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Rising Star
Keep looking.
If you aren’t enjoying your current firm and your life would be better in-house and you’re ok with the pay, go for quality of life vs golden
handcuffs. I think it’s odd that I’m the only one saying this.
Pro
A6, you’re assuming better quality of life (I’m assuming you mean WLB wise) but OP neither mentioned that he was looking to improve quality of life or that he thinks this particular in-house job would offer better quality of life. Certainly that’s what most folks going in-house are looking for but not everyone and I think typically partners are going for higher level roles that are less about the QOL improvement (and he mentioned being dissatisfied that this is a lower level role).
Keep looking. Going from partner to lowest counsel position sounds like a ripoff for where you are in your career.
Under 15.
I’d keep looking. You can’t take a pay cut in the hopes it will even out if you hit targets - what if you don’t? I would only take a pay cut if something else was offered that made up for it like a great title, opportunities for advancement, ability to work remotely, etc.
Usually, but not always. Stock options and stock purchase plans can result in a pretty compelling economic package. And there’s also the “pick the right horse” strategy. If you get in with a company before it explodes in value that can also create wealth that’s in a different stratosphere from even *most* very successful law firm partners.
Keep looking. Don’t buy the first thing you see
Pro
In-house hiring takes a LONG time. It’s frustrating but can often be a year or more to find the right position. If you’re in a toxic situation where you need to get out, then maybe go for this one but honestly you don’t sound excited about it. The office is depressing because your friends are gone? You don’t have ANY friends at this in-house company (yet). What excites you (if anything) about this position? What would excite you in a position? E.g., particular practice area you’re expert in, new practice you’ve always wanted to expand into, high level position with a lot of responsibility, start up company where you can be part of shaping the company, company mission you believe in, team of direct reports to manage and mentor, etc.
I tried in-house briefly and didn’t love it - my issues were (among other things) feeling like I went from near top of totem pole as a respected senior associate managing my teams to being the most junior counsel who got all the stuff no one wanted to do (in addition to my regular work), no private office, in biglaw I worked on the biggest most sophisticated deals, in-house those deals went to the more senior counsel and I’d get the easier ones to manage non-biglaw outside counsel on, lots of internal politics in-house more so than in biglaw, etc. Comp situation was also similar to what you state where all in comp was similar but based more on company metrics than stuff within my control (no bonus for hitting hours of course). Better WLB but I still had night and weekend work on occasion. None of that is necessarily a deal breaker but in-house is not for everyone and not every in-house job is the right fit.
Had the same experience with in-house. Agree with all. Also, you will have one boss, who you may hate.
Rising Star
Yeah. Keep looking. I’d echo previous posters here.
Have you countered?
If you do want to go in-house, title is almost as important as your compensation package bc that title is really your bottom rung and every in-house job you have from then on will look at your title and responsibilities before considering your compensation. And unlike in private practice, there is no automatic upward trajectory so title becomes even more important. These are some things to think about for your negotiation process. But if this isn't the right job, rest assured that there is a better one coming.
What are bonus targets like in house?
Interesting. Very arbitrary. Seems easy if supervisor likes you, but impossible if not
So I disagree. There is so much to consider with an in-house offer… salary only being one.
What’s the company? Role? Room for growth and promotions? WLB. In-house positions are hard to come by. This one could be a spring board to another position.
Lowest title is very company and years specific. Are you accepting a 3 YOE position when you have 10?