What I REALLY Think About Corporate Law - My Honest Opinion
Summary
TLDRThe video script discusses the pros and cons of being a corporate lawyer from the perspective of someone with three years of experience. The speaker rates each point on a scale of 1 to 10 for 'goodness' or 'badness.' Pros include intellectually stimulating work, working with knowledgeable colleagues, good earnings and job stability, respect and self-worth, and project-based work offering variety. Cons highlighted are long working hours, unpredictability in work schedules, increased personal expenses with higher income, a linear and slow career progression, and a sedentary work nature. Despite the challenges, the speaker enjoys their job and finds the positives outweigh the negatives, with no plans to change careers soon.
Takeaways
- 📚 The speaker enjoys the intellectual stimulation of commercial law, particularly in mergers and acquisitions, and gives it a 9 out of 10 for interest.
- 🕒 Despite long working hours, the speaker is comfortable with the work intensity and rates the badness of hours as a 4 out of 10.
- 🤝 Working with knowledgeable and intelligent partners provides a fulfilling environment, earning an 8 out of 10 for good colleagues.
- 🚨 Unpredictability in work scheduling is the speaker's least favorite aspect, scoring a 9 out of 10 on the badness scale.
- 💰 Corporate lawyers are well paid with good long-term earning potential, but the high income comes with increased expenses, resulting in a 9 out of 10 for money and a 2 out of 10 for the associated downside.
- 🔐 Job stability as a lawyer is highly valued, scoring a 7 out of 10, due to the constant need for legal services.
- 🏗 The role of a lawyer is more reactive than proactive, acting as architects rather than originators of ideas, which is given a 6 out of 10 for badness.
- 🏆 The profession commands respect and boosts self-worth, with a goodness rating of 6 out of 10.
- 📈 Career progression in law is linear and slow, which can be frustrating, earning a 6 out of 10 for badness.
- 🎯 The project-based nature of corporate law provides variety and a sense of accomplishment, rated 8 out of 10 for goodness.
- 🖥 The sedentary nature of the job is a significant downside, with the speaker giving it a 9 out of 10 for badness due to health implications.
Q & A
What is the speaker's profession and how long have they been in the field?
-The speaker is a corporate lawyer and they have been in the profession for three years.
What is the first pro the speaker discusses about being a corporate lawyer?
-The first pro is that the speaker finds their work interesting, dealing with mergers and acquisitions and structuring deals for major companies.
How does the speaker rate the intellectual stimulation in commercial law on a scale of 1 to 10?
-The speaker rates the intellectual stimulation in commercial law as a 9 out of 10.
What is the first con mentioned by the speaker, and how do they rate it in terms of badness?
-The first con mentioned is the long working hours in corporate law, and the speaker rates it as a 4 out of 10 in terms of badness.
What does the speaker appreciate about working with colleagues in a corporate law setting?
-The speaker appreciates the intelligence and knowledge of their colleagues, who are partners with 15 to 30 years of experience in the legal industry.
How does the speaker rate the goodness of working with colleagues in a corporate law firm?
-The speaker rates the goodness of working with colleagues as an 8 out of 10.
What is the second con the speaker discusses, and why is it considered a significant drawback?
-The second con is the unpredictability of work hours, which can disrupt personal plans and lead to last-minute work demands. It is considered significant because it affects work-life balance.
How does the speaker rate the badness of the unpredictability in work hours for a corporate lawyer?
-The speaker rates the badness of the unpredictability in work hours as a 9 out of 10.
What is the third pro mentioned by the speaker, and what is the reason behind its high rating?
-The third pro is the high salary and earning potential of a corporate lawyer. It is highly rated because the speaker receives a strong base salary and has the potential to earn significant amounts of money in the long term.
What is the downside to the high salary that the speaker experiences?
-The downside is that as the speaker's income increases, so do their expenses, leading to a lifestyle inflation that means savings do not grow as expected.
How does the speaker rate the badness of the increased outgoings due to a high salary?
-The speaker rates the badness of increased outgoings as a 2 out of 10, acknowledging that while it's not ideal, the benefits of a high salary outweigh the increased expenses.
What is the fourth pro of being a corporate lawyer as discussed by the speaker?
-The fourth pro is job stability. The speaker values the fact that the skills of a lawyer are in high demand, providing a sense of job security.
How does the speaker rate the goodness of job stability for a corporate lawyer?
-The speaker rates the goodness of job stability as a 7 out of 10.
What is the third con mentioned by the speaker, and how does it affect their job satisfaction?
-The third con is the nature of lawyers being more like architects rather than originators, responding to client demands rather than initiating ideas. The speaker rates it as a 6 out of 10 in terms of badness, acknowledging it as a downside but not a significant issue in day-to-day work.
What does the speaker consider as the penultimate pro of being a corporate lawyer?
-The penultimate pro is self-worth. The speaker feels that being a lawyer commands respect and contributes to a sense of self-worth and fulfillment.
How does the speaker rate the goodness of self-worth derived from being a corporate lawyer?
-The speaker rates the goodness of self-worth as a 6 out of 10.
What is the fifth con mentioned by the speaker, and why is it considered a drawback?
-The fifth con is the linear and slow career progression in corporate law. The speaker finds it limiting because there is a set timeline for promotions regardless of individual performance.
How does the speaker rate the badness of the slow career progression in corporate law?
-The speaker rates the badness of slow career progression as a 6 out of 10, recognizing it as a drawback but also understanding the reasons behind it.
What is the final pro of being a corporate lawyer according to the speaker?
-The final pro is that the work is project-based, which provides clear goals, a sense of accomplishment upon completion, and variety in work life.
How does the speaker rate the goodness of project-based work in corporate law?
-The speaker rates the goodness of project-based work as an 8 out of 10.
What is the final con of being a corporate lawyer that the speaker discusses?
-The final con is the sedentary nature of the job, which involves long periods of sitting and staring at screens, leading to potential health issues.
How does the speaker rate the badness of the sedentary nature of corporate law work?
-The speaker rates the badness of the sedentary nature of the job as a 9 out of 10, acknowledging it as a significant downside.
What is the speaker's overall view on the pros and cons of being a corporate lawyer?
-The speaker believes that the pros outweigh the cons. They enjoy their job, are experiencing good career progression, and find the level of responsibility and knowledge gained to be satisfying. However, they also recognize the need to make sacrifices in terms of personal time.
Outlines
📚 The Ups and Downs of Corporate Law
The speaker, a corporate lawyer with three years of experience, shares their perspective on the profession. They discuss the intellectual stimulation of working on complex deals and legal challenges, but also acknowledge the less glamorous aspects such as the initial mundane tasks and the demanding hours. The speaker rates the pros and cons on a scale of 1 to 10, providing a balanced view of the corporate lawyer life.
🤝 Working with Experienced Colleagues
The speaker highlights the benefit of working alongside knowledgeable and intelligent partners with extensive legal experience. They mention the camaraderie and team spirit that comes from working long hours in a close-knit group. However, they also note the high-pressure environment due to lawyers' perfectionist tendencies. Despite this, the speaker appreciates the opportunity to learn from their colleagues, giving this aspect an 8 out of 10.
💰 Earning Potential and Lifestyle Adjustments
The speaker discusses the high earning potential of corporate lawyers, with salaries that grow year on year and the possibility of earning significant amounts as a partner. However, they also point out that increased income often leads to higher living expenses and lifestyle inflation, which can slow the accumulation of savings. Despite this, the speaker still rates the financial benefits highly, with a 9 out of 10, but acknowledges the trade-offs.
🌟 Job Stability and the Role of Lawyers
The speaker values the stability that comes with being a lawyer, given the constant demand for legal services. They compare lawyers to architects, who provide structural options and execute the building of bridges, rather than originating the idea. While lawyers may not initiate projects, they play a crucial role in their execution. The speaker gives job stability a 7 out of 10, recognizing its importance but also the limitations it imposes on creativity and innovation.
🏆 Career Progression and Self-Worth
The speaker addresses the linear and slow career progression in law, with a set timeline for promotions that can feel frustrating. They acknowledge that the process is justified by the need for experience, but it can be disheartening to wait for advancement. Despite this, the respect associated with being a lawyer contributes to a sense of self-worth. The speaker gives career progression a 6 out of 10 on the Badness scale, recognizing its drawbacks but also the value in the profession's respect.
📈 Project-Based Work and Sedentary Lifestyle
The speaker enjoys the project-based nature of corporate law, which provides clear goals and a sense of accomplishment. They appreciate the variety that comes from working on different projects and the satisfaction of completing them. However, they also acknowledge the sedentary nature of the job, which can take a toll on physical health. The speaker gives project-based work an 8 out of 10 for its benefits but rates the sedentary lifestyle a 9 out of 10 on the Badness scale, indicating a significant concern.
📈 Final Thoughts on the Corporate Law Career
In conclusion, the speaker expresses overall satisfaction with their career as a corporate lawyer, despite the challenges. They emphasize that the pros outweigh the cons and that they have no plans to change professions. The speaker acknowledges the sacrifices required, such as working long hours and unpredictable schedules, but finds the rewards of the job fulfilling and satisfying.
Mindmap
Keywords
💡corporate lawyer
💡intellectual stimulation
💡billable hours
💡colleagues
💡unpredictability
💡earning potential
💡self-worth
💡job stability
💡project-based work
💡sedentary lifestyle
Highlights
The speaker has been a corporate lawyer for three years and is sharing their perspective on the profession, including six pros and cons.
Interesting work is a pro, with the speaker enjoying the intellectual and commercial challenges of mergers and acquisitions.
The initial tasks as a lawyer may be dull, but there's quick progression beyond these to more stimulating work.
The speaker rates the intellectual stimulation of commercial law as a 9 out of 10.
Long working hours are a con, but the speaker is surprised to find they are not as bad as expected, giving it a 4 out of 10 for badness.
Working with knowledgeable and intelligent partners is a pro, with a camaraderie among the team despite the perfectionist nature of lawyers.
The unpredictability of work hours and the need to cancel plans is a significant con, rated 9 out of 10 for badness.
AG1, the sponsor, is highlighted as a tool to maintain health during intense work periods.
High earnings are a pro, with a good salary growth year on year, but the path to high earnings is slow and requires long-term commitment.
Despite high income, increased lifestyle costs can reduce the accumulation of savings and assets.
Job stability is a pro, as the demand for lawyers is consistent, rated 7 out of 10.
The speaker feels that lawyers are more responsive to client demands rather than originators of ideas, which is a mild con.
The respect and recognition that comes with being a lawyer contributes to self-worth, a pro rated 6 out of 10.
The linear and slow career progression in law is a con, with the speaker rating it 6 out of 10 for badness.
Project-based work provides variety and a sense of accomplishment, a pro rated 8 out of 10.
The sedentary nature of the job is a significant con, with the speaker rating it 9 out of 10 for badness.
Despite the cons, the speaker is overall satisfied with their career choice and has no plans to change, emphasizing the outweighing pros.
Transcripts
thanks to ag1 for sponsoring today's
video
alright so I've been a corporate lawyer
for three years now and so I felt like
it was probably time that I really dig
into what I actually think of my job the
good and the bad in this video I'm going
to be showing the six pros and cons of
being a corporate lawyer so I'm gonna
give each of the pros a goodness rating
out of 10 in each of the cons a Badness
rating so that you can see the overall
attributes of lawyer life so let's dive
straight in and I'm going to start off
with the first pro which is that I do
interesting work I am dealing as a
commercial lawyer working in mergers and
Acquisitions with some of the biggest
companies in the world trying to figure
out how to structure a deal dealing with
problems as they arise within the
business how we can allocate risk
between the different parties to a
transaction there are so many moving
Parts both from a legal intellectual
perspective and also from a commercial
perspective now it's definitely true
that when you start out your career as a
lawyer lots of the tasks you're
initially given aren't necessarily in
themselves intellectually stimulating
you might be proof reading documents
checking cross reference is and of
course that is at times pretty dull but
I have genuinely found that very quickly
you progress Beyond those tasks as long
as you do a good job at them build trust
with people and as a lawyer it's not
just that you're in the detail of the
law and that that is intellectually
interesting it's also that you're then
facing clients who you have to explain
things to in a way that they as
non-lawyers will understand so yeah for
overall intellectual stimulation and
genuine interest in what you're doing I
think commercial law scores pretty
highly I'm going to give it a 9 out of
10. okay now on to the first con and
it's a pretty obvious one but it's just
the hours you have to work as a
corporate lawyer but I would say I think
my opinion on this might surprise you
the reality is that yes as a corporate
lawyer you're having to bill every hour
that you work for clients and you have
targets around the number of hours you
should be billing you're definitely not
doing a nine-to-five job I would say on
average but this is a real rough average
you may be talking more 9 to 7 30 or 8
P.M every day but again that's just the
average I would also say that having to
record every single minute of time you
spend working on something the billable
hour as it's known is a pretty tough way
for at least some people to live their
lives so actually for hours for the
moment I'm only gonna give it a Badness
rating of 4 out of ten I'm happy to work
fairly long hours during the week I
don't mind hard work and I actually
quite enjoy the intensity of my job okay
flipping back over to Pros we're now on
to the second Pro and this is I'm gonna
say colleagues so as a corporate lawyer
you are working with Partners who have
been in the legal industry for 15 to 30
years they are hugely knowledgeable
incredibly intelligent people who when
you join a call and you're sat next to
them and they're just doing their thing
on the call and I think just having that
ability to look at your colleagues and
say you know what these people are
incredibly smart I get to work with them
every day that is a really fulfilling
and I think stretching way to work when
you're working fairly long hours as a
pretty close-knit team says they'll
generally be a team of between maybe
five and 10 people you get to know each
other really well you're all in it
together and I think that really gives
you a sense of camaraderie that you
don't necessarily get in other jobs the
only downside I'm gonna kind of caveat
all of that with on colleagues is that
generally lawyers are pretty
perfectionist High performers just the
inherent nature of lawyers is that we
are professionals who do quite serious
things it can mean that the overall
atmosphere is maybe less relaxed than it
might be if you had a slightly more
diverse way of thinking I think it just
inherently comes with the type of people
who are good lawyers and also just the
type of work we're doing and the
importance we attach to our role as
lawyers well despite that slight
negative I think overall getting to work
with really intelligent people who teach
you tons is a huge positive so I'm going
to give colleagues a goodness rating of
8 out of 10. all right now con number
two and this is probably the biggest one
for me and it's not the hours it's
unpredictability it's the fact that I
have no idea when I'm going to have to
work for much of the time so we could
get an email on a Friday night from the
client saying actually I really need
this done over the weekend by Monday and
we are then expected to do that work if
you're on holiday no but generally
weekend work can happen and does happen
and you do have to make sacrifices
evening plans during the week are really
quite hard to make because you could
make a load of plans think you're going
to be really quiet suddenly a piece of
work comes in on Monday evening and the
rest of your week is incredibly intense
and that just means that you have to
cancel on people and that sucks so yeah
unpredictability you get a 9 out of 10
on the Badness rating is probably my
least favorite thing about my job but it
is as I say why we're paid so much and
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all right third Pro is a pretty obvious
one and it's money I am as a corporate
lawyer very well paid and I would also
say that your long-term life earning
potential is very good your salary
generally grows year on year and
particularly by the time you get to
being a partner you have the ability to
earn very significant amounts of money
the only thing I think you can say in
terms of negative is that it is a pretty
slow exponential curve so while the base
salary is still relatively higher
compared to most jobs actually if you
look at the curve you have to stay in
the career for a really pretty long
period we're talking 10 to 20 years
before you really see the very high
earnings that means you have to make
quite significant sacrifices over a
relatively long period And there are
relatively few if any multi-millionaire
35 year old lawyers where there are
quite a few startup Founders who have
sold their businesses age 30 to 40 and
have made a huge amount of money and
probably never need to work again but
look the earning potential is very
significant the base salary is very
strong so it gets a 9 out of 5 and on
money now the flip side of the money Pro
is that in my experience as a corporate
lawyer your outgoings also increase
considerably essentially as you earn
more money you adjust your lifestyle
accordingly meaning you spend more and
that means that your net asset value
either the amount of money you actually
have in your bank account doesn't go up
as quickly as you might expect there are
three ways I've really felt this effect
in my own life the first is just that
the cost of living as a corporate lawyer
in London is significantly higher than
if I did another job somewhere else I
have way higher rents in London than I
would if I lived outside of London now
of course you don't have to live in
London if you want to be a corporate
lawyer but lots of corporate law firms
are based in the city the second is that
you're relatively time poor and there
are ways that you can buy back
relatively little amount of time you
have left by paying for someone to do
your ironing or paying for a cleaner or
if you have kids having a nanny and all
of these expenses start to add up pretty
quickly and the third is that because
you have relatively little free time you
have holiday days but your weekends are
rarely protected it's hard to make
weekday a plans you have relatively few
opportunities to spend money which means
that when you do you go big and that
means paying for luxury hotels or fancy
holidays I can't really say it's that
big of a con but I think this idea of
actually despite having very significant
income the fact that you're having to
work really hard and have relatively
little free time means that your
outgoing is considerably increase and
therefore the overall impact on the
amount of money you have actually isn't
as significant as I thought before going
into this career that said I don't think
you can really say that having to pay
for people to clean for you or going on
really nice holidays is that big of a
calm so I'm only gonna give this 2 out
of 10 on the Badness rating the fourth
Pro is then one I think is really easy
to take for granted and that is
stability the skill of being a lawyer is
hugely valuable you have something that
most people do not have and that
generally the world needs you cannot
enter into detailed agreements or
litigate without having lawyers involved
that means that while law firms and my
job does get impacted to some extent
then by the global economy and Market
changes it actually is relatively well
protected in terms of the world will
always need lawyers I live in a country
which has a very well established rule
of law English or remains a very common
law to use on International transactions
and therefore I know that I have pretty
good job stability yeah I don't think
it's something that I think about all
the time in my day-to-day life I think
if you don't have job stability it's
something that you really feel so it's
not the most important Pro of being a
lawyer but I do think it is a big
positive so I'm gonna give it a 7 out of
10 on the goodness scale now the flip
side of this job stability and lawyers
always being necessary if you're doing a
deal you need a lawyer to draft that
agreement is that lawyers are more
Architects rather than originated we
generally respond to the demands of
clients something a client has already
decided to do and then give them options
on how they can do it and effectively
make that happen so to use the analogy
of building a bridge lawyers are not the
people that decide to build a bridge in
the first first place they're also not
the people that decide generally where
that bridge is going to be but they are
the architects who give you different
design options for your bridge and say
actually you could place it slightly
further Downstream because the river is
slightly narrower there and then they're
also the people who actually build the
bridge itself but fundamentally the core
idea to build a bridge doesn't come from
us I said I think there are actually
relatively few jobs in the world where
you're truly thinking of original ideas
of what to create rather than having a
specific role within actually making
that thing happen and so I'm gonna give
this a Badness rating of 6 out of ten I
don't love it but I actually don't think
it's that big of an issue in your
day-to-day and there definitely are ways
that you get to use creative problem
solving in your job as a corporate
lawyer okay penultimate Pro is
self-worth and while I absolutely don't
think we should spend our lives judging
ourselves based on what other people
think that is just an inherent part of
being human and so I think being a
lawyer while if you go to a party you
notice that lots of people try to avoid
talking to you because they expect you
to be a bit dull flip side of that is
people generally respect lawyers I think
and assume that you're a smart person
and I think that means that as a lawyer
you have this real like foundational
building block of self-worth of people
respecting and valuing what you do and
it does help to build a sense of genuine
self-worth and I guess fulfillment in
the overall scheme of your life that you
have developed a skill that most people
will never have it definitely makes me
at least a little bit proud to say I'm a
lawyer and it definitely makes your
grandparents when they're telling their
friends what Little Liam does quite
proud so that I think does have some
value look it's not the most important
thing again but I'm gonna give it a six
out of 10 on the goodness scale all
right con number five is career
progression and specifically that your
career progression as a lawyer is
relatively linear and quite slow I have
definitely built up the amount of
responsibility I have by doing a good
job quite quickly I absolutely think
that is possible but overall as a low
there is a set timeline to when you
become an associate and then when you
become a senior associate and then when
you become a partner and it is no matter
how good you are fairly hard to break
out of that rigid linear timeline that's
a there is kind of a good reason for it
you do need just the time of experience
of working on different deals seeing
different deal structures and working in
public M A and private M A and that
experience is just built up over a
relatively long period of time so it's
kind of with good reason but I think it
is just profession where the timeline to
Career progression is relatively long
and can at times feel kind of slow so
because there are good reasons for it
but it is kind of annoying to know that
your next promotion isn't maybe for
another four years I think I'm gonna
give it a six out of 10 on the Badness
scale not ideal but something you
understand and just have to deal with
again the final Pro of being a corporate
lawyer for me is that it is Project
based this means that we work towards a
very clear goal for me an m a
transaction happening we sign it we
complete it and then it is done our
client is happy and we move on on to the
next thing it means that you have a very
clear Focus you get to that end goal you
feel a sense of satisfaction of having
done that and then you repeat that but
in a different way and that also means
that because you're constantly rolling
onto different projects with different
clients doing different things you have
pretty good variety in your work life I
think I'd really struggle working in a
job for example like research and
development or something where you have
a much less tangible timeline towards
the end completion of your goal so while
fulfilling them while you're doing
something really important I think I
really love having three months until we
sign and three months until we complete
and then the deal is done so for me
having project-based work that gives me
variety and fulfillment gets an 8 out of
10 on the goodness scale and the final
pretty big con of being a corporate
lawyer is that it is one heck of a
sedentary job at least for a number of
years until maybe you become a big boss
partner and start going around seeing
clients all the time but actually I
think most of our time is spent staring
at screens and sat at death I have a sit
stand desk so I can stand up but
fundamentally I'm pretty much still for
most of the day staring at screens which
is bad for my eyes overall not great for
my body it's clearly not specific to
being a corporate lawyer but it is a
pretty major downside I think and I kind
of already feel like my back and my body
is feeling the consequences of it not
something I really have a solution to
but honestly I am going to give it a 9
out of 10 on the Badness scale I think
having to sit around all day and staring
at screens it's something that I am
willing to do because I like the type of
work I'm doing and all of the pros
outweigh it but it definitely isn't
great for you so yeah these are all the
pros and cons of being a corporate
lawyer and all of their goodness and
Badness ratings for me I definitely
think the pros do outweigh the cons I
have no plans to stop being a corporate
lawyer anytime soon I'm really enjoying
my job getting good career progression
feel like I'm really growing in the
level of responsibility I have and the
knowledge that I have and that is hugely
satisfying so yeah overall very happy in
my job currently but there are definite
downsides having to spend huge amounts
of time I'm at work and not knowing
ahead of time when that's going to be I
think can be pretty tough at times and I
think it's something that's really
important to know about before you go
into being a corporate lawyer you will
have to make sacrifices you will have to
give up some time at your weekend
sometime in evenings it's just a part of
the job so yeah I really hope you've
enjoyed this video if you are a
corporate lawyer and have more pros and
cons you think I've missed then please
do leave them down in the comments any
questions feel free to ask them and I
will do my best to respond I always read
all of your comments so please do drop
them down below give this video a like
if you enjoyed it and then go and watch
one of my other videos thank you so so
much for watching
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