisfaction , meeting interesting and diverse people, a job that keeps you active and also if you’re that way inclined, opens up an amazing dating scene, is to become a hairdresser. You’ll survive the AI apocalypse and make lots of money especially if you open your own salon. For me it was a life changer and I now have friends who can shave my head for free.f
I left a Legal 500 Corporate firm for a small high street practice and it was the best decision I have made. Yes the money isn’t as good but you will still be comfortable and have a work/life balance which no amount of money can make up for in my opinion. I’d rather spend time with my family and clock off at 17:00 than be working late into the evening/early morning.
I wouldn’t leave law straight away if its the only firm or style of firm you’ve ever worked at there are plenty of different firm models rather than Big City Law.
Maybe have a look at moving disciplines as well, I moved from Crime to Corporate Employment Law then to Private Client Law and again no regrets and I enjoy this area of law far more.
How much do you make in a year blud ? liek £40k lmao ?
I agree. As a partner, I stuck to medium firms, good work, resources, and didn’t need to sell my soul. A s barrister, no-one cares where you worked before, at least here in Australia. Although if you want to become a judge, it’s very “who you know”.
Have you tried moving firms? I nearly quit at 5 PQE because I was miserable, but I gave it one more go in case it was the environment and I am still in corporate law 3 years later. Every firm is different. It may be a paycut to go to a more reasonable-hours firm but it was the right choice for me!
Transfer to the Bar? Set up your own criminal practice?
I recently made the transition from commercial law into immigration/human rights law. It took a while, it wasn’t easy, and I am earning about 1/4 of what I used to earn, but I am so much happier/feel more like myself. My lifestyle hasn’t changed much, but I never had a lavish lifestyle anyway. I also need to caveat that I don’t have a lot of financial responsibilities so I could afford to pursue this route. I can appreciate that others may not be able to make the same choice. Perhaps it is because I have stayed in law, I am able to pick things up a lot faster so the skills are definitely transferable. I want to say that the skills you pick up in corporate/commercial law are highly transferable (digesting a large volume of information quickly, drafting, advising, developing your own opinion, researching/being resourceful, paying attention to detail etc.). The difficult thing I think is actually figuring out what you want to do. Once you have, your passion (and hard work) will carry you through.
The grass is always greener. You might move in house, and the hours might be better (not always), but other things may come up that may impact job satisfaction (e.g., being a JIRA ticket monkey).
A lot of people work hard and gruelling jobs, but get paid peanuts. You are working a hard, gruelling and (probably) boring job, but are in the top 1% of earners in the UK. That is something to be grateful for. You’re not slogging it out for nothing. You’ve solved the money issue, but now you are faced with the job satisfaction issue.
Unfortunately, solving both at once is an extremely tough nut to crack. What you could do is solve some impediments while you are a high earner – e.g., put lots into your pension, pay off your student loan etc. – before taking a better, lower paid job (meaning you won’t have to worry about either).
In my experience, enough money is great but lots of money doesn’t make a difference. If you are not happy with your job, you won’t be happy. Make plans to leave while you can.
I agree, but you are sacrificing having a relationship while you stay at a high earning 24/7 job. Except people who will happily accept your money but leave you.
Count yourself lucky you’re not in a Chambers/Legal 500 tier 1 Scottish firm doing similar billable hours on an Edinburgh salary. Just laughable. Get out whilst you can. As for transferables, I am afraid I do not hold the answers and have asked myself similar questions.
I completely get this! I am in scotland working in defender insurance work. I am 1.5pqe. Money is goodish (could be better) for where I am and my firm is really flexible as long as you hit your chargeable hours. I want to leave high volume PI work and try another area. I like litigation but perhaps something more quality over quantity is what I am thinking. I want to give another area a shot before I give this up but I get the want to escape. I am there too.
Lots of magic circle/silver circle refugees end up in the GLD. Best decision they ever make.
Very common i think, almost identical situation / facts for me. At the moment at least, i’m trying to find things outside of work that i enjoy but are mentally stimulating (as a replacement for what i lack at work). Investing for example. Exercise / social is of course a big thing for me too. I kind of wish now i was more on the biz side, but then again i ask whether the grass is greener (which, frankly, i dont know). I find the personal investing rewarding and stimulating and scratches the itch that i have from what i lack of my job – so far at least.
Frankly, i think this is just what it is like for all big law / finance jobs. After all, the sole reason people do this stuff is for prestige or money. It is not like any of us are curing cancer or anything, just making other people (and ourselves) richer.
I personally was poor growing up, so at the moment it seems foolish to leave the life (and, potentially, generational) changing money. 10 or so years of sacrifice and i can always change later if i hate it that much. I remember not having money and that sucked, so i never want to experience that again.
I had a similar background. I found the answer was to do people-focused, not commercial, work. A bit less money, far higher interest and satisfaction. And I got married and had 2 kids whom I saw a lot.
Is it the law, the firm or you? Pick one and leave. No point being miserable. Who really believes the skills are non transferable? Try an elevator pitch for your preferred charity, start up, restaurant, film or whatever without the sense of entitlement, confidence and problem solving skills courtesy of big law. Nothing you haven’t seen or can’t manage after a couple years.
Feeling disillusioned early on in a demanding career is something that most people experience. For many jobs you may have to retrain.Working as an investment banker is not,for instance,a walk in the park,absent mathematical background or an exam such as CFA. I suggest doing some on-line interest assessments and seeing if you agree with what is suggested. If you don’t have family commitments such as partner and children,you have at the moment a lot of flexibility. As a grandfather I would suggest,don’t worry about your parents’ disapproval: if Richard Susskind is right,world of work is changing rapidly anyway possibly likely beyond your parents’ comprehension.
Get a job at DWF – ultimate satisfaction.
Living wage also, so you appreciate the simple things in life, such as a vegan roll from Greggs for a Friday treat.