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As someone who's been inhouse my whole career (8 years) so take from that what you will, this sounds like a nightmare. They want to combine two very different roles with very different aims in one person, for less money than you might pay one of those roles, in a person with 4 years of experience. No offense, I'm sure you're a fantastic attorney, but a company that thinks a 4th year is ready to be GC has no idea what it wants and needs for this person to be successful (or they do know, and they just want a punching bag instead). There's a reason this roles are usually occupied by folks with 20 years of experience. This is a set up to fail.
I would run and go find yourself a company that has a better idea of its needs.
I would have done this. Instead, I co-founded a commercial real estate PE fund. But it depends on what you want. Do you want to be a big law equity partner (I didn’t). Is there any sort of stock option or membership interest potential? Could you comfortably sacrifice the $100k? Main point is: would you be happier? I’ve heard it is hard to go back into big law once you leave, but I’d never go back. So realize that this will be a milestone in your career. But from what you’ve said, it is a jump I’d seriously consider. But I’m not married and don’t have (and will never have) kids. So the extra 100k wouldn’t have made a difference to me if I liked the work and the fund.
Just keep in mind that everything you do may not be protected by any privilege due to the dual role.
Depending on the jurisdiction there are lines of cases that interpret attorneys wearing multiple hats as not solely engaged in providing legal advice. Some of them create a presumption all comms are not privileged. When providing legal advice best to be clear it is legal advice is the lesson. When providing business positions best to establish a framework for what that looks like in terms of how communicated.
CFO and GC for roughly $300k?? I don’t know- seems like a lot of title for a small amount. Should at least match your big law all-in salary.
Agreed. Its a small shop so everyone has fancy titles but comp isn’t amazing. I’m not in NYC so I think there are fewer large funds in my also large city.
Absolutely. This is something you’ll be grateful you did.
How many years out are you? Sounds like you should take this before you age out of biglaw.
I just started my fifth year. Are you saying it becomes increasingly more difficult to leave the more senior you are? I’m in a highly specialized and complex Corp specialty so I honestly don’t see many in house jobs available for <7 years of experience.
That’s the comp range I’ve heard of for that kind of role in that size shop. I’d do it. I wouldn’t be worried about the “reduce legal spend” factor —- if you can do in house 50 hours a month of work that would’ve otherwise been billable, you’re reducing legal spend. Then there’s the process streamlining you can oversee.
1 hour dealing with employment related contracts
1 hour dealing with vendor contracts
1-2 hours dealing on investor matters
1-2 hours dealing with investment matters
2 Hours dealing with regulatory/compliance issues
You’re a fifth year being offered a GC position? I would take it and then be scared for my life (no shade but the company probably has no idea WTF they’re doing 🥴)
That seems like a lot of responsibility and not enough pay. What happened to the former CFO?
In the US being CFO and GC wouldn’t pass the smell test for outside auditors. No way you could get audited financials.