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Paycuts will vary by industry and year, but a 25-35% cut is pretty standard from what I’ve seen. There are a few* in house gigs where it doesn’t drop much but those are usually rare and often end up having the same amount of work as biglaw. Those are gonna be mainly in private equity, and those mega tech companies. I took the same approach as you and focused mainly on base salary. I’m pretty happy about that decision now because my company is suddenly not doing well so I feel like there’s a chance I’m not gonna get a bonus and my RSUs are worth 25% what they were when I was granted them. 180 seems decent in my option and with some negotiation you can probably get to 190?
I think one additional factor for you to consider is what you want to be doing when you move in house. Leaving a law firm after six years starts to become slightly trickier because you’re looking for more senior positions, which aren’t quite as common is my understanding. Plus you’re looking at a larger pay cut usually.
F
Are you miserable? If so, leave. I made the move, took the cut and will never look back.
If not, then can try to suck a couple more years out of big law salary but if you find something you really want I wouldn’t sleep on it.
There are many great options for getting out from under law school (and college) debt fairly swiftly and effectively. You mentioned the debt as a consideration and I wondered if you knew about the multitude of options now available — far more than in my day. I was debt free, owned a home, & supported 5 people by my 7th year (and had a 401K & IRA & savings). I promised my husband I’d make sure his school debt was paid off promptly. Less than a year after our marriage, we are both school-debt free. I’ll help if you message me, or you can just contact your local bar, your federal senate reps, and, of, of course, run searches on the web and download the SallieMae apps as well as the one created by graduates to achieve paying off student debt. No tricks, no manipulations, just find what is out there. THEN, take that load off your mine and choose your career path. My best wishes go with you.
I took that exact pay cut at that exact year. You can probably push for 10k more, but suspect you’re at about max.
Ugh poo. Haha. I think I need to wait a year or so then.
What geo are you in?
That's a good salary then.
I am a first year corporate associate in a big city in the South at a midsize firm. I have previous experience in real estate and tax.
My base is $200k, and I have received multiple offers from in-house roles for $150k to $160k base salary.
That is about a 25% pay cut, but the WLB is much higher so your hourly take-home is higher.
Yes it’s unreasonable to expect not to take a cut for a move in house. In 2021 I was making Cravath scale in Atlanta and left as a 6th year. I took around a 35% cut. 1000% worth it. My WLB and stress have changed dramatically (and physical health as a result)
I didn’t say I didn’t expect a pay cut - I do expect a pay cut. I’m wondering what is reasonable and whether it would be feasible to pursue at this time. I would be taking a pay cut to make 200 - but that’s what I feel is reasonable given my current temporary expenses (that would be more than a 25% pay cut).