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Following this intently.
2. Money is limited in corporate law practice (as compared to advocates practicing in the court - of course they are very few).
3. No social recognition. This is extremely important as once you reach in your 40s you realise you do not have much solid relationships in the profession. You are because of your firm.
4. Impact of your work is very limited- very much limited to your clients (who are 70% of times thankless) and is very transactional in nature.
I think or perhaps want to know from folks who have switched to litigation- what has your experience been?
The biggest changes you need to make peace with for a smooth transition:
1. The addiction of paycheck on 30th of the month;
2. Getting up on some days and not having work and actually having to take the initiative to find work (which you've slowly given up while working in a law firm); and
3. Daily disappointments.
To elaborate on point 1 and 2: People say litigation is hard work etc. But more than the 14 hour days, it's the "nothing to do" days you have to learn to deal with more. Sometimes, there will be entire weeks/months when all you did was just filed a receipt. That is the scarier part after you come out of a law firm where everyday is a standard 12-16 hours. But assuming you have a good enough savings at this stage to pad you up, you can easily sail through it financially.
To elaborate on point 3: In law firm, you are pretty much in the senior rung now. Associates work for you, partners rely on you. Unless there is a very major fuck up, no partner will shout down a PA/PAD. You're treated very professionally. But in litigation, you'll have judges who'll destroy your self esteem everyday - either by not listening to you, by dismissing you or giving some random ass order. Don't expect to "win" cases. As long as you're appearing and you're making money, that is the definition of success in litigation.
So yeah buddy, just prepare yourself mentally, take the plunge and enjoy the ride. And do not evaluate yourself until for the next 2 years. It's fine as long as you are making some incremental progress every month. Life is too short to spend in a cubicle. Go be the reason you did law for!
I'll be frank. A complete kill switch up and actually starting from scratch is stupid. If you ARE a PQE 10+, you already have a decent book or the ability to generate business. Please tap into that ability, meet a friend who has set up his own lit/civil practice and is successful/reasonably good. Learn the ropes from him and find a balance between the two practice.
I do not suggest that you become a 'Junior'. That would be stupid. If you want to do this, you need to become a entrepreneur. And honestly, if you saved prudently over your career, money might not be your priority, and it would do you good to work pro-bono and live happily. Indian lawyers, especially corp once, underestimate the demand for professional work that is reasonably charged. All the best.
My message may not sound like it, but it is great fun. Welcome to litigation.
Consider partnering with a litigating lawyer who would be willing to introduce you to the practice. You can use your current knowledge to add a transactional side to his practice. Hire juniors and treat them better than you were treated.
The secret to happiness is that it is right here, right now. Not a distant goal or a daydream. Life is too short for what ifs.
Second, a lot depends on the relationships right from a notary to clerk in court to babus in offices, NCLT and NCLAT etc. You will have to start from ground zero.
Irrespective to the above if you have fire in your belly to become a litigator nothing can stop you. But be prepared to first 5 years of struggle and “deep deep deep” frustration and humiliation and disrespect. After 5 years who knows? You could be a failure or someone good in making.
I may not be very accurate but Dr. Dhawan came to India and commenced practice in his 40s. He taught law abroad before that.
The OP would be able to capitalise on his transactional / corporate law expertise, and can may continue to advise on transactions to support himself while he builds his litigation practice.