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A few things, in my experience (did Delaware corporate law at one of the main firms and then to a small firm in Maryland where deals varied from a few hundred thousand to $23-30M). 1) slower timelines, 2) waaaaay simpler due diligence/schedule preparation, 3) simpler deals (many simultaneous sign and close, with fewer ancillary documents to deal with), 4) a slower volume of transactions. I only had multiple bigger deals going at the same time once or twice in my 5 years at the smaller firm, and the hour expectation was lower so I didn’t really stress about hours in slow months after a deal.
For non M&A transactional work, the client expectations are also less - they don’t want to pay the extra $$$ to really perfect something, and would honestly rather have immaterial dumb typos than pony up the extra cash for 2nd and third proof reading (seriously had someone call and complain for something that took half an hour more bc I proofed it one last time).
Oh sorry the money was definitely not better - it was small law, so I only made like $145k before bonus when I left (though honestly my per hour wage was probably about the same as when I practiced in DE because the firms there pay below market). I didn’t want to build my own book, which was the main reason I left, and being tired of the concept of billables.
I’m a second year at a 50 atty firm in a different market than Associate 1, but my experience is identical. Size wise, I see a handful of $25m+ deals per year and dozens of smaller transactions. Clients vary wildly in sophistication. I make 2/3rds of what my pals in BL make, but I live in a LCOL city, my job is generally 8-5, and I anticipate making shareholder in 3 years. Whether these are benefits depends on where your priorities lie.