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It be like this :
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Chief
Doesn’t that make it not a dream job?
Alternatively, if you’re currently in biglaw, 40% is “untenable”? Really?
I took about a 50% cut. No equity. And am comfortable (though a subsequent promotion helped). Sounds like you’re potentially getting a better deal, if you believe in the company enough to gamble on the equity.
Chief
FWIW, I rushed to pay off my loans and I maybe regret it a little versus buying property or having some of that money in the market during that time. So if that’s the plan, maybe take a second look at the numbers.
If it doesn’t work out, would you *want* to go back to biglaw? Easier to get another in-house job once you have the first one. Alternatively, stay on good terms with a couple of partners.
It’s rare to find an in house position that doesn’t require at least a 30% cut, but am I reading this to say you’d be taking a 60% cut? That’s tough, maybe negotiate up to where it’s a 50% cut if they’re open to it.
Chief
Outside of certain sectors (e.g. FAANG), if you’re a biglaw 6th year I’d expect you to take about a 50% pay cut and for that resulting number not to significantly change over the next 2-3 years. A 60% cut is obviously bigger, but they’re potentially making up for it with the equity, which again is unusual outside of certain sectors.
Rising Star
Stay in big law until you’ve paid off your loans and gathered enough cash for a down payment. Accept a job that pays you (1)enough in salary to cover the mortgage and living expenses and (2) enough in equity so if the company takes off you’re compensated for the gamble
Similar to SC1, I would evaluate whether the equity (and potential upside) is worth the reduction in cash comp. Do you believe in the business plan and the capability of the management team to execute?
When I joined, I took a 25% reduction in base salary (from an AGC spot at a bigger tech company) in favor of a much higher target bonus and equity. I don’t regret it, but the financial value of equity in startups can be fairly volatile. You will have fewer regrets if you focus on the long term potential rather than day to day (or month to month) swings in value.
Also, consider the experience gained in the role, even if the company flops. Perhaps this will position you for a better next role, even if the financial rewards don’t pan out this time around.
YMMV on all of this. I’m assuming from your title that you may be a younger lawyer in a private firm with plenty of career ahead of you.
Thank you! Indeed a younger lawyer (6th year associate at a V10). Time at the firm is probably limited, given the up or out structure.
Biggest temptation here is to be part of something exciting with a longer horizon than BigLaw (excluding partner track).
I just moved in house as a 4th year in biglaw. My TC is actually more than my base pay at the firm and my new job does not require any nights and weekends. I’m doing what I enjoyed the most at biglaw and I think this is a dream job.
Southern California, medical
What’s the offer exactly?
$150k/year with a potential for discretionary annual bonus of 10-20%. There are option grants on the table as well but the company has only had a seed round and so the value proposition is unclear.