February 19, 2024
The landscape of commercial law is changing, propelled by economic pressures, technological advancements and evolving client expectations. As law firms grapple with these challenges, many qualified lawyers are considering a transition in-house, seeking a more strategic role and a deeper integration with commercial operations. In this article, we explore the benefits of moving in-house and why the iGaming sector presents an attractive opportunity for legal professionals.
Traditional law firms are facing mounting pressures from various fronts. Economic conditions have heightened client price sensitivity, prompting demands for more cost-effective legal services. Moreover, advancements in technology have ushered in a new era of online legal services, competing with traditional firms and challenging them to adapt and innovate. However, the partnership model prevalent in many law firms can hinder the investment in legal technology, depriving lawyers of productivity-enhancing tools. At the same time, clients increasingly seek strategic consultancy services from their legal partners, yet the billable hours pricing model often impedes the delivery of such value-added services.
Transitioning in-house offers distinct advantages for lawyers seeking a departure from the traditional law firm model. Firstly, it provides an opportunity for a deeper dive into the intricacies of commercial operations. In-house lawyers assume the role of strategic partners, gaining an intimate understanding of the company's industry, objectives and operations. This deeper integration enables them to offer more nuanced legal solutions tailored to the organisation's unique needs. Beyond merely advising on legal matters, they become instrumental in shaping commercial strategies and mitigating risks proactively.
Secondly, the move in-house can deliver a marked improvement in work-life balance. In-house roles typically offer more structured schedules affording legal professionals the opportunity to reclaim control over their time. With the right employer, this predictability creates a healthier working life, complemented by supportive company cultures and flexible arrangements. Potential lower stress levels means you can channel your energy more effectively into contributing to the company's success.
Lastly, transitioning to an in-house role presents opportunities for career development. Legal counsel roles often offer avenues for advancement within the legal department or even the broader organisation, providing a clear path for professional growth. Compared to the volatility inherent in law firm dynamics, in-house positions offer a more stable career trajectory, bolstered by competitive compensation packages and greater job security.
Why Work in the iGaming Sector?
If you’re looking to transition to an in-house legal role, look no further than iGaming! The sector is a particularly attractive option, offering all the above benefits along with a very dynamic and exciting environment to work in, characterised by:
1. Dynamic Growth and Innovation:
● Maturing Sector: Having seen significant growth over the last two decades, the iGaming sector is maturing and understands the value of strategic experience and specialist legal expertise to drive sustainable growth.
● Constant Evolution: The iGaming industry is continuously evolving, driven by technological advancements and shifting market dynamics. In-house lawyers play a pivotal role in shaping the sector's future trajectory.
2. Compliance and Technology Focus:
● Regulatory Challenges: The highly regulated nature of the iGaming sector presents complex legal and compliance issues, offering intellectually stimulating and rewarding work for legal professionals.
● Innovation Hub: The intersection of technology and regulation creates a fertile ground for legal innovation, providing opportunities to navigate interesting legal challenges and contribute to industry advancement.
3. Global Opportunities and Wider Scope:
● Multijurisdictional Opportunities: Joining a global legal team within the iGaming sector offers exposure to diverse legal landscapes and regulatory frameworks, enriching professional experiences.
● Direct Business Impact: In-house lawyers in the iGaming sector directly influence the company's commercial success, driving sustainable growth and competitive advantage.
● A Legal Counsel role within an iGaming business will have a broader scope covering end to end legal advice from contract negotiation and drafting through to M and A support.
To explore opportunities in the iGaming sector speak to our Professional Services team at Pentasia. We have clients looking for legal professionals, especially mid- to senior-level commercial lawyers. Contact Kerry Gillitt for an informal chat about your career plans: kerry.gillitt@pentasia.com