Oil and gas have always been the epitome of big business. And while Texas tea may not be as exciting as streaming movies, it funds one of the highest-paid in-house concerts as long as lawyers defend it. As David Lat noted in his payments review, Adams was one of only three women in the top ten corporate counsel and three women in Bloomberg Law`s top ten, reflecting this hotly debated topic within the broader legal community of the gender divide. The legal profession is one of the fastest growing high-wage professions in Indiana, according to the Hoosier Hot 50 Jobs from the Indiana Department of Workforce Development. With respect to employment prospects for in-house counsel, among the Fortune 500-generating U.S. companies headquartered in Indiana are Thor Industries, which manufactures recreational vehicles; Anthem Health Insurance; and Eli Lilly and Co. And that`s easier said than done, especially in an environment where you could invent the wheel. Kher Sheng arrived during the process of creating a fund, when the painting still smelled fresh on the walls, and noted that the role was not so much to answer legal questions as to ask the questions in the first place. “You have to eat your own kitchen in the sense that in a law firm you write the answer to your email and send it back. In the context of hedge funds, I have to implement the answers,” he explains.
In-house lawyers deal with corporate legal affairs, which may include taxation, labor, contract management, regulation, or similar matters. Lawyers also handle work that has been outsourced to lawyers from external law firms, such as litigation. These in-house lawyers typically work for specific companies – even as independent contractors – in their legal teams to achieve the goal of meeting the legal needs of a particular company. With in-house lawyers, companies don`t need to find lawyers in external law firms when a legal problem arises. It turns out that the grass there is actually greener for many in-house lawyers, as money seems to grow on trees in this mythical and magical fairytale country where money and prestige converge. The financial sector, which takes the reins this year as the highest-paid domestic industry, is the new target for internal job seekers. High regulations and high stakes can lead to a lot of high-pressure work, but it can also lead to great rewards and bonuses that make even litigators dream of greener pastures. The data was collected from a random sample of nearly 2500 in-house lawyers in the United States via an online survey conducted between March and April 2022. The need to develop a strong business conscience is probably the most important piece of advice GC received when it asked business consultants what they wish they had known when they first entered the house. And it takes a number of different forms. It`s a cliché that lawyers aren`t good at numbers, but maybe the problem goes even further.
In-house lawyers need to adapt to a revenue-driven mindset – the idea that every decision has a financial impact. Being able to talk to the CFO on an equal footing is an important goal for new hires, and there is a growing trend for lawyers to study for an MBA or similar business qualification before making the leap into business, or even during their tenure. There is a sense that law schools are improving their range of business studies, although most agree that there is still a long way to go in this regard. Junior in-house lawyers need to get used to getting out of their comfort zone, older employees point out. He came out of the world of specialized law firms and in the field of general practitioners – at least in the eyes of non-lawyer colleagues, as Bradley Chait, lead lawyer of Munich OSRAM, discovered in his first in-house job. “If you`re a qualified lawyer, people assume you have the skills to go into law and find the answer to every question. You walk into the house and people assume you can do a lot more than you specialized in and trained in that, and that`s pretty scary,” he admits. The entertainment industry pays its lawyers well.
It has also exploded in recent years as streaming services and non-traditional broadcast media have begun to incorporate new media. The legal bureaucracy of copyright, licensing fees, royalties and all the associated problems of the entertainment and broadcasting industry leads to a rather lucrative and sometimes interesting or high-profile housework in the “industry”. “Thus, the ranks of the highest-paid GCs and CLOs, as well as the upper echelons of the legal profession in general, could certainly use more gender diversity. Having three women in the top ten of the corporate legal counsel list was actually an improvement over last year`s list, where women made up just two of the top ten. This is where an important insight lies that came too late to many in-house lawyers GC spoke to for this article – often, legal expertise is a given in the eyes of the company, focusing instead on what else a lawyer can bring to the table. It is important to walk around early, visit all areas of the company and get fully acquainted with the values, culture, the way you do business and, above all, the right people to contact.