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Chief
Yeah when I left biglaw 10 years ago it didnt feel as bad but man if I was in biglaw today it would be hard to leave. With that said I love being in house and make 450-500k TC as an IC. No desire to leave job as I am at home now watching a movie.
Pro
You’re living my dream lol. Congrats on the IHC jackpot
I feel like when I moved in house from BL a few years ago, the pay cut for total comp was like 50%, but now it feels more like 2/3.
Another factor is that in today’s market (at my company anyway) we’re hiring more senior people for lower titled positions. So we get away with hiring a BL 3rd year for our lowest level position that were previously for people right out of law school
Pro
Yep, that 2/3rds math is exactly correct if you compare 175k TC for IHC (low but not impossible) to 480k TC for BL 5th year. IHC just has no motivation to change bc there is never-ending stream of lawyers who keep applying. I just hope GC/CLOs realize that retaining good senior people is a different math equation.
Pro
Also, that BL pay scale is just base! TC for fifth years on cravath scale now is $480k. I know this is just economics at work, but it is SO hard to swallow incremental raises with that in mind. And I love where I work, but knowing the best option to meaningfully increase my comp is to jump ship doesn’t help.
A fifth year makes $455 not $480. It was $480 last year because of Milbank’s special bonuses. The standard scale is still at $455.
Rising Star
In-house pay raises have not kept up for sure. Especially if you have stayed at one company for years.
Conversation Starter
Im in a LCOL market and will make over 195k (base + bonus) as a 5th year attorney not including my equity comp. I’m very happy with it and my goal is to be near 500k TC in the next 7-10 years. I’m mentally and physically in the best shape of my life, which you just can’t put a price tag on. I do think being in a HCOL market where BL salaries are the highest is really tough to turn down unless you’ve made the money that allows you to leave with no regrets. There’s a reason ppl continue to pursue IHC roles.
My general experience here is if you’re in a big market all in should not be less than 300. Good tech is closer to 4, and close to 5 is probably google and peers
Chief
biglaw comparison is futile - biglaw associates are mostly overpaid billing machines and ai is about to supplant most of the lower level associates work anyway