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I’ve been told the rule of thumb is after 3-5 years of big law. Stretch for 5 if you can because those extra two years get you extra comp in house (more than you’d be able to get if you worked your way up for two years if you started in-house as a 3rd year)
When they offer you more than you’re currently making
The answer is - as ever - “it depends”. What area would you be going into? Would you have any chance of landing a properly top in-house role straight out of private practice in that area? Would there be other considerations (stock options, carry etc)?
I’m in private equity and there is definitely a chance of making HOL/GC (even if HOL/GC in a team of one…) for a small (but lucrative) investment manager past a certain point. That point is definitely further along than 5yrs - probably closer to 10. The only way you’d do anything like that though is by enjoying your work at least a bit, doing secondments in the meantime and having a pretty broad practice that you can point to. Obviously, this is just one example in an area that I happen to know about.
Typically - absent other info - I’d say the answer is 5-7 to do work that isn’t just “shovelling shit” at the IH place and being paid something like a decent amount.