Biglaw or Family Business Forum

[Anonymous User]

These forums have provided a ton of information. I have learned a lot and grateful for the people that contribute to keep it alive for the many prospective students, law students, and graduates. After using the suggestions, I am thankful to be in the position I am and wanted to see what others think of the dilemma I'll be faced with soon.

As JDMBA student, I'll be done with my coursework within a year. Next month, I'll start a summer associate position at a reasonably large regional office (80 attorneys) of a big firm near my hometown. The firm has a close to 100% offer rate and assuming nothing goes wrong I should have the fulltime spot.

On the other hand, my family has a small business. It's been around for 30+ and grown with the economy of the region. There is sufficient dry powder (capital) to make some moves. However, my parents are conservative and don't have education related to law or business or desire for that matter to grow the business. If I join them, the door is open, after establishing myself they would defer to me overtime and I could take more and more responsibility and mold the business into a stronger regional organization.

Where biglaw will have formal structures and training, the family business is mostly 'what i make of it.' Where in biglaw I'll be at the bottom, I will be more senior immediately within the family business. Some of my friends have said why would I consider working for someone else when I could work for my family and myself.

I pose the question to the community - how do you view the choice? Law certainly has it's benefits, helps reading, writing, analytical thinking abilities of the people. Biglaw is unique in that it provides training and an opportunity to work on various matters and possible high profile issues. However, I am not sure the experience would benefit me in the future of the family business if I exit in 3-5 years after learning the ropes as a lawyer to be able to do something substantive. The family business provides a quality of life, that is more time to myself and mostly self driving. It may seem like a rosy picture now, but, it's certainly a challenging decision to make. The family business is the easiest thing to get into, but the hardest to get out of. Biglaw or the family business? Thoughts from current associates may be most appropriate but also looking forward to general feedback.

[lawschoolftw]

These forums have provided a ton of information. I have learned a lot and grateful for the people that contribute to keep it alive for the many prospective students, law students, and graduates. After using the suggestions, I am thankful to be in the position I am and wanted to see what others think of the dilemma I'll be faced with soon.

As JDMBA student, I'll be done with my coursework within a year. Next month, I'll start a summer associate position at a reasonably large regional office (80 attorneys) of a big firm near my hometown. The firm has a close to 100% offer rate and assuming nothing goes wrong I should have the fulltime spot.

On the other hand, my family has a small business. It's been around for 30+ and grown with the economy of the region. There is sufficient dry powder (capital) to make some moves. However, my parents are conservative and don't have education related to law or business or desire for that matter to grow the business. If I join them, the door is open, after establishing myself they would defer to me overtime and I could take more and more responsibility and mold the business into a stronger regional organization.

Where biglaw will have formal structures and training, the family business is mostly 'what i make of it.' Where in biglaw I'll be at the bottom, I will be more senior immediately within the family business. Some of my friends have said why would I consider working for someone else when I could work for my family and myself.

I pose the question to the community - how do you view the choice? Law certainly has it's benefits, helps reading, writing, analytical thinking abilities of the people. Biglaw is unique in that it provides training and an opportunity to work on various matters and possible high profile issues. However, I am not sure the experience would benefit me in the future of the family business if I exit in 3-5 years after learning the ropes as a lawyer to be able to do something substantive. The family business provides a quality of life, that is more time to myself and mostly self driving. It may seem like a rosy picture now, but, it's certainly a challenging decision to make. The family business is the easiest thing to get into, but the hardest to get out of. Biglaw or the family business? Thoughts from current associates may be most appropriate but also looking forward to general feedback.

IMO, this is an almost-impossible question to answer for people who don't know you. Fundamentally this is a question about whether you want to practice law or run a business and that is purely a personal preference.

[Hutz_and_Goodman]

No one is going to be able to answer this

However I would point out that it will be possible to go law firm -> family business

Very difficult to to the other way

[sprezz]

was just going to say you can do law first and switch, but probably not the other way

i chose law in a not entirely dissimilar situation mostly because i thought i'd like it more (i know i know) but also a little voice in the back of my head said it made sense to diversify family income streams. but again, this is such a personal/situational call. gl with it tho

[RedGiant]

Cosign the advice that you probably have one shot to be an attorney, and it's now. I don't think you should be so quick to say you won't learn anything at a firm. At firms you learn a lot more than just the substantive matters you are working on--collaboration, how to be managed/mismanaged, how to manage, how to incentivize workers. If you are doing corporate, you can learn a lot about specific industries or how businesses grow and are funded. I would certainly not rule out the fact that a few years working for others could give you "seasoning" as a manager that would make you a better manager.

I would also consider all the other issues that family businesses are fraught with--does the generation that's running the business want to give you the reins soon, or would you have to wait until they are ready to retire. If they retire, will the be all up in your business or really let you make what you want of the business? Would you have equity or have to buy them out over time, etc. Is the reason the business hasn't expanded truly because your parents don't have the education, or because the market wouldn't really bear it, etc.

As others have said, no one will say that there's a right answer. But I strongly believe that a few years in law, and perhaps a few more not in law would make you a much better candidate when it comes time to moving toward the family business. Good luck. Remember that this is an opportunity either way!

[Anonymous User]

I was in a very similar situation to you OP, except that I didn't have the option of going law --> family business. It was one or the other (they were retiring soon). I was choosing between freedom, ease, comfort (and boredom) on the one side in a low COL, low-education area, and challenge, suffering (and personal growth) on the other. I chose law. I'm a 3L now, heading to a biglaw office in the fall with amazing associate and partners. I definitely lucked out on the quality of the people in my office, but it's still unclear if I made the right decision. I don't think I will ever know which path was "better." Try to keep in mind that they're both good options, so there's no bad choice here. Given that you can test the waters with law first, and still return to the family business, I would -- without knowing more -- go that route. Of course, there's a ton of personal preference and personal details that also will need to inform this decision that I can't take into consideration.

[dixiecupdrinking]

Might as well give big law a shot since it doesn't seem like it would close any doors here. But I think you are not likely to find it provides the things you think it will. In particular, "training" is predominantly very poor in big law and depending on what the family business is, you may learn little to nothing of any value to it from working at a firm. If you absolutely had to make a choice between the two, odds are the family business is going to be the better choice for lets say 90% of people.

[Anonymous User]

I went to work for the family business, which happens to be a small boutique law firm. I would say that everything up-thread about this path limiting your mobility is 100% accurate. I have discovered that I don’t love running a business, so I am trying to get out, and it’s tough getting anyone to look at your resume. It doesn’t help that my specialty is pretty specific. So if you want options in three years, Big Law would be the better path.

A lot of it depends on how you feel about being the manager or the worker bee. If you know that you are a good manager, the family business gets you there much faster than the law firm would. If you know that you are a better worker than boss (it’s hard saying this in a type-A heavy industry but there is actually no shame in that), you probably will hate running the family business. And if you don't know where you stand on that divide, maybe go with the less limiting option.

[Lexaholik]

Join the firm first and keep the family business as an exit option.

If you choose family business, there may come a time when you encounter a setback or have to make an unpopular decision. When that time comes, you will be second-guessed. "He/She never got a job on his own, what does he/she know?" Having a non-family business job (especially at a law firm) may not prevent these types of comments but it will give you a powerful counterargument.

Having law firm experience will also give you credibility among non-lawyers. You can always refer back to your experience when justifying whatever decision. The truth may be that you didn't actually learn very much--but they don't know that.

Finally, everyone makes mistakes at their first job. (Even if this isn't your first job, it's still early.) Make those mistakes in someone else's business. Even if you only work there for a year or two, you can get a lot of kinks out.

[Anonymous User]

Do a couple years of biglaw then go to the family business. It'll give you credibility and experience but you'll have an exit opportunity that is far better than what 95% of biglawyers will have.

[sprezz]

Join the firm first and keep the family business as an exit option.

If you choose family business, there may come a time when you encounter a setback or have to make an unpopular decision. When that time comes, you will be second-guessed. "He/She never got a job on his own, what does he/she know?" Having a non-family business job (especially at a law firm) may not prevent these types of comments but it will give you a powerful counterargument.

Having law firm experience will also give you credibility among non-lawyers. You can always refer back to your experience when justifying whatever decision. The truth may be that you didn't actually learn very much--but they don't know that.

Finally, everyone makes mistakes at their first job. (Even if this isn't your first job, it's still early.) Make those mistakes in someone else's business. Even if you only work there for a year or two, you can get a lot of kinks out.

particularly credited post (in a thread with several of them, imo)

[gaddockteeg]

No one is going to be able to answer this

However I would point out that it will be possible to go law firm -> family business

Very difficult to to the other way

This is the right answer IMO. Do 2 years at big law, then go to the fam biz.

[Anonymous User]

OP here and thankful of the great responses.

\I don't think you should be so quick to say you won't learn anything at a firm. At firms you learn a lot more than just the substantive matters you are working on...how businesses grow and are funded. I would certainly not rule out the fact that a few years working for others could give you "seasoning" as a manager that would make you a better manager.

I would also consider all the other issues that family businesses are fraught with-

Good luck. Remember that this is an opportunity either way!

Thanks for this point, I think it's particularly relevant to flesh out all the issues with family business. There's a lot of informality and could lead to various unknowns. The value of biglaw does provide non substantive and directly relevant business. I am may try and maneuver to get into a practice group that is directly related to the family business going forward.

A lot of it depends on how you feel about being the manager or the worker bee.

This is hard to tell. Some selfreflection is critical. The 'keeping your options open' idea to resonates with me. Thanks for sharing your personal story it is very relevant.

I was in a very similar situation to you OP, except that I didn't have the option of going law --> family business. It was one or the other (they were retiring soon). I was choosing between freedom, ease, comfort (and boredom) on the one side in a low COL, low-education area, and challenge, suffering (and personal growth) on the other. I chose law. I'm a 3L now, heading to a biglaw office in the fall with amazing associate and partners. I definitely lucked out on the quality of the people in my office, but it's still unclear if I made the right decision. I don't think I will ever know which path was "better." Try to keep in mind that they're both good options, so there's no bad choice here. Given that you can test the waters with law first, and still return to the family business, I would -- without knowing more -- go that route. Of course, there's a ton of personal preference and personal details that also will need to inform this decision that I can't take into consideration.

Did you have an opportunity to grow that could provide you a challenge?

Join the firm first and keep the family business as an exit option.

If you choose family business, there may come a time when you encounter a setback or have to make an unpopular decision. When that time comes, you will be second-guessed. "He/She never got a job on his own, what does he/she know?" Having a non-family business job (especially at a law firm) may not prevent these types of comments but it will give you a powerful counterargument.

Having law firm experience will also give you credibility among non-lawyers. You can always refer back to your experience when justifying whatever decision. The truth may be that you didn't actually learn very much--but they don't know that.

Finally, everyone makes mistakes at their first job. (Even if this isn't your first job, it's still early.) Make those mistakes in someone else's business. Even if you only work there for a year or two, you can get a lot of kinks out.

This is credited as sprezz said. Question - How reasonable do you think it would be to try bigfirm route and keep a hand in the family business? Over the next year, with a lighter school load I could potentially help structure the family business to bring in professional manager and reporting structure to provide stronger controls with non family managers. This would add expenses because my folks are great at cost cutting and reducing overhead. Once I start big law, could I meet every week or every other week with a manager and my parents to keep a hand in the ops and direction of the family business? (once systems are in place) I think with strong reports from a manager I could meet on a Saturday or Sunday, prep for 2-3 hours meet for 2-3 hours and give input and understand direction. Or is the attempting 2000 billables plus this too distracting or challenging?



A major concern I have is distancing myself to much from the business and getting cold feet if or when I return.

[Danger Zone]

I was in a very similar situation to you OP, except that I didn't have the option of going law --> family business. It was one or the other (they were retiring soon). I was choosing between freedom, ease, comfort (and boredom) on the one side in a low COL, low-education area, and challenge, suffering (and personal growth) on the other. I chose law. I'm a 3L now, heading to a biglaw office in the fall with amazing associate and partners. I definitely lucked out on the quality of the people in my office, but it's still unclear if I made the right decision.

Hint: You didn't. Law blows.

Lol @ "personal growth"

[Danger Zone]

Join the firm first and keep the family business as an exit option.

If you choose family business, there may come a time when you encounter a setback or have to make an unpopular decision. When that time comes, you will be second-guessed. "He/She never got a job on his own, what does he/she know?" Having a non-family business job (especially at a law firm) may not prevent these types of comments but it will give you a powerful counterargument.

Having law firm experience will also give you credibility among non-lawyers. You can always refer back to your experience when justifying whatever decision. The truth may be that you didn't actually learn very much--but they don't know that.

Finally, everyone makes mistakes at their first job. (Even if this isn't your first job, it's still early.) Make those mistakes in someone else's business. Even if you only work there for a year or two, you can get a lot of kinks out.

particularly credited post (in a thread with several of them, imo)

Yeah this is good advice though

[Lexaholik]

This is credited as sprezz said. Question - How reasonable do you think it would be to try bigfirm route and keep a hand in the family business? Over the next year, with a lighter school load I could potentially help structure the family business to bring in professional manager and reporting structure to provide stronger controls with non family managers. This would add expenses because my folks are great at cost cutting and reducing overhead. Once I start big law, could I meet every week or every other week with a manager and my parents to keep a hand in the ops and direction of the family business? (once systems are in place) I think with strong reports from a manager I could meet on a Saturday or Sunday, prep for 2-3 hours meet for 2-3 hours and give input and understand direction. Or is the attempting 2000 billables plus this too distracting or challenging?

A major concern I have is distancing myself to much from the business and getting cold feet if or when I return.

You could absolutely pull this off but do it solely as an advisor. Counsel your parents on operational issues but make sure they're the ones calling the shots. This can help you minimize your time commitment to the family business.

If your parents are like many other family businesses owners, they may have mixed feelings about bringing you on. (eg. they may still want you to take over, but not for a few years) Avoiding deep involvement at this stage may prove your credibility to them, and make yourself a more attractive successor. Advising them gives you the upside of good decisions but avoids the downside of bad operational decisions.

There's probably a lot of details we don't know about your family business here (or your law firm job for that matter) so adjust as you see fit depending on your circumstances.

Don't worry about getting cold feet. Deal with that when the time comes. Worst case scenario you have a successful career as a practicing attorney.