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Be prepared to do a lot more yourself. Small firms do not have the support staff that the National firms do. A lot more unbillable admin work.
At A7: pre-covid my am law 200 firm let us expense meals after hours up to a certain amount. It used to be that they would have dinner delivered in and people steadily complained about the quality (cold cuts, pizza) so they moved to like a $20 delivery reimbursement after 7 or so. I mean reimbursement not expense to a client, sorry if that was confusing
I'm going to second the comments about less pay and fewer resources. Of course, if you find a good firm, the payoff is fewer hours/less pressure. The catch is that lots of smaller/midsized firms expect biglaw hours, production, and availability for less pay. They may have a lower billable requirement, but your hours are more likely to be docked or written off in the name of keeping the bill down (and still allowing the partner to bill plenty). Black box pay is also incredibly common across smaller firms.
Also depend on the type of firm. Some smaller firms are found by ex biglaw people and they are still intense (they are in growth mode so they expect a lot from you). There are some firms have been there for a long time, quite stable, etc. those are good!
Great idea to move to a regional firm if say, you want to have a life, want to buy a house, see your kids, and make really good money.
Pro
I agree with A1 that some regional firms in some practice areas are doing work that’s similar to that done at BigLaw firms.
I spent a couple of decades at a regional firm with a reputation for real estate and the lawyers on the other side of my deals were often v50 firms. I’ve dealt with lawyers from probably 20 of the v50 as opposing counsel, despite those firms not having a presence in my state because I had the good fortune of working at a firm with quality clients that were building large real estate portfolios.
I definitely made less than peers at local offices of large national firms, but my compensation was still at least competitive within the market as an associate and was probably even more competitive bad a partner (particularly given that I was more of a client servicer than a rain maker).
Another possible difference: regional firms are much more intimate than I perceive BigLaw to be. Some firm rules are bent or outright ignored depending on the partner. Some degree of professionalism is sometimes lost at regional firms as the relationships that are established with your colleagues end up being fairly close and personal.
Pro
Also want to mention - obviously not all small firms and depends on the size and geographic market, but if you’re a POC, you’ll probably find there’s no formal minority group affinity group, you may be one of their first/only minority hires. (I enjoyed being congratulated on passing the bar at a midsize when my colleague passed... we did not look anything alike and she was like 10 years older than me, but only other person of my race in the office so they confused us). Certainly would not expect to find a dedicated diversity officer or similar like you often find in biglaw.
Expect less formal support if you have any issues really - sexism, racism, unfair billing practices. Partner tells you to write your own time off? I doubt there’s a formal central process and a firm ombudsman to help you.
Maybe the people are so genuinely nice they all support each other and nothing bad ever happens, but honestly, it’s cutthroat lawyers like any other firm, they just happen to work/bill a little less.
Obviously these are not non-issues in biglaw (I was also frequently mistaken for the only other person of my race in my practice group and office in biglaw...) but biglaw you get the higher pay and they at least pay lip service to doing better and have formal mechanisms in place to deal with issues through HR, ombudsman, diversity officer etc.
Better hours but less pay.
It totally depends on the firm and your practice area. I’m in a v10 firm on real estate and I believe actually regional firms are way better for my practice. Their rates are lower so they can get a variety of clients and they also have a broader practice etc
Houston RE in the house!
I didn’t realize Coats Rose was only ~$15k behind Cravath. That’s awesome. I assume that’s base. How are the bonuses?
Pro
Some good thoughts here:
https://joinfishbowl.com/post_x4t9n6
One other thing to be mindful of in a small firm is “fit.” It’s harder to avoid working with particular partners in a small firm, so conduct your diligence on the partners you’re expected to work with.
What’s your ultimate goal? Make partner? Go in-house or to the government?
Don’t burn any bridges. You want to be the lawyer at your new firm that your old national firm will refer matters to. It works.
I made the switch as a mid-level assoc when moving from DC to TX. Comments above on resources and staffing and expectations are good. My perspective is that unless you already are developing a decent book, your long-term prospects are better in a regional or smaller firm. Your ability to have hands on experience especially with clients, real courtroom experience and ability to develop your own clients over time in my experience is better in a smaller firm whether regional or state. Fit is important, but end of the day you don’t have to like everyone you work with, it’s the office, and building your own book - client bade gives you both long-term stability and satisfaction. Developing your own client base in a smaller environment is easier, and as to comp, that’s heavily dependent on the firm. Get to know the firm you’re looking at as best you can
Associate 1 - I actually had a case against and obtained a favorable settlement against my firm. They remembered me - and my personal view is even when being an aggressive litigator it’s always best to deal with the opposition professionally and whenever possible with genuine civility. Hey, we’re all just doing our jobs, and you just never know. My wife took an in- house position in TX and while getting another offer through a headhunter I reached out to my current firm and they invited me right in for an interview.
I think it also depends on whether you're going to /from a hq office vs a satellite office. I would bet that a satellite or regional office to hq of a smaller or more regional firm doesn't feel terribly different and may be advantageous simply bc energy tends to concentrate in the hq office. Granted I'm at a regional firm so I can't compare directly, but I sense that my friends have a worse off time at their regional office even though their overall firm is bigger than mine (bc of mergers etc). I think office culture means more than firm culture anyway
Note for fewer resources, that especially includes training, professional development, forms. Expect there to be none
Thanks to all for the insight. I’m hoping a switch will help with mentoring and building a book of my own - it can can be tough to get a name when servicing only national clients (and only when they have issues come up in my state). I can stomach a pay cut, but lost support gives me pause - I’ll be sure to vet that out.