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Mentor
From what I hear from people who’ve gone in house, it doesn’t seem like a much better lifestyle. Less pay, but you still work a ton of hours. You’re one of the first departments cut when cost saving measures need to be implemented. And you have less independence or control over your schedule than at a firm.
Coach
All this and more office politics (usually), being a cost instead of a revenue generator, possibility of a new GC bringing their buddies and your life sucks, acquisition happens and you are redundant or find the company wants to centralize the legal department in some undesirable place, you are product counsel for a product that fails, you are doing boring and routine, unsophisticated work, etc. Also more BS meetings all day. Of course, some of that may be irrelevant and in a particular situation and much depends on practice area, industry, etc.
I don't like the idea of being completely reliant on one client. At a firm, if one client is having a rough time financially or just slow, I can put more work into a different client.
Mentor
Im in house but was in biglaw for years. I was afraid of being bored, having "less smart" colleagues or losing prestige. I was ok with the paycut, and with equity, it hasn't seemed to be much of a paycut, honestly.