Traditionally, the legal profession has viewed the transition from law firm fee earner to in-house counsel as something of a one-way street. The allure of in-house life – offering proximity to business decisions, an improved work-life balance and often a clearer path to senior management – has long drawn talented lawyers away from private practice. Once closed, the doors back into law firm leadership largely remained so, with firms for many years drawing from their own or peer practices’ ranks for senior roles – not that many of the departed gave so much as a backward look.
However, a growing pattern is bucking this trend, as senior lawyers increasingly make successful returns to law firm partnerships after years in-house, bringing with them a wealth of highly prized commercial insight into the nuanced risks and opportunities of their niche markets, along with the benefit of extensive professional networks. This trend is particularly notable in the private capital and funds space, with the leading law firms continuing to add strength in depth, across asset classes and geographies and looking to hire the best lawyers.
This shift is reshaping the conventional wisdom that moving in-house marks the end of a lawyer’s private practice career. Instead, these moves reflect a broader recognition of the valuable commercial skills and perspectives that experienced in-house counsel can bring to a law firm – and its clients. As firms continue to compete in complex and specialised markets, they are increasingly looking to try and poach the best lawyers in-house.
Just this week, David Holdsworth’s return to the partnership at Paul Weiss was announced after 18 months spent in-house as Partner and General Counsel of TDR Capital. Another example is Claire Campbell, who our team recently placed into Kirkland & Ellis as a corporate partner in New York, after serving as Managing Director and legal lead at global alternative investment firm Stonepeak. Campbell’s deep experience in private equity, gained from years of navigating complex transactions in-house, is seen as a strategic asset to Kirkland’s growing private equity infrastructure practice. Her move underscores the growing desire among top-tier law firms to integrate the practical, deal-focused experience that in-house counsel develop into their partnership ranks.
Similarly, Joel Grossmark’s move from Blackstone Credit into the partnership at Travers Smith highlights the demand for in-house expertise in specific practice areas. Grossmark’s experience in retailisation and product development during his tenure at Blackstone is set to bolster their funds practice, particularly as the firm seeks to expand its offering to private bank and wealth management clients. Grossmark’s move, his first partnership role in private practice, further exemplifies the increasing enthusiasm from law firms to embrace seasoned in-house professionals at the partner level. Similarly, Daniel Andrews’ recent move from Triton Partners into the partnership at Stephenson Harwood is a coup for the firm, given his deep private credit expertise, his nuanced understanding of their target client base and extensive professional connections. Hiring commercially astute partners, with so much to offer, can only be a benefit for such law firms.
Hands-on sector or regional experience can be particularly valuable in new market expansions and team launches; Perkins Coie recently opened a new London office with a technology-focused corporate practice, bringing on board two partners directly from in-house positions in Craig Fagan and Barry O’Driscoll. Fagan, formerly the General Counsel at global fintech Bud Financial Group, and O’Driscoll, previously General Counsel at translation platform Phrase, both open up a broad vista of specialised experience and connections. Their expertise in private equity, mergers and acquisitions, and technology transactions will provide an instrumental tool to establish Perkins Coie’s presence in the London market and support its expansion across Europe. Their moves highlight the trend of law firms tapping into the commercial and strategic insights developed by in-house counsel to drive growth and innovation.
The trend isn’t confined to fee earning. Firms are also starting to look outside traditional legal environments and internal partnership-supported candidates for leadership roles, as evidenced by Kate Barton’s recent appointment as global CEO of Dentons. Barton, formerly a global vice chair at EY, brings with her a unique blend of legal and accounting expertise, along with extensive experience in global professional services. Her transition from a Big Four firm to the helm of one of the world’s largest law firms signals a broader shift in how law firms view external talent, particularly when it comes to strategic leadership.
These moves signal a broader shift in the legal profession: the recognition that the skills and insights gained in-house – strategic thinking, a deep understanding of business needs, and the ability to navigate complex regulatory environments – are invaluable in a law firm context. Firms are increasingly seeking to leverage this expertise to enhance their service offerings, particularly in areas like private equity, technology, and financial services, not to mention the extensive personal networks built in-house that such firms can capitalise on.
But this trend isn’t just about the evolving needs of law firms; it’s also a reflection of the changing personal and professional aspirations of lawyers themselves. The modern career trajectory is no longer linear; it often involves a series of transitions that reflect an individual’s evolving priorities and ambitions. For many legal professionals, the decision to go in-house coincides with significant life changes. The in-house environment typically offers a more predictable schedule, fewer billable hour requirements, and a work-life balance that can be more conducive to raising children, for example. As life evolves and the most senior leadership opportunities in-house remain limited, law firm partnership can appeal to those ambitious to be at the peak of their game.
Compensation plays a crucial part in this motivation, but there are those in-house who are increasingly motivated by the enthusiasm to build a practice within law firms, who more openly value the wealth of experience and broadened perspective such individuals bring, appreciating not only their legal expertise but also their ability to navigate complex corporate environments, manage teams, and contribute to the firm’s strategic direction.
For senior lawyers keen to keep their longer-term options open, it is a reassuring message that the door is not closed once you go in-house. In fact, the unique experiences and perspectives gained from working closely with business leaders can ensure your attractiveness for a partnership role, particularly in in-demand practices such as private capital, funds and technology, that value commercial insight and strong industry connections.
As law firms continue to navigate an increasingly complex and competitive landscape, this trend is only likely to gain momentum, redefining careers and reshaping the legal industry as a whole. It not only broadens the firms’ talent pool but also enriches the strategic capabilities they offer to clients, making this an interesting evolving dynamic to watch in the industry.
