Many people will change careers over the course of their professional employment. In fact, research shows that the average person will go through three to seven career changes in their lifetime before they retire. Data from the Office of National Statistics (ONS) also shows that around one in ten workers have made a career change in the last ten years and those who changed occupations and industries experienced higher earnings than those who moved jobs in the same profession (ONS: Job changers and stayers, understanding earnings, UK).
Linear careers are a thing off the past, with professionals seeking out different career opportunities for a number of reasons, from disillusionment with their current profession, to a desire for better pay to needing more flexibility. Benefits of a change can include improved self-esteem, an increased sense of purpose, and enhanced fulfilment and enjoyment.
When looking at the legal profession, it’s not uncommon to find that many lawyers transition to insurance to further develop their business acumen and leadership skills.
“Skillsets needed for the legal and insurance professions certainly complement each other, they are both client centric and deal with complex risk assessment and mitigation strategies. Someone who is trained in law often has the skills to navigate intricate insurance policy issues and develop innovative solutions for clients. We’ve helped many professionals move sectors and their feedback has largely emphasised an improved work-life balance, greater leadership opportunities and better work variety”, says Sunny Everton, Managing Director.
So, with that in mind, what are the benefits of moving from Corporate law to Warranty and Indemnity (W&I) insurance?
Ability to use a broader skillset: Corporate lawyers often possess strong negotiation, due diligence, and contract drafting skills. Transitioning to W&I insurance allows them to leverage these skills in a slightly different context, such as assessing risks in M&A transactions and drafting insurance policies. Lawyers also tend to have strong critical thinking, analytical and problem-solving skills and working in insurance enables them to use these across multiple complex environments, not just a legal nice.
Deep understanding of corporate transactions: Corporate lawyers have experience in structuring deals, conducting due diligence, and identifying potential risks in transactions. This knowledge is valuable in underwriting W&I insurance policies, as it helps in assessing the risks associated with specific deals accurately.
Diverse career opportunities: Moving into W&I insurance increases career options beyond traditional legal roles. It opens doors to roles in underwriting, claims management, and risk assessment within insurance companies, brokers, or specialised W&I insurance firms.
Financial reward: W&I insurance is a growing sector within the insurance industry, and professionals with expertise in both law and M&A transactions are in high demand. This demand often translates into attractive financial compensation packages for those transitioning from corporate law.
Develop leadership skills: Insurance provides greater exposure to not only the commercial aspects of business, but also offers greater leadership opportunities where many senior professionals are able to lead large divisions and define the future strategy and direction of the business.
Enjoy a better work-life balance: While the demands of working in corporate law can be high, transitioning to W&I insurance may offer a better work-life balance, depending on the specific role and company. Insurance roles often have more predictable hours compared to law firms, allowing for a better balance between work and personal life. Working in insurance means you are no longer subjected to billable hours which often lead to burn out for legal professionals.
Advance at your own pace: Many insurance companies afford professionals the ability to set their pace for career advancement, offering a wide range of career paths in a much less stressful and more stable environment.
Variety of transactions: W&I insurance professionals get exposure to a wide range of transactions across different industries and jurisdictions. This variety can make the work intellectually stimulating and provide opportunities for continuous learning and professional growth.
Mitigation of legal risks: By underwriting W&I insurance policies, professionals in this field play a crucial role in mitigating legal risks for parties involved in M&A transactions. This can be personally rewarding for lawyers who are passionate about helping clients navigate complex legal issues and achieve their business objectives with confidence.
Insurance is a growing and dynamic industry that offers huge potential for growth. Transitioning from corporate law to W&I insurance can offer a rewarding career path with diverse opportunities, financial rewards, and the chance to apply legal expertise in a new and dynamic context within the insurance industry.
If you’re a legal professional and looking for a new opportunity or to move sectors, contact our specialist legal recruiters who will be happy to help.
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