In-house counsel jobs were not very popular in the past as most lawyers preferred to become litigators or get into law firms.
But now, in-house legal jobs are becoming more important, better paid, and in greater demand.
It offers a better work-life balance, a chance to work on a variety of issues and develop a broader legal skill set. As a result, a lot more people are now considering moving in-house.
Companies are now spending more on in-house teams than outside law firms because in-house legal teams are doing more of the work that law firms used to do.
This shift is changing the way the legal industry works.
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As more companies become formalised, there is increased capital inflow not only in large corporations but also in SMEs and at the startup level.
Business owners are also waking up to the fact that they can reduce risks and legal bills by having in-house counsel. They still go to law firms for specialist expertise, but for routine contracts, compliances, or legal strategy, they prefer to have in-house teams.
They often cut down their legal bills by 70-80% by hiring in-house legal teams.
There is very little competition for in-house counsel jobs because while many people want these coveted jobs, most do not even understand what skills will enable them to qualify for these roles.
Law students think they are ineligible to get jobs as in-house counsel teams, but this is not true. In fact, some companies with big legal teams are happy to hire freshers.
The average starting salaries for in-house counsels are currently around 8 LPA for entry-level positions, and after 10-15 years, you could earn up to 1 crore per annum.
If you become a seasoned CLO, you could earn anywhere between 3 crores and 10 crores or even more, which is on par with the earnings of law firm partners.
Before 2020, the richest lawyers were often founders or senior partners at big law firms or top senior advocates at the Supreme Court.
In 2024, the richest lawyer is likely someone who joined a startup early, acquired equity and held their shares until the startup went public.
In India, lawyers at startups such as Zomato, Paytm, and PolicyBazaar have made a lot of money from their ESOPS.
Many large conglomerates and new-age firms are looking to strengthen their in-house legal teams.
Industries that need in-house counsel include banking, financial services and insurance (BFSI), technology, media and telecom (TMT), manufacturing, infrastructure, large conglomerates, and new-age digital firms.
Becoming an in-house counsel can be the next breakthrough for your career.
However, most lawyers do not have a roadmap to prepare for this opportunity.
If you want a stable career which offers a good starting salary, consistent growth and a good work-life balance, then nothing beats being an in-house counsel.