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Start your own PI practice. It is much more easier than ID. The problem is you need to expand your skill set to venture capitalist, and socialite.
This industry has a big issue with luck and trajectory.
I am getting the JD during this hellish macro environment, and will do the above or get the highest paying or prestigious role I can.
Law is annoying, but have to salvage what we got
Could also jump to plaintiffs side; no billables and no ceiling for pay if you’re bringing in your own cases.
If you have the personality for it and if it’s the right firm, plaintiff PI can be good. But it’s not for everyone. For the most part, it’s enjoyable. But it has its good days and bad days.
I was in-house ID for a carrier and it was enjoyable. Better than the outside counsel ID firm I was at in pretty much every aspect. Most in-house is WFH or hybrid, so pretty flexible. Plus the benefits are solid — good PTO, parental leave, 401k, pension, etc. And for me the total comp was higher than outside counsel. Plus, no bs with billing. Some days I miss it, but in the long run, plaintiff PI has the better pay ceiling. At least that’s what I keep telling myself, if my comp setup ever improves.
If it’s less stress and more money, just go for it
I was in a similar boat not that long ago. Basically a dead end lower rate department of a good midsized firm that had a lot of work and big cases, but they charged shit rates and there was really no prospect for advancement.
What I did was try to level up to a larger firm for more financial upside, less restrictions on what I could do/who I could work with, and also the ability to diversify into higher rate lines of work while still doing some of the stuff that was in my wheelhouse (or cases where the skill set transferred). It was really stressful for various reasons, one being i had to learn how to handle different types of cases, but it ended up paying off in terms of money, promotion, and long term growth potential. I also happened to land at a satellite run by a crew of really awesome people - people who were arguably a bit different than the folks in the major hubs who ran the firm.
However, it did require me to initially stick it out at a firm/job I really hated for quite awhile before the new gig panned out, which took a toll on my mental health and it basically took 6 months to get out of the funk.
Had I not taken the new opportunity at the bigger firm, I probably would have just flipped to plaintiff side. I had a good competing offer from a guy who ran a small firm (a person I really hit it off with because we came from similar backgrounds) and I had a friend who was one of the bigger sharks in the ocean around here who really wanted me to join his firm, but I just couldn’t pull the trigger for various reasons. I don’t know if I made the right choice, but I didn’t make the wrong one. You’ve got to be diligent and patient and explore options and go with your gut.
I would probably seek to level up as a defense lawyer or talk with some of the plaintiff firms you have cases against. You may be surprised how receptive they are to bringing in someone with your level of experience. Many of the best plaintiff firms in my area frequently take on former defense lawyers and they just turn them into killers.
I made the ID to in-house transition before I went to plaintiff’s work. The advantage is that major carriers have more diverse case types to handle. I worked for Travelers and handled auto, truck and civil rights defense cases. I’d check to see if there are opportunities to go into management as well. On the other hand, many carriers are downsizing or outsourcing support staff and administrative work.
I work for in-house for a large carrier and it’s great (I could never stomach billing hours somewhere). I previously did plaintiff work and I was just constantly putting out fires. Now I make more money (albeit with a lower ceiling), have control over my schedule, full WFH, and really only work 25-30 hours a week. It can be boring and robotic at times, but I’ve learned I’d rather that than the stress I felt on plaintiff side.
How much of a difference in pay? Its really hard to say without knowing the specifics of the offer and your current situation. If you think you will be happier then I woudl say to go for it.