I am really discouraged by what I’m seeing in the in-house market. I’m a high performing 5th year M&A associate at a BigLaw firm and was led to believe that there would be good opportunities in-house if I made it this far, but that has not been my experience. Maybe it’s just because I’m in a secondary or tertiary market but my pay cut is looking like it’d need to be like a solid 50% and I don’t know if I could palate that since COL is still high in my city. Maybe I’m looking in the wrong places?

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You will always have a high pay cut going from big law to in house. Unless you are in pharma or tech, you won’t be making more 250k. It’s just what it is. That’s why they call big law the golden handcuffs.

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A pay cut is just a reality unfortunately, and the disparity has only gotten worse in recent years with the steady increase in big law salaries. It’s not uncommon for a “good” result for a 5th year leaving to be making first year TC…

I acknowledge the frustration though — I think M&A/cap markets is often sold as the golden ticket to in-house. I would say they are “solid” and better than some other practices, but ultimately, the in-house market is still pretty random, and it’s not helped by the fact that you are competing with a lot of other folks that don’t have as high salary expectations and prior in-house experience.

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all your experience is at a firm.. and despite being a “high performer” you only have 5 years of experience which is still seen as junior. at least in house, you need closer to 10 plus to reliably a command a salary that rivals biglaw, and that is also assuming you are at a pub co or a very profitable industry like pharma or tech as the other poster said

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I’ve spent most of my 18 year career in house with no r real law firm experience. I’ve worked at smaller and large companies, including one of the largest pharma companies. I’m currently global L&E lead at a 12000 person global manufacturing company. I’ve spent my career chasing first year Cravath salary. I’m currently there at 240k base. Bonuses and equity put me above obviously but I’ll never make 5th year money unless I become a gc which isn’t happening.

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I mean, that’s nearly the whole point of biglaw: the salary. I think 150-250 is still a very respectable salary, especially if you’ve saved up a good amount already. Just make sure you join a company with good WLB. You don’t want to work biglaw hours/face biglaw pressure for less money. Did that, done that.

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How do you feel out the WLB? Seems like a potentially damaging question to ask

You can still make 400k plus and have oodles of free time. Thats worth its weight in gold

likesmart

It’s busy within 9-5. I probably “bill” like 5-6 hours/day. No pressure to work more than this and have been promoted, get regular raises, etc. I barely work on Fridays. It’s great

likesmart

Fwiw, I just left big law as a 7th year and my base is 185k… I’m in a secondary market MCOL and this was actually competitive with other roles I applied for and my friends had in-house in the area.

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In house market has been garbage the past few years.

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I was in house non Pharma or tech, and made $250k base plus 20% bonus. Though I have found specialists to be better comped due to being less competition. But everyone is right, you will take a large pay cut and it’s only worth it if you like the folks and have more free time.

smart

What kind of roles are you seeing/applying to?

That's probably the issue. There's not many M&A roles. Have you tried exploring others, like commercial? The pay bands have wide ranges, but there's more options, some of which will be on the high end.

likesmart

Whether it’s worth it really depends on the company you land with. I took over 60% cut after finishing my 6th year in BL and I miss the money I won’t lie. But I also don’t have my work email on my phone and never bring my laptop home. I leave at 3:30 every day sometimes early on Fridays. I wouldn’t go back, for me personally the feeling of never being on call … the freedom and personal space is worth it, especially because I have a toddler. But that wouldn’t be the case for everybody, and certainly not all in-house experiences are as low-key.

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