Law Firm VS In-House Counsel in Toronto

To craft a career as a legal professional in Toronto, there are generally two options – in a Toronto law firm or in-house counsel, and the decision to make the right choice is tricky. If you are also someone with the same confusion, then consider the following points to get a clearer picture of what you actually wish to do.

1. Area of Interest:

Realizing your area of interest is the foremost step you need to work on. In other words, give a though over whether you like mergers and acquisition or media and entertainment. In case you are inclined towards the initial one, then joining big law firms in Toronto will be advisable since they have an entire vertical dedicated to this.

2. Work Profile:

Secondly, it as well depends on the type of work you prefer. An in-house counsel involves guidance and working on a number of topics to various teams. This means one has to be quite knowledgeable in various law topics. Furthermore in in-house counsel one requires maintaining different databases, presentations and reports to keep a close track of work. However in law firms, despite the nature of work being almost similar, everything is more focused in terms of legal matters. You can also assume that an in-house counsel has to be the “Jack of all trade” while the later can be the “master at one”. At times it might happen that an in-house counsel go to a law firm if need arises but never a law firm will seek help from the previous one.

3. Growth Scope:

Whether you are a part of a law firm in Toronto or an in-house counsel, there will be growth in both the areas but there will definitely be a huge difference in terms of salary. Moreover, in case of law firm, it will also depend whether it is a big name or just a start-up. Unlike established brands, in small firms one gets to learn a lot of things since employees are less and multi-tasking are required. Comparatively, in the latter one, pay can be less but learning opportunity is more. So, the decision is completely up to you, whether you wish to associate yourself with a big name or take the golden chance of learning multiple things from one place. Remember one thing; if you are good at what you do, you will not take much time to climb the success ladder. Hence it is imperative to make a wise call.

On the other hand, even though the salary of an in-house lawyer is not that lucrative, s/he has the scope of switching industries. Say for example from a media company to a telecom one. If desired one can also join a law firm in Toronto, in the future.

So basically, the actual point is whether you are a part of a law firm or an in-house lawyer, if you have the right set of skills with sufficient knowledge on law, nothing can stop you from enjoying your job. Plus, don’t join a company just for the sake of comfortable timings, for that is a myth. 

The Original Source is Here: https://lawfirmstoronto.wordpress.com/2020/07/07/law-firm-vs-in-house-counsel-in-toronto/