General counsel roles in the biotech industry are highly coveted. Legal professionals might be attracted to the industry for any number of reasons. It could be the mission-driven focus of helping patients and moving healthcare forward, or the complex and highly varied legal, regulatory and business challenges a biotech GC must tackle. Or it could be the opportunity to have an impact and seat at the table of a high-stakes, high-drama business.
The compensation and benefits at biotech companies, given the demands, tend to be good, too.
Whatever the reason, legal professionals can expect growing demand for their expertise in the years ahead. The biotechnology market is forecasted to grow 14% between 2023 and 2032, data from Market.us shows.
If you aspire to be a biotech GC, the pathway almost always requires extensive biotech industry experience. However, there are many legal paths to achieve this goal.
While a common route often includes corporate transactional legal training in a large law firm with a strong life science practice followed by in-house counsel roles of increasing responsibility, it is not the only path. Many successful biotech GCs also have foundational intellectual property, litigation, regulatory or compliance backgrounds gained at a law firm and/or within in-house counsel industry roles. Regardless of your background, the following four guideposts should be top of mind for any aspiring biotech general counsel:
Gain broad and varied experience
As highlighted in the job title, general counsel are generalists, regardless of industry. This is particularly true within biotech, given the numerous areas of legal expertise required for a biotech to successfully evolve from formation, funding, research and clinical development to a successful commercial and (frequently) public company.
Foundational expertise may be more highly in-demand depending on stage (e.g., a development-stage company may value an IP attorney and a public company may seek an attorney with robust corporate governance and securities experience). However, once you have developed a strong foundation in one area, you should quickly pivot to broadening your focus and operate as a true generalist. Raise your hand and volunteer to learn and manage a new area of law when there is an opportunity. If you’re already in-house, rely on outside counsel to help learn and offer to serve on cross-functional teams, when possible, to learn from business colleagues about their challenges and how legal intersects.
In addition to broadening your legal focus, it is imperative to gain business expertise. Offer to spend more time with the business development team, focusing on the organization, as well as the legal aspects of a potential collaboration or deal. Be sure to learn the business inside and out, understanding the company from all perspectives and demonstrating interest and passion for the company and industry.
Likewise, it is critical for you to understand the science. While this may be straightforward if you are an IP attorney or otherwise a trained scientist, it is equally important for attorneys without a scientific background to take the time to understand the science driving the business forward through courses, conversations with scientists, or extensive reading. Conversely, if your starting point is the science, be sure to also focus on the underlying business challenge the company is trying to solve. Overall, understand the context of your legal advice and how it integrates into the company’s mission and big picture.
Find your seat at the table
Take every opportunity to run toward challenges, gaining visibility while helping to solve them. Find those challenges where you can have an impact, whether in a big transaction, thorny litigation, complex IP puzzle, or significant business scenario. For example, if your company receives significant inquiries from the FDA on a clinical trial, volunteer to quarterback the response by partnering with the clinical and regulatory teams, gathering outside counsel expertise, compiling required documentation, and drafting key responses. Such a project requires the critical thinking, dot connecting, research, and communication expertise of a biotech attorney. In all cases, harness the opportunity to be at the table, contributing as a strategic business advisor, solving challenges with targeted and practical advice that appreciates how to evaluate and balance risk.
Once at the table, demonstrate how to be a counselor and trusted advisor to business clients, including those at the executive level. Provide a safe place for clients to talk through problems and challenges, understanding the business focus with an empathetic ear. Likewise, establish your leadership skills by leading a project or initiative or mentoring others in the organization.
Develop strong relationships
As a valued mentor once shared, “It’s great to be smart; it’s better to be a great person and an effective communicator.” To be a truly effective biotech GC, the ability to relate and engage well with everyone – above, below and all around you at all levels and functions – is paramount. The general counsel and his/her team will often be at the center of any challenge facing the company, and the ability to demonstrate calm and work with aplomb will go far in setting a positive tone and business culture, as well as gaining the respect of business leaders.
Likewise, strong, and positive work relationships will also provide you the chance to both learn from other executives and to demonstrate your expertise and value in solving their problems. As some examples, partner successfully with HR leadership in navigating employment challenges in the workplace, such as hiring key executives or managing wide scale layoffs, or support scientific leadership when structuring an important collaboration agreement with an academic institution.
While it is critical to have outstanding relationships with work colleagues, as you progress toward a general counsel role, it is also important to find mentors and sponsors who will advocate for you, recognize your leadership skills, and help train you for your next role. Likewise, develop relationships outside your workplace by participating in industry conferences and committees, connecting with peers and other business leaders. These networks will be critical in helping you to open and get through doors when GC opportunities arise to explore.
Own your path
Take initiative and seek out opportunities that will advance your career goals. For example, join a company that values cross-functional training and development opportunities or seek a role in a company with a small legal team and a general counsel who prioritizes mentoring aspiring general counsel and providing opportunities to learn beyond a core focus. Find an experienced CEO who values relationships and has confidence in a general counsel who surrounds him/herself with outstanding resources and has deep expertise in an area that is significant at the time for the company.
Finally, remember location matters. If you aspire to be a biotech general counsel, be sure to spend time working, training and developing relationships in a biotech hub such as Boston, San Francisco, San Diego, Philadelphia, New Jersey or New York.
Biotech is a rapidly growing field that requires cross-disciplinary expertise of its professionals, particularly on the legal team. While serving as GC of a biotech company comes with a unique set of challenges and responsibilities, it’s a rewarding career path – particularly at the current moment – for a versatile and intellectually curious lawyer with a strong interest in science and business who is motivated to support patients and advance healthcare.
