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This was my dilemma. I couldn’t stomach the pay cut. So I ended up lateraling to a smaller, more regional firm as a NEP. Definitely a pay cut but not as drastic as in house. And gives me more runway to either make equity or figure out something else. Just totally blows that (normally) you either “make it” in 8-10 years or suddenly you’re out of a job or forced in house at much less pay after so long.
Coach
Maybe a way to square the circle is to take the pay cut and start a successful business part-time?
Mentor
Can your lifestyle afford the cut?
Yep. I save a ton currently, would just be a hit to savings. I’m pretty financially sound. More concerned about future financial flexibility
Subject Expert
I’ve looked at this for the past year. There’s not many options in private practice when you’re done with biglaw type hours or all encompassing litigation. So I can take a big pay cut to go in house (where they won’t expect the same in hours and I’ll never have to go to court or take a depo ever again) or to a smaller firm (where I’ll still take a decent pay cut, they will still want a bunch of hours plus BD, and it will be the same litigation nonsense I’m just done with now). There aren’t many good options.
Maybe meet with a financial planner to suss out what that pay cut would really look like for your bottom line? Definitely a hard pill to swallow in principle, but the numbers may work out for the time you would (presumably) be recovering in return. Hashing that analysis out with an objective third party like a planner could help drown out the noise of your gut reaction.
Mentor
You may be looking at this too short term. Yes, it’s a pay cut at the moment, but it sounds like you want to move up the ranks in house, which will lead to more money later. If you’re not super interested in partnership then you probably won’t make it. Counsel is best bet. You may make more in house than counsel long term, and you may like it better.
What are your reasons for wanting to go in house
OP, I think this is my goal too. I want to pivot into business with maybe some law. I’m thinking GC, VP, something… the law firm is a grind and doesn’t reward efficiency or creativity. Of course, I’m also scared that I have neither and that I will be compensated accordingly outside of biglaw. 😑