Legal Insurance with Sam Cornelius
The world of insurance might not be the first place law students think to look when launching their careers. With a reputation for being slightly drab and unexciting, insurance certainly lacks the glamour and prestige which seems to surround the commercial law profession. But as our guest, Sam Cornelius, shows us this week, it’s a profession that’s worth looking into. A former law student and BTE Underwriter at ARAG Legal Services, Sam explains that insurance can offer you the chance to transfer the skills picked up in your studies to a new industry, one which is actually desperate to recruit more young people within its ranks.
Like many people working in the sector, Sam never really intended to work in Legal Insurance. In need of a job to see him through the year break between his Undergraduate and Master’s degrees, Sam took a job underwriting property insurance close to home. To his surprise, he found that he enjoyed the work and, after becoming dissatisfied with the trajectory of his legal career after his Masters and LPC, he decided to move back into insurance.
There are actually a surprising number of underlying similarities between the role of a conventional commercial solicitor and an insurance underwriter. Skills like contract drafting, commercial awareness and negotiation are essential and Sam is able to draw upon a lot of his legal skills and knowledge. So, it’s definitely not the case that your studies will have gone to waste if you choose to go down this route, and there are a number of great reasons why you should give this some real thought. You’ll take on responsibilities from day one, in an environment where your work is valued and a lot of trust (and money) is put in your hands. Like law, there is a clear career ladder but, significantly, without the crazy hours. Although there are some busy days, in most cases it’s a 9 to 5 job with no expectation to work overtime. If you’re looking for a career where you can utilize your legal skills but have a healthy work-life balance, you should give insurance a look.
Another thing insurance has working in its favour, and another key reason why it’s worth considering, are the job prospects. Nobody needs reminding that jobs in law are extremely competitive and oversubscribed, a situation that has been exacerbated by the pandemic. In contrast, insurance firms are making a conscious effort to attract young talent, and there are many internships and graduate schemes available in the sector. What’s more, the application process is nowhere near as intense as it is for a standard Training Contract. There aren’t endless questions and psychometric tests to complete; in Sam’s case it was a CV, assessment day, and a couple of interviews. If you’re feeling burnt out by the endless slog of TC applications, maybe give insurance a try!
Of course, certain skills are required to get your foot in the door. You don’t need to be an expert in every industry, but some commercial awareness is required to work in this sphere. You can take commercially-orientated modules or join relevant student societies at university, but even just paying attention to what’s happening in the news can take you a long way. You’ll need to be good at drafting contracts too and it’s essential that you understand what you’re selling and agreeing to, and know how to use language appropriately in these scenarios. Luckily, there are usually modules that you can take that cover the intricacies of contract drafting. Like a lawyer, you’ll need to be able to negotiate, but you’ll also need to have some appetite for risk; you’ll never be 100% sure 100% of the time, but you need to be willing to act and make a (calculated) risk sometimes. While negotiation skills can be learnt in a variety of ways, risk is an area where you need to be introspective and decide if you’re the kind of person who can do this.
If your heart is set on a career in law, you should definitely pursue this. It’s tough but it’s not impossible to land a job if you have the resilience to stick it out. But if you’re feeling unsure that the life of a lawyer is really for you, feeling frustrated by the competitiveness, or if you just want some other options, exploring secondary careers is always a sensible decision. And although it might not be as glamorous, insurance is a great route to go down. Any law student will have lots of transferable skills that will benefit them in this area. And don’t forget, it doesn’t have to be forever: it’s often a lot easier to find a job once you’re already in a position than when you’re starting from the beginning, and there’s no reason why you can’t make a transition back into law at a later date. You’ll be crossing over with a lot of valuable experience.
Here are our three key takeaways from our chat with Sam:
Don’t rule our alternative careers. Getting into the law can be tough and it’s important to remember that there are other options available. Whatever your reasons, if you’re finding breaking into law a struggle, it’s worth giving insurance a try. You just might find it's the career you've always been looking for.
Similar roles but with a better balance. There are actually a lot of core similarities between the roles of a solicitor and an underwriter. However, a key difference is that insurance offers scope for a much healthier work-life balance and a less stressful route to entry.
Develop your transferable skills. Things like contract drafting, commercial awareness and negotiation play key roles in both law and insurance. Seek out modules to strengthen these skills further but also find ways to develop them in your day to day life too; it can be as simple as keeping up with the news!
Contact Sam Cornelius on LinkedIn
