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Yes. I work both. I also know several people that have made the move full time to policy. Coincidently, I work environmental/clean energy (with conventional energy thrown in). I like maintaining a foothold in both law and policy. You should know I am in-house. Pros are working on the big picture, really big picture, feeling like you are making a difference (and making a difference in the clean energy arena), networking with other really smart people focused on making a difference. Cons, policy pay tends to be less than big law until you reach a certain level, hours are long(no different than big law), some of the jaded old farts set in their ways will frustrate you, and, depending on your skill set, you spend a lot of time with people looking for a quid pro quo.
Surprising that the hours are just as bad as big law