I am 7 years out in a transactional practice (real estate) and have an opportunity to move in house at a regionally respected company from a midsize firm. I have WFH flexibility at my current firm but bill about 1850-1900 per year. It would be about a 25% paycut. I have also been offered partnership starting in 2022 if I stay - not entirely clear what that long term structure looks like (would have to develop a partially independent book in next 3-5 years). Am I crazy if I leave?

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I would stay. I’m in CRE also and, although more junior than you, had a call yesterday for an in house role with a CRE investment company. I couldn’t believe how low the comp was. I’m not sure I want to stay at a firm forever, but don’t feel awesome about taking such a pay cut. Just didn’t seem to make sense for a legal job as well. I would take that pay cut to do sales maybe, but not to be a contract machine elsewhere!

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Oh, well that could be an interesting transition!

Is your life still comfortable with the pay cut? What is bonus potential in-house? Any benefits to help offset the salary cut? Have you spoken with anyone at the company regarding how much you actually will work there? There’s so many factors that may make it attractive despite the pay cut.

1850-1900 certainly isn’t as bad as 2200 hours a year, but if the expectation is you’re working 9-5 most days in-house, the quality of life improvement will be noticeable.

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A2- Are you willing to share/elaborate how you got past the feeling of “failing” to become a partner and how you explained your decision to the partners? I am leaning towards the in-house role but dread hurting the partners that I consider friends as well as colleagues.

I think it would be helpful for you to take stock of what you enjoy and what you are missing in your current role. It doesn't sound like you're a senior associate at the end of your rope (like so many of us who go in-house are), and so if comp and building wealth/retiring early is your priority stay in big law without looking back. If you are looking to have more of a life outside of the office, I can honestly say nothing compares to the right in-house team. It also won't hurt to touch base with some in-house counsel in your network to get an honest assessment of what that looks like. Good luck!

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A 25% TC cut is not that bad, but it depends on what your future goals are. Many people take 50% or more at your level to go in house.

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Thanks. That is helpful in the determination of whether I was getting gouged beyond what type of cut I would expect to see.

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