Got an offer to go in-house with a PE portfolio company. The base salary and target bonus are decent. I’m also getting equity (EAU). The company is going through another round of funding and I’ll be coming in at the start of that. Company does about 2 billion in revenue and is targeting an optimistic exit in anticipation of going through a bunch more acquisitions. Potential for a good exit seems promising but curious on opinions re: same. I’m inexperienced in the PE world coming from litigation.

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I'll be honest, as someone who does a ton of PE work and has helped clients navigate this process, I personally would not join a PE portco that is on the eve of an exit event. Preparing for a recapitalization is a time- and energy-consuming process, and a lot of management's focus becomes about that rather than growing and running the company. It's also not uncommon for buyers to want to replace key people (including in-house counsel) with their own folks, especially if the ones being replaced haven't been there long and there's little risk of losing key institutional knowledge. Lastly, I am sure this is industry-dependent to some degree, but I've seen clients have to pull back on exits because the market is just very tumultuous right now and they weren't able to get the value they wanted for the portco. Point being, if you're hoping for a stint in-house and then to reap the benefits of your equity during a sale, it may or may not play out the way you're hoping.

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Makes sense. I’m not looking for a stint per se, but I gave up partnership to go in-house for a multitude of reasons. The equity was just an interesting piece to me that I didn’t consider. That said, I’m trying to become a solidified generalist, and with the M&A/IP exposure this role entails, I really want to pursue it. I get the PE game of keeping things lean and maximizing but the GC assured me the company’s growth is ready to “explode” and I’m walking in at a good time. He could be full of it but seeing how competitive in-house roles are, I need to get my foot in the door.

never to pe owned companies, the business model is slash and burn, as a legal cost center, u are the first to get laid off

Congrats! Interested to learn how you landed a gig in PE with a litigation background. What kind of work will you be doing? I’m interested in pivoting from litigation to a fund or PE practice (in-house or at a firm). Would you be open to a chat?

Would you mind sharing an indication of what the base and target bonus are? I’m thinking about a similar move but I’m not sure if my comp expectations are realistic.

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