Leaving BigLaw to Start a Business - And Returning Forum

[Anonymous User]

Hi TLS folks,

New topic (yes I searched but would like to ask anyways) that hopefully is less controversial than (i) suicide, (ii) affirmative action, (iii) Jones Day compensation or (iv) NY v. Chicago v. LA v. Houston.

I have an opportunity to start a business that has I think a decent chance at being successful -- trying to stay light on details to not out myself, but it certainly will make money, just hard to say how much. My role would be as a co-founder, but functionally it would be "everything" from sales/marketing/learning the products/everything else that goes into running a small (but hopefully growing) business. There is a small legal component to the work, but not a ton (could spin it in interviews, but maybe a stretch).

QUESTION: I'm a mid-level M&A/Capital Markets (more M&A but able to do both) associate at a v10. What are your thoughts on ability to return to biglaw practice in 1-2 years if the business doesn't pan out? Obviously the answer is in part dependent on market conditions, but trying to do some diligence before potentially making a leap.

Appreciate the conversation!

[Anonymous User]

I would fully expect a haircut on class year/pay if you go back.

The question that always comes up among interviewers is how much knowledge and deal “know how” you’ve potentially lost over that time period and whether an associate who’s been consistently working in private practice would be a smoother transition.

[Anonymous User]

I would fully expect a haircut on class year/pay if you go back.

The question that always comes up among interviewers is how much knowledge and deal “know how” you’ve potentially lost over that time period and whether an associate who’s been consistently working in private practice would be a smoother transition.

Thank you for the response.

I wouldn't have any problem with a class year hit -- makes sense to me. I'm more concerned about the actual ability to go back. I think I could spin the business work to address at lease some of the concerns underlying the "know how" question, but definitely an issue.

[hdr]

Returning to biglaw could be challenging but it won't be impossible, assuming lateral hiring is active. Some firms won't consider you at all but plenty of partners are willing to hire someone who took a break from biglaw, in my experience.

My advice would be to stay in touch with the partners you're closest to because they'll be invaluable in helping you return. Having a partner vouch for you is the best way to overcome the presumption that you were pushed out. Also rely on your school/friend network; if you don't have an associate pass along your resume it might never get beyond the recruiter/practice group manager.

[CanadianWolf]

Interesting question as a hypothetical, but not the right mindset for starting a business.

[Anonymous User]

i actually heard of someone with similar story - worked on their own startup, failed and returned to biglaw. They are now a partner at a v5.

[CanadianWolf]

Any chance that the side business is running for the US Senate ?