What I REALLY Think About Corporate Law - My Honest Opinion
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- Опубліковано 26 сер 2023
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What is it really like to be a corporate lawyer in London? Life is busy, stressful at times, but there is a definite rush to doing deals involving some of the biggest global corporations. It's well paid, but demanding, challenging and stretching. So in this video, I run through the pros and cons of life as a corporate lawyer and score each with a "goodness" or "badness" rating out of 10!
I've been a corporate lawyer for three years now at a global magic circle law firm and now have a pretty good understanding of the stuff that keeps people working in corporate law, as well as the stuff that people struggle to cope with. So, if you're a lawyer, or just nosey, this video should give you a good idea of what life as a corporate lawyer in London is really like 🤗
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About Me
I'm a lawyer, part-time UA-camr, son, brother, startup founder, fiancé, black coffee drinker and plant dad. I graduated from Cambridge University (where I studied French and Spanish), topped my law school class and now work for a corporate law firm in London as a trainee solicitor (which takes up a lot of my time)!
Around that, I'm a big fan of discovering new ways of thinking, of balancing work with life, and of performing to the very best of my ability. Ohh, and being happy. And I try to share all that on this UA-cam channel 😀
Fun fact: I believe we massively overplay the role of “natural talent” 😮 AND… I also believe that TOGETHER, WE ARE ALL CAPABLE OF POSITIVITY, PRODUCTIVITY AND SUCCESS.
📸 Instagram - / liam.porritt
🌍 My little kingdom - liamporritt.com
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Disclaimer:
Information, views and opinions depicted in this video are my own. Information visible on screens or in documents does not relate to my work as a lawyer for clients.
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Thanks so much to AG1 for sponsoring this video 😀
Your explanation of a ‘Self-worth’ was very honest and right on point!
fact
I just became a law student, and this Channel is the one that has me going!! Enjoy all your videos! 💪🏼💪🏼💪🏼💪🏼
Good video. Another con is that although you dont mind working long hours and some weekends, your family and friends may not. Thats what my experience was - giving apologies last minute for missing family meals etc is never good.
i take my hat off to you about the unpredictability. No way on earth could i change plans at that short notice. No amount of good pay would encourage me to change plans i had made because a client had decided he needed something finished or completed. Life is to short to have those with no relevance to life pretty much dictating that your plans have to change to accommodate them. Fair play to you for being able to put up with that.
Well done mate. Great to make these videos for yourself in the long run, you’ll look back on your journey and be amazed at what you’ve accomplished, with your career as a lawyer but also with this UA-cam channel and community you’re building. Keep at it, you seem like a really cool, humble dude!
Love this video! I start my traineeship in the corporate department of a Scottish firm a week tomorrow! Feeling nervous but super excited for what is to come!
Good luck! 😊
Not a corporate lawyer but thought this was an interesting and balanced video. Whilst I’m becoming disillusioned with the corporate world I’m glad you have a career that you genuinely enjoy
Yes, he is a corporate lawyer mate
@@sesu5604 In your head, put "I'm" at the start of his sentence and read it all again.
Really loved the architect comparison. Great video as always!
Nice video! Joining CC in a few months and it’s great to hear the perspective of someone inside the firm.
Great video Liam!
love the point on lawyers being architects, not originators - even as an auditor, I fully relate to that
Your videos are SO INCREDIBLY INSIGHTFUL!!! Easily one of the best UA-camrs on the platform. Keep up the great content.
BTW, I have to ask, where did you get your adjustable floating desk from?
I love this one! It would be great to see more content around the sedentary lifestyle 😊
So glad I found your channel.... This is so insightful as a new graduate in a legal Team.. You explained this so well 🎉🎉🎉🎉
Great video Liam, love the content ! Keep it up ,
Hi Liam, I love your insightful videos; they are truly inspiring for law students. Currently, I am working as a Trainee Solicitor and I would like to understand the expectations people at work have for a trainee, as opposed to a newly qualified lawyer.
Specifically, I am curious to know what expectations large law firms hold for a newly qualified solicitor, including their work performance, degree of legal understanding, and other criteria, as compared to a trainee solicitor. This topic would be incredibly useful for those transitioning from the role of a trainee to a fully qualified lawyer. It could also help us determine what achievements we should aspire to during our two-year training contract! I hope you will consider incorporating this idea into a future video.
Thank you very much.
Very transparent, and well articulated!
Hi David Robert, I like your comments!
Could you do a video on why you decided to get into M&A and not litigation or white collar crime for example?
Great video by the video! It helped me a lot.
i agree with many of these points too. i feel that the sedentary lifestyle is often understated because people often feel it's a privilege to sit in a 'nice comfortable' office without having to do manual labour. on some level that's true but the potential health consequences are very real as well - health issues and weight gain. I now try to schedule workouts on alternate days or at least once a week if i can help it.
I have no idea why this video popped into my algorithm, but I enjoyed watching it ☺️👏
Very glad you pointed out the unpredictability, been working as a lawyer for a little while now and I find it hard dealing with the unpredictability. Figure it is the same in some other industries. I generally really do not mind working long hours or weekends, but I would love to know when I can expect night work/ weekend work, so I can somewhat plan around it. Do you have any advice on how to deal with the unpredictability? / could you perhaps make a video about this?
I'm in a similar boat. Joined a Magic Circle firm in February-work's challenging and enjoyable, but M&A is a stress magnet. Colleagues in real estate seem to have more predictable hours. Discussed with my senior; she hinted setting strict time boundaries might not align with advancement goals. Considering a switch to real estate, IP, or tax for more stable hours myself.
@@undergroundxp Is IP law ok in terms of hours generally? Probably a very sweeping statement but yeah
@@undergroundxpdoes ip have more stable hours? Can u please name someone who working as an Ip lawyer whom I can get consultation about this? A former professor/ colleague maybe? Anyone who answers the emails😅 I would deeply appreciate it since where I live there is no Ip lawyer whom I can go to for advice. Lawyers in my country are mostly general practitioners. Again thx a lot
As someone who works in law, I'd say this is pretty much spot on.
I'm a lawyer too, and I agree with the vast majority of those. At present, I am working as a commercial lawyer for a small firm, with a focus on IP commercialisation and technology transactions. Personally, I think doing M&A would do my head in. I've only dipped my toe in doing IP due diligence as part of a larger M&A transaction, and based on that experience alone, I think that to be the lawyer having carriage of an M&A matter would be an extremely challenging task. It's great to see that you enjoy the challenge, though!
What you said in your video about the long hours and unpredictability doesn't necessarily apply to roles in smaller boutique firms. Sure, I get less money from it, and there's less "prestige" - and possibly, the "self-worth" - due to being in a boutique firm rather than a global firm, but for me, money isn't everything, and I'm happy to have a somewhat less stressful lifestyle and better work/life balance.
An IP lawyer! I feel for you enduring such a boring sector!
@@TheMarmite09 I actually love it. I wanted to specialise in IP. Trade marks and copyright were my favourite subjects at uni.
@@BomberFletch31omg I am so happy I found you. I love trade secret and ip too wanna work in that field. Is it ok if I ask some questions?
hey, I'm considering a law conversion scheme and was looking to get into a specialisation that wouldn't be insane hours. I would be happy to take a paycut so long as my work is more predictable and so i could have weekends and more free time in the evenings. I was wondering if you had any suggestions for me, I have heard IP is much better for time as well as real estate and family law but would be great to talk to an established lawyer like yourself! I know you're probably very busy nonetheless but I hope you reply !!
Good, interesting list (I really like the architect one)! I thought I would add that for me by far the worse thing about a lawyer is stress. I am sure there are other jobs which are more stressful, but a combination of long, intense hours and high expectations make for a stressful career. On the plus side, I genuinely find what I do important (not all the time). Of course, what you find important is subjective, but I think there is something about being a voice in the boardroom (at quite an early stage) is rewarding.
Hi Liam, I'm also a lawyer. I work in a legal office in Poland in a very narrow field (mostly civil litigation). I was thinking about moving to a bigger firm, but I'm afraid that working 12 hours a day might have a longterm negative impact on my health. I think it's not a big deal, if you're young and willing to learn all the new things, but it catches you up when you're in your 40s and 50s. I think it's very hard to be in a good fit, maintain good health and also work 12 hours a day. For me this is the price I'm not really willing to pay, even if the salary is much better.
Excelent Reflexion
As a former M&A lawyer, I struggle with the repetitiveness of the work (every transaction is more or less the same, in terms of the risks that are managed in the transaction documents) so its interesting to find someone who sees the same thing totally different (i.e. variety).
I feel like this relates to accounting and CPAs as well. Especially at big4 level
Everyone seems to be on vacation all the time on IG. I like seeing reality like this.
How did your feelings towards your career progress over time? Have you always felt that the pros outweigh the cons, or has there been a period where you really weren't enjoying yourself? I'm particularly interested in whether you're happier as an associate than you were as a trainee :)
Hi Liam! I just started my UA-cam journey and am wondering if you have a link to the equipment you use for your videos? 😀
Thanks!
Very interesting. All I would add (as as older lawyer) is that on career progression most people aren't made partners where they work so the natural career progression does not necessarily happen to partner level. I was never made a partner and had to set up on my own (which has gone very well but was not my original plan) and I am not unusual. Lots of the lawyers going through with me over the years were not made a partner. Working for myself (from home since the 90s) I try to break up the day eg gardening, but I agree that overall we sit at desks all day - not an easy way round that. Now I am older things are more predictable eg I can usually control things to have a meeting at 9am not 6pm. My advice to new trainee solicitors is never make plans for during the week and then there is nothing to cancel. One thing that other videos have made clear and students don't always know is how very very much is taken from pay in tax and national insurance in the UK - we have the highest tax burden in 70 years.
Excellent points Jane.
Hello jane and thx for the insights. Since you have so many years of experience I would appreciate it if you answer some of my questions: idk about the UK but in US many people go to law school in their 30's and 40's. I wanna know how the law firms view these people? Do they have similar chance at getting hired as a 25 year old? What do law firms expect their recently graduated lawyera (older lawyers) expect to do? Do they have lighter tasks? And is it true that ip lawyers have more stable hours compared to their peers in other fields? Thx in advance
Liam could you please make a video on how to prepare for the watson glaser test?
When you mentioned Associate, Senior Associate, and Partner, where does Director fit into that Hierarchy?
I am a lawyer in an Indian law firm and it is interesting to see how lives of Indian corp lawyers are so similar to folks working in Magic circle law firms. Unpredictability is what I hate the most too and like you, would rate it as 9/10 as well
As a corporate lawyer in a regional firm I would agree my least favourite bit of the job is the sedentary lifestyle. However, working at a regional firm means the clients don’t pay such high fees and therefore don’t always expect you to jump the second they ask. There’s more of an understanding that you might have other deals going on and so aren’t necessarily going to work evenings, weekends and through your lunch breaks to get the work done. The work-life balance is far better in a regional firm. That being said, lawyers are typically alpha personalities who tend to push themselves and so whilst it might not be expected from colleagues/clients, you might still find yourself working evenings/weekends to prove your value to the team or to prove something to yourself. Great video and would agree with all the points.
I certainly worked more at weekends once I started my own firm and every hour meant extra money in the bank.
@@janesmith9024how long after working as a lawyer can I open my own firm?
Liam I would love to see you on James English. Telling the full story.
I’m wondering about clients. Are there more pleasant clients than unpleasant ones (a pro) or vice versa (a con)?
Liam is maturing well! He's come a long way. I will follow him for a while; and watch how his career progresses.
Liam, your parents are proud, I'm sure! DMS.
Liam, I’d love to know your advice for students on law firm applications/vacation schemes/gaining experience that sets you apart. There’s a lot of videos with general advice but it always seems very vague 😢
Three things that helped me get a position as a trainee solicitor with a top 10 London corporate law firm:
1. Get as much work experience in solicitors' offices as possible, and include this on your CV.
2. At university, join student committees, mooting and debating societies, and include this on your CV.
3. Research the law firms you have interviews at, demonstrate that knowledge at your interview, and have intelligent questions ready for when the interviewer says "Any questions?".
As a corporate lawyer majoring in M&A in Japan, I would say my average hours in weekdays are 10-26😂😂 Good for you tho, I'm staying bc I love the content of my work very much but not gonna lie it's often draining to work that much
Random q - where do you buy your shirts from?
5:01-6:02: *gives an ad*
6:05: "Third pro is a pretty obvious one, and it's money. I am, as a corporate lawyer, very well paid."
Hi Liam, would you say all corporate lawyers at your level of seniority earn 100k or more? Or would you say that it's dependent on how prestigious the law firm is?
Corporate lawyers usually earn from $200k or more.
You're.a great fella and a very likable one, but I will never understand trading the best years of one's life to work under the glare of office lights during the weekend and nights to make others wealthier can ever make any sense. I speak from someone who did it all in London and regret it massively. Sure I've got money, but for what? Time passes, as does youth. e
@@Omwtbtbvoms you can easily be a lawyer- but being one in the magic circle doing deals and trading your best years for late nights in the office ain't it. I did it.
What would you have done differently? I know what you mean re the money, but being financially secure (assuming you're sensible with it) surely isn't something to gloss over...
it's not something to gloss over ofourse, but i could easily still have made a good income without sacrificing so many hours. Of course, you need money, but why work so many hours, scraping at a few hours here and there and 2 weeks off a year. It's insanity. You can still earn well without trading away your young life which I did and this fella seems to be doing as well.@@chrisd3637
So what to do? If you aren’t too gifted at anything and have to trade time doing a chore to make money, what to do? Most serious careers means working weekends to make others richer. I don’t assume you suggest being a barista or bartender part time and then just chill the rest of the time?
No, you can be a lawyer, but one with a life who isn't a slave to clients @@demebox3607
I’m really think about becoming a trial lawyer because I enjoy working with other people on complex issues and finding creative paths to tackle those issues for a greater cause… I’m worried though that my disliking for a load of writing will make it unbearable… do you think it’s that bad?
Is litigation lawyer same as trial lawyer?
In the UK, the lawyers who advocate during hearings and trials are (usually) Barristers. Solicitors are also involved in litigation but usually in order to organise the Barrister and the clients and do a lot of the Barrister's legwork. In the UK, Barrister will have to write the pleadings documents (I.e. the claim document/particulars of claim or the Defence document). The pleading document can be anywhere from 5-50 pages. The Barrister will also have to react to comments provided on the document by the Solicitor, the client, etc. Barristers also have to write documents in preparation for hearings, in particular 'Skelton Arguments'. There is also likely to be a lot of letters sent between the solicitors from the claimant and the defence. The Barrister is likely to be asked to review the letters the solicitors write and may need to revise them. Barristers will also have to review and provide comments on experts reports. Barristers also may attend mediation, which require documents to be written. Barristers typically have a few cases going on due to the nature of litigation being quite stop and start. I am a solicitor and I'd say that solicitors probably write more than Barristers but Barristers do have to write a lot.
is there a specialisation of law that is better hours or more predictable ?
What do you do to make AG1 taste better. Good supplement but taste is meh.
On average how many days in a week or a month do corporate lawyers work for 12-14 hours a day?
I think for the money U need to speak about the difference between Us Law firm and Uk Firm, in Us the increase of the salary is significantly higher than in Uk Law firm with agressive bonus policy.
For the rest, agree.
True but with US , you need 4 year degree then go to law school for JD and that can set you back hundreds of thousands
Sorry for the misunderstanding, I'm talking about American firms, but it doesn't matter whether they're in the US, London, Paris or Luxembourg.
I know that in Paris, for example, certain firms such as Skadden, Sullivan, L&W and WGM pay the best salaries, even more than investment bankers like Goldman, JPM etc...@@davidc4408
Although in the UK if you don't do law first you have 3 year degree, one year law conversion, 1 y ear SQE exams - so that is already 5 years of study PLUS the 2 years as a trainee solicitor so 7 years before being qualified (6 if you do law as your first degree) and UK student loans can be very large @@davidc4408
Currently studying law in egypt
Can someone enlighten me what my speciality will become as a law proffesional in 2 languages english and arabic?
In which law firm you work ?
omg i j found out that this guy works in the same firm where i dream of working at , ive been following him for while and didnt know that lol , its kind of like an impossible to achieve childish goal as of now (given its very very hard and i must say my chances of making it there are like 3 percent) , but still im hoping i make it there one day .
Everyone likes their job until they are financially self-sufficient to be without one 😀
Although my psychiatrist father had loads of patients who were depressed when they stopped work, they kind of lost their routine and goal
What type of housing do u live in ?
What are the sallary numbers? what is 'high'?
He’s broken down his salary in an earlier video
125k . Not that high compared to some other options
@@davidc4408Other options like?
Super insightful! Loved your organized pros and cons!
Perhaps you could share your years of experience and earnings. Hard to get context otherwise.
Corporate Law is interesting?? Who are you kidding, it's the money keeps you interested.
Mate, outgoings are largely dependent on yourself. So listing it as a con that correlates with incomings is VERY odd and I'd not have expected it from an intelligent lawyer like yourself
He is just being honest. For parents (I had a baby as a trainee lawyer and worked full time) the childcare which can be £60,000 for someone to look after the child at home or £24,000 per baby in a nursery, is not optional - it is essential if the father or mother wants to work (although I suppose people could choose to be childless). Also if you are really busy then you have less time to clean the house so might hire a cleaner and perhaps might eat out more so spend more on those things. The other interesting point is that as most people earn more they tend to spend more - it is quite hard not to do that.
Ok I am a med student and the hours are nothing. Come on.
Honestly, I know you've got to make a living but I genuinely couldn't think of more inane and completely meaningless way to spend your most valuable resource. Get out of it Liam you drone. You will blink and be 40.
The truth is corporation brands are more expensive.
*_"Why do you go to starbucks?_*
*_because you feel boring? It'll eat up your life..."_*
The another truth is that the law is useless in the most of cases. 😅😮