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140k is in house pay, but 1850 is biglaw level hours
Get really good at what you do, and in a year or two go in house at a private equity shop. The $40k difference will be negligible at that point.
The problem with this plan is that (a) in-house PE jobs are a small slice of the in-house market, and (b) because of (a), the most common way to go in house with PE is to get hired by a client. Not clear OP is going to have those types of relationships.
If you like corporate work, then I would look for a larger firm that practices in this area. You might then be a viable candidate for in-house roles (if that’s something you’re interested in).
Which area of law do you prefer?
If you don’t mind billing more, I think you should ask for another bonus based on the amount you bill over 1300. You’d probably have higher comp than the other firm that way and might not even have to bill as much.
OP, this really boils down to what area of law you think you’d prefer. If growth opportunities are what you want to opitimize for, you should leave your current job regardless. But, if you like corporate law, the play here should be to lateral to a midsize firm and use that as a stepping stone to a big firm.
If you don’t like corporate, answer is obvious - either take the muni law job or pursue a similar opportunity in a practice area that actually interests you.
Of course, if you’d rather have fantastic WLB and less money, your current job doesn’t sound terrible, provided you’re actually billing something close to 1,300 hours per year
Don’t take the $40k bait, it’s not worth it, especially for 1850 hours. I’ve work at biglaw and 1850 can easily be the minimum, esp if other attorneys are billing 1900-1950 then that’s the new (unofficial) minimum. You become more marketable at 4-5 years. There are a ton of in house corporate roles, so I would try there. Before I went in house I wasn’t sure how much the salary range was, but it can pay well and have much better work life balance (I don’t work after 5:30 or on weekends).
Take the higher paying job and continue to bill 1300 until they lay you off. At that point, get another job that pays what you were making before
In municipal law you’ll always have clients. My company invests in and develops commercial real estate. The municipalities we own property in run everything by their municipal attorneys. One firm for example is general counsel to many municipalities and townships/villages in the area. I don’t know they take other clients other than governmental units for conflict reasons. And I don’t think those firms can charge that much. But it depends on what you’re doing I suppose. Working in a firm of three attorneys that you don’t own is risky. To me, that would be a stepping stone to opening up your own shop or another partnership, it that depends on how entrepreneurial you are.