Career Advice Needed (sorry, long)

[traveltheworld]

As some of you may know, I'm a lawyer who made the move to an institutional investment firm about 2 years ago.  Right now 95% of my job is transaction-related.  I work with the investment teams on sourcing and executing investments.  For the most part, I really enjoy what I do.  But there's travel, and work hours are all over the place.  There are 6 other transaction lawyers in my department, 3 are Associate General Counsels (AGC) and 3 are Senior Legal Counsel (which I am).  There's no difference in what the AGCs do vs. what I do - the AGC title/pay were given to lawyers who had more experience and were partners at law firms prior to joining.  When I last asked when I'd be promoted to AGC, my GC said that it's a matter of time and I'm definitely on track - he just can't give me a definitive timeline.

We also have a separate Compliance department and the Chief Compliance Officer is moving on to an asset management role to the investment side.  My GC just approached me and asked if I'd be interested in taking over the CCO role.  If I do it, it'd mean a promotion + significant pay raise.

Pros: aforementioned promotion + pay raise.  I'd get people management experience - managing a team of 12.  It'd set me up for similar roles in even bigger organizations.  I've accumulated an impressive list of transaction experience in the past 2 years, but if I were to aim for GC somewhere, I would lack people management experience.  It'd also set me up nicely for the GC role (though my GC likely won't retire for another 15 years).  It'd also mean almost no travel and more stable hours.

Cons: I don't like compliance.  I think for our organization, it's a lot of regulatory "stuff" and corporate governance - both are areas I have some experience in when I was in private practice, but I didn't find those exciting/interesting at the time and don't think I'll find those super exciting now.  I also think it'll be a lot of pressure - being in charge of compliance in a large institutional investment firm in this political/economic climate is stressful.  I already have an anxious personality.

I'm inclined to say no, but I feel guilty for passing up a promotion.  Is there something I'm not thinking of?

[sdlaura]

I'm in the institutional investment industry, too. My firm's research team interacts with a lot of CCOs when we do operational due diligence. Before I even read your full post, I was thinking "yes, that job is C-level and the skills are more transferable/compliance is definitely a growing industry....but then you actually have to work in compliance" It reminds me of my auditing vs. investments decision coming out of college. There was more $/managerial potential/transferability at that level in auditing, but then I'd have to be an auditor, in which I was not interested.

If you like your current job and you're on track for a promotion, and you're not interested in compliance, I think I'd probably stay where I was if I were you.

[rere]

I'd be tempted with the promotion and management experience. It sounds like you would be set in a great track. However, it would be the worst spending the majority of your time doing work that doesn't interest you or you don't like. I'm often thankful I am not one of these dread Monday people, except for the actual waking up of course.

[divanerd]

Congrats that is quite the internal offer!

How eager are you for GC role versus achieving C level role?

I would stay put if attaining GC in the next 5 years was what you want either at current employer or another employer.
Good luck! That's awesome.

[waverly]

I know nothing about law. At first I was like yay go for it, but then I read where you might not like the work. Life is too short to dislike the job. Good luck with your decision.

[drjeep]

I agree with waverly, as I also know nothing about law, and I think it would be difficult signing up for (what sounds like a great promotion and steady hours) a job that you aren't interested in and don't really like doing. I would much prefer to do something I love or really enjoy doing. I wish you luck with your decision!

[mae0111]

When I worked for in asset management, compliance was always a hot mess. Revolving door at all levels. No consistency. It made my life as a marketer really difficult.

I always thought compliance held the greatest opportunity for improvement. If a strong leader could come in and set the right tone, set the right path, right policies and procedures... it could make a huge difference in the whole organization.

Is that an opportunity for you? Would you even want to do that?

Just a thought...

[cosmowife]

I would jump at that title, solely because it puts you that much higher when looking for your next position. If you were CCO, I think that you could definitely transition easily into a General Counsel role somewhere else. I would give it a try - you might end up liking the work. If you don’t like the work, you then are starting your job search as a CCO instead of a senior counsel. I just think you have to at least give it a try. The percentage of women in C-suite positions in this country is just abysmal.

[covergirl82]

I think there's a lot of good advice here. I also think the pros you mentioned, traveltheworld, of no/little travel and stable hours, as well as people management experience, are big pros. (To me, a big pay increase would also be a big pro in terms of paying down/off debt and boosting retirement and college savings.)

If you decide to take the CCO role, knowing that you don't like doing compliance very much, how long would you be willing to make it work for future positions? Are you willing to potentially be miserable/stressed for 1-2 years? Even if that isn't a long time in the grand scheme of a career, it could feel like a long time if you don't want to go to work.

At my current organization, I know having a legal background is highly regarded and valued in our compliance and risk departments. I would also think that a CCO role going to a GC would be valuable experience.

Best of luck with your decision!

[HeartofCheese]

If your plan is to leave the firm in 2-5 years, I'd go with the CCO role rather than the up-in-the-air AGC promotion. If you're plan is to stay, then I'd stick with what you like doing.

[mustardseed2007]

I think you've gotten good advice here. I would take the CCO job if I were in your shoes but I don't hate compliance. Hating your job is not worth it long term. If you can use it as a stepping stone then I would do it, but not otherwise.

[CrazyLucky]

How long would you be in this position? I was in a different type of regulatory role. At first, it was interesting because I was learning new things and I was the go-to person. But then, once I got the system in good shape, there wasn't much challenge and it got boring. The people management skill is one you definitely want on your resume. I'm of the mind that I can put up with anything for a given time period. If you think this is a two year job, then I'd take it. If it's a 10 year job, I'd probably pass. More money isn't worth it (assuming you're financially stable) if it sucks the life out of you.

[mellym]

I don't have much to add except to ask what the current culture of the department is like? Would there be a lot of opportunity to create new processes and make it your own? I find process improvements and innovation rewarding things to work on.

[mommyatty]

What level is the CCO position? Compared to AGC? At my company, they are equal now, but until very recently our CCO was a VP while AGCs are AVPs. How often in your company do people lateral? Like if the CCO and AGC are equal, what are the odds you could slip back to AGC?

You need to lead people. That will be absolutely key to a GC position.

[traveltheworld]

Well, I guess it's all a moot point now. When my GC talked to me yesterday, he said that he had 2 candidates in mind - one of the AGCs and I. I then went and talked to that AGC (who is my closest confidant in the legal department and we get along really well) and she said she was 99.99% sure that she wasn't going to take it. She's only a few years' away from retirement so really doesn't want to be bothered with running a department.

She just told me this morning that she'll apply.

Ironically I was leaning more towards saying "yes" after a whole night's thinking.

I think I'll still tell my GC that I'm interested - at least show him that I have ambition and initiative.

Thanks everyone!

[divanerd]

That's good news either way, assuming if she takes the CCO role that leaves a AGC role vacant and perhaps a quicker promo for you.
Good luck! Regardless let your ambition be known