Career mobility is a natural progression in the professional journey of an in-house counsel. From higher pay and promotion to growth and development opportunities, corporate culture and working life balance, the employment environment inherently defines in-house experience. Increasingly, lawyers are either on the move or planning to change careers. According to the 2015 ACC Global Census, 64% of in-house lawyers would consider leaving current positions for new ones elsewhere to advance their careers. Just two years later in the 2017 ACC In-house Trends Report, this figure is even higher, with 74% of in-house counsel saying they would leave for an advancement opportunity, while 20% stated they would consider positions with similar titles, salaries and benefits at other companies.
President and CEO
Association of Corporate Counsel
Industry research does show that overall job satisfaction is positive across the profession. More than four in five in-house lawyers have expressed job satisfaction and 43% of in-house lawyers globally are satisfied with their companies’ formal professional development plans. They also agree that the nature of their work is engaging and contributes to the mission of the company. However, more can be done to help lawyers move the needle forward with regard to involvement in a company’s strategic and operational activities.
As they undertake more cross-border work in the year ahead, as well as adapt to evolving laws and regulations, and enhance their professional capabilities, it is of critical importance for the leader of the law department to build a strong legal team and position it as an integral part of the business.
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Veta T. Richardson is president and CEO of the Association of Corporate Counsel, the largest global legal association for in-house counsel, spanning 85 countries and more than 43,000 members.
Richardson is also an adjunct professor at Georgetown University Law School where she co-teaches a course on InHouse Counsel: Law and Practice. She has been named four times to the National Association of Corporate Directors Directorship 100 – a listing of the most influential people in corporate governance.
