Pay cut from big law to in-house

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Mce252
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Pay cut from big law to in-house

Postby Mce252 » Fri Oct 12, 2012 1:53 pm

Do most big law associates that jump ship to go in-house take a big pay cut? Say V-50 firm to F500 inhouse.

usfvictor
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Re: Pay cut from big law to in-house

Postby usfvictor » Fri Oct 12, 2012 1:56 pm

well at the F500 i used to work at associate/assistant general counsels made around 95k-110k, so its a bit of a cut from 160k, but your not starving at 100K.

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Mce252
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Re: Pay cut from big law to in-house

Postby Mce252 » Fri Oct 12, 2012 1:58 pm

usfvictor wrote:well at the F500 i used to work at associate/assistant general counsels made around 95k-110k, so its a bit of a cut from 160k, but your not starving at 100K.



If you were a fifth or sixth year associate, you would be making more than 160K so that sounds like a pretty large pay cut.

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spicyyoda17
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Re: Pay cut from big law to in-house

Postby spicyyoda17 » Fri Oct 12, 2012 2:00 pm

At my F1000, attorneys here usually make $150-$180k. The vast majority of them spent 2-5 years working BigLaw before making the transition.

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drmguy
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Re: Pay cut from big law to in-house

Postby drmguy » Fri Oct 12, 2012 2:01 pm

This is going to vary wildly on the specifics of the in-house position.

I know that some that are in the 200 range.

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spicyyoda17
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Re: Pay cut from big law to in-house

Postby spicyyoda17 » Fri Oct 12, 2012 2:04 pm

drmguy wrote:This is going to vary wildly on the specifics of the in-house position.

I know that some that are in the 200 range.


Well said - the attorneys here that have 12+ years of overall experience are anywhere in the low to high $200k range, and the more senior folk (15+ years of experience, top 3-5 legal counsel internally) are breaking $300k.

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Ruxin1
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Re: Pay cut from big law to in-house

Postby Ruxin1 » Fri Oct 12, 2012 2:06 pm

One of the in-house people I know at a F200 works from home, so there's that.

09042014
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Re: Pay cut from big law to in-house

Postby 09042014 » Fri Oct 12, 2012 2:18 pm

http://www.roberthalflegal.com/SalaryCenter

100-187 is the middle 50% for 4-9 years experience Nationwide. They account for local variances. 140% for NYC, 130% for DC, 105% for Dallas, 94% for Las Vegas. So NYC would be 140-261K for 4-9 years.

It's all pretty rough though. Way more variance than big law.

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Mce252
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Re: Pay cut from big law to in-house

Postby Mce252 » Fri Oct 12, 2012 2:38 pm

Does anyone know if in-house hires get equity at the 4-9 levels of experience bracket? Or do you need to be a partner before you're looking at equity in most companies?

BeenDidThat
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Re: Pay cut from big law to in-house

Postby BeenDidThat » Fri Oct 12, 2012 2:49 pm

Mce252 wrote:Does anyone know if in-house hires get equity at the 4-9 levels of experience bracket? Or do you need to be a partner before you're looking at equity in most companies?


I assume you're only talking about partnerships? Cuz that would be highly dependent on the partnership.

Lots of companies won't give you "equity," but they may give you stock or stock options, because they're structured differently than a partnership is. I think I'm either misunderstanding your question or your question isn't quite right.

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ExBiglawAssociate
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Re: Pay cut from big law to in-house

Postby ExBiglawAssociate » Fri Oct 12, 2012 2:51 pm

Mce252 wrote:Does anyone know if in-house hires get equity at the 4-9 levels of experience bracket? Or do you need to be a partner before you're looking at equity in most companies?


Are you talking about a special kind of stock incentive compensation? That is usually reserved for top legal counsel within a corporation. I'm sure attorneys can participate in a company's regular stock option program, however.

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Mce252
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Re: Pay cut from big law to in-house

Postby Mce252 » Fri Oct 12, 2012 4:59 pm

BeenDidThat wrote:
Mce252 wrote:Does anyone know if in-house hires get equity at the 4-9 levels of experience bracket? Or do you need to be a partner before you're looking at equity in most companies?


I assume you're only talking about partnerships? Cuz that would be highly dependent on the partnership.

Lots of companies won't give you "equity," but they may give you stock or stock options, because they're structured differently than a partnership is. I think I'm either misunderstanding your question or your question isn't quite right.



Last time I checked stock was equity? Companies give me equity every day. See http://www.nasdaq.com/


And yes, I am referring to positions that are compensated in part by stock in the company.

Anonymous User
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Re: Pay cut from big law to in-house

Postby Anonymous User » Fri Oct 12, 2012 6:23 pm

In house counsel here

yes it varies, according to geography, practice/expertise, size and industry. Entertainment companies will pay differently from banks (commercial) and insurers. Start ups will give options, as will large publicly held companies. (this is the one place you can still make a killing). Others won't.

5 year big law associates are probaly looking at 130-150 in the move to most large companies in major markets. Small toewns and less costly cities will pay marginally less.

More senior counsel with 12 plus years can be looking at mid 200's, with 30% or more bonus, and stock options/grants adding another 30- 50,000 a year or more. Subsidized medical/dental usually gets thrown in too.

Oh yeah, NO TIME SHEETS, so effectively no billable hours requirements. Plus "flex time" , work from home, excessive vacation (30+ days a year, plus accruable sick days) and 401(k) matching all can make in house life rather nice. You sholuld be home by 6:30-7 every night, and no weekends

The more senior in house you go, the better the compensation, but if you move into "management" position (Managing counsel, AGC, or GC) the time demands go up exponentially - as does the compensation.

It's a lifestyle choice for most who do it- and there is some financial pain at first, but your kids know who you are and you generally willl retire by 60-65 and won't die from stress.

Yes your friends who stayed as partners will have a few more million than you do, but you will be fine.

oshkoshbigosh
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Re: Pay cut from big law to in-house

Postby oshkoshbigosh » Fri Oct 12, 2012 8:11 pm

Anyone out there work in house for goldman, jp morgan, ms, cs, citi, or any other comparable big bank? Would be interested to hear what a 4th or 5th year biglaw associate starts out at generally.

drbarry987
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Re: Pay cut from big law to in-house

Postby drbarry987 » Fri Oct 12, 2012 10:10 pm

Just do 200k 8:30-4 + 1 hour at home BIGTECH in house bro
--LinkRemoved--

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Mce252
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Re: Pay cut from big law to in-house

Postby Mce252 » Fri Oct 12, 2012 10:53 pm

drbarry987 wrote:Just do 200k 8:30-4 + 1 hour at home BIGTECH in house bro
--LinkRemoved--



What the hell is that forum? It looks like somewhere you might exchange stolen credit card information.

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piccolittle
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Re: Pay cut from big law to in-house

Postby piccolittle » Fri Oct 12, 2012 11:09 pm

What about most transferable practice area to (non-finance) in-house work? M&A?

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bk1
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Re: Pay cut from big law to in-house

Postby bk1 » Fri Oct 12, 2012 11:28 pm

Mce252 wrote:
drbarry987 wrote:Just do 200k 8:30-4 + 1 hour at home BIGTECH in house bro
--LinkRemoved--



What the hell is that forum? It looks like somewhere you might exchange stolen credit card information.


Wait, you've been on TLS for 3 years and never seen xoxo?

Anonymous User
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Re: Pay cut from big law to in-house

Postby Anonymous User » Fri Oct 12, 2012 11:56 pm

one of the general counsels i admire the most rake in over $7 mil a year, 90% of it comes from her stock options though.

Anonymous User
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Re: Pay cut from big law to in-house

Postby Anonymous User » Sat Oct 13, 2012 12:43 am

Anonymous User wrote:one of the general counsels i admire the most rake in over $7 mil a year, 90% of it comes from her stock options though.


You admire the most highly paid GC in the country then.

http://www.law.com/corporatecounsel/Pub ... 2499548177

This list changes quite a bit from year-to-year too, so it's unlikely that many of the people at the top will make as much money next year.

WhirledWorld
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Re: Pay cut from big law to in-house

Postby WhirledWorld » Sat Oct 13, 2012 1:07 am

FWIW I know a guy who got a big pay increase when he went from being a partner to being a GC. It was at a F50 company though.

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Mce252
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Re: Pay cut from big law to in-house

Postby Mce252 » Sat Oct 13, 2012 11:08 am

bk1 wrote:
Mce252 wrote:
drbarry987 wrote:Just do 200k 8:30-4 + 1 hour at home BIGTECH in house bro
--LinkRemoved--



What the hell is that forum? It looks like somewhere you might exchange stolen credit card information.


Wait, you've been on TLS for 3 years and never seen xoxo?



Nope. But someone needs to do some work on their website.

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Ruxin1
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Re: Pay cut from big law to in-house

Postby Ruxin1 » Sat Oct 13, 2012 11:25 am

ITT: people don't understand the massive difference between the GC and rest of in-house counsel

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Mce252
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Re: Pay cut from big law to in-house

Postby Mce252 » Sat Oct 13, 2012 11:55 am

Anonymous User wrote:In house counsel here

yes it varies, according to geography, practice/expertise, size and industry. Entertainment companies will pay differently from banks (commercial) and insurers. Start ups will give options, as will large publicly held companies. (this is the one place you can still make a killing). Others won't.

5 year big law associates are probaly looking at 130-150 in the move to most large companies in major markets. Small toewns and less costly cities will pay marginally less.

More senior counsel with 12 plus years can be looking at mid 200's, with 30% or more bonus, and stock options/grants adding another 30- 50,000 a year or more. Subsidized medical/dental usually gets thrown in too.

Oh yeah, NO TIME SHEETS, so effectively no billable hours requirements. Plus "flex time" , work from home, excessive vacation (30+ days a year, plus accruable sick days) and 401(k) matching all can make in house life rather nice. You sholuld be home by 6:30-7 every night, and no weekends

The more senior in house you go, the better the compensation, but if you move into "management" position (Managing counsel, AGC, or GC) the time demands go up exponentially - as does the compensation.

It's a lifestyle choice for most who do it- and there is some financial pain at first, but your kids know who you are and you generally willl retire by 60-65 and won't die from stress.

Yes your friends who stayed as partners will have a few more million than you do, but you will be fine.


I think this sounds like credible information about moving in-house. The potential salary increases discussed above are probably reserved to all star partners that get called up for a GC position. From what I've heard, most don't have that opportunity.

poloshark
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Re: Pay cut from big law to in-house

Postby poloshark » Sat Oct 13, 2012 4:20 pm

Just be like this guy. V20 tax --> 350k in house. Ballin out like "what pay cut?"

http://www.xoxohth.com/thread.php?threa ... 7c193ac981




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