As a financial advisor to UK lawyers, I’ve seen first-hand the unique challenges faced by mid-career lawyers. With the ambition of becoming a partner, or the allure of a new firm, there’s a lot to consider both professionally and personally. These are some of the things you need to weigh up when you are planning your next move.

The Partner Track: Ambition Meets Reality

Aspiring to become a partner is a common goal for many mid-career lawyers. However, the path to partnership has challenges that are not always visible at the outset. The pressure to meet billable hour targets, the need to generate business, and the expectation to manage a team can create a stressful environment.

Associates often underestimate the personal toll of the partner track. The long hours and intense pressure can lead to burnout and a detrimental work-life balance. The biggest risk is not realising how much of your personal life you have to sacrifice.

The Law Society notes that partnership brings with it increased recognition and reward, however, you need to be mindful that there are risks that go with those rewards (1). When deciding whether partnership is right for you, speak to partners and other solicitors to ensure you have a realistic understanding, are asking the right questions and have all the necessary information before deciding.

Changing Firms: The Grass Isn’t Always Greener

In the 2023 UK New Life in the Law Report by Axiom, four out of five lawyers surveyed said they were open to a new position, and 21% were actively searching (2). Switching law firms can seem like an attractive option, especially if the new firm offers you a higher salary or better opportunities. However, the transition comes with its own set of risks. Adapting to a new firm’s culture, establishing yourself in a new environment, and managing expectations can be challenging.

It’s also important to remember that not all new opportunities to change firms meet expectations. Promises made during the recruitment phase do not always materialise, leading to dissatisfaction and, in some cases, a second move within a short period.

Financial Risks: The Unseen Pitfalls

Beyond the professional risks, there are significant financial considerations. Moving to a new firm often means renegotiating terms and understanding a new compensation structure. It’s crucial to be aware of how bonuses, profit sharing, and retirement plans are structured.

Pensions, for instance, are an area that many overlook during a career change. The complexities of transferring pensions and understanding the differences in pension schemes can have long-term implications. As financial advisors, we often see lawyers with multiple pension pots, each with its own set of rules and investment strategies. Consolidating these can be beneficial, but it requires careful analysis and professional advice.

Professional Development: The Cost of Stagnation

In the rapidly evolving legal landscape, staying updated with the latest developments is crucial. However, the demands of the job can leave little time for professional development. This stagnation can pose a significant risk, as skills and knowledge can quickly become outdated.

Continuous learning and professional growth are non-negotiable. The risk of becoming obsolete is real, and it’s something every mid-career lawyer should actively guard against.

Mental Health: The Silent Risk

The legal profession is known for its high levels of stress and pressure, which can take a toll on mental health. Mid-career lawyers, in particular, are at a higher risk due to the combined pressures of career progression, financial responsibilities and personal commitments.

Dandy Law identifies fee-earner burnout as a growing concern among lawyers in a wrap up of the 10 biggest challenges facing the legal profession, with many lawyers reporting high levels of stress and exhaustion (3). This can have serious consequences for both the individual lawyer and the law firm.

Recognising and addressing symptoms early is crucial. Engaging in stress-relief activities, and fostering a supportive work environment are essential steps.

Mitigating the Risks: Professional Advice and Personal Resilience

Navigating these risks requires a proactive approach. Seeking professional advice can provide you with the necessary insights and strategies to make informed decisions. As a financial advisor, I recommend a thorough review of your financial position, understanding the implications of career moves, and planning for the long term.

Personal resilience also plays a crucial role. Building a support network, maintaining a healthy work-life balance, and prioritising mental well-being are essential components of a successful career strategy.

Planning for the Future

Mid-career is a pivotal time for you, filled with opportunities and risks. By understanding the potential pitfalls and taking proactive steps to address them, you can navigate this phase successfully. Your career is a marathon, not a sprint. Strategic planning, professional advice, and personal well-being should be your guiding principles.

For more detailed advice, or if you would like to discuss how to plan for your ideal future, I’m here to help. Book a no-obligation Introductory Call for Lawyers today.

Adrian Johnson

Sources

(1) The Law Society, Becoming a Partner.

(2) Axiom Law, 2023 New Life in the Law Survey Report, (2023).

(3) Shady Clever, Dandy Law, The 10 biggest challenges facing the legal profession in 2023, (12/05/2023).