What would you do (inhouse vs firm)?

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What would you do?

Stay at firm
0
No votes
Take in house job
32
100%
 
Total votes: 32

Anonymous User
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What would you do (inhouse vs firm)?

Postby Anonymous User » Wed Mar 25, 2015 11:44 am

I'm leaving my firm for in house but I've (in my weaker moments) struggled with the pay cut. I'm not questioning/regretting at all but I'm curious what others would do in my position.

Details:

$140K debt (reasonable interest rate - all fixed no more than 5.75%)
Significant savings, 401K and home equity (~$150K+)
Married and hoping for kid in next year
Bill around 1900-2000 in hectic corporate practice (lots of late nights, regularly work vacations and a fair amount of weekends....lots of fire drills).
Spouse has decent salary (~$65K) and not too much debt.
Both come from middle class so no money coming from family
Live in fairly high COL. area of the country (not NYC bad though)

In house job is at company with awesome culture and seems to be interesting work with room for upward mobility but is a $60K cut in compensation ($200K down to $140K). Comp will jump significantly ($20-30K in addition to regular raises) in house after 2-3 years.

drs36
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Re: What would you do (inhouse vs firm)?

Postby drs36 » Wed Mar 25, 2015 11:51 am

Congrats on the new gig. Your debt is manageable and your dual income will prove helpful. $140K is still a lot of money and your QOL will probably rise. 3 years from now you'll be happy you took the offer.

Anonymous User
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Re: What would you do (inhouse vs firm)?

Postby Anonymous User » Wed Mar 25, 2015 11:52 am

Anonymous User wrote:I'm leaving my firm for in house but I've (in my weaker moments) struggled with the pay cut. I'm not questioning/regretting at all but I'm curious what others would do in my position.

Details:

$140K debt
Significant savings, 401K and home equity (~$150K+)
Married and hoping for kid in next year
Bill around 1900-2000 in hectic corporate practice (lots of late nights, regularly work vacations and a fair amount of weekends....lots of fire drills).
Spouse has decent salary (~$65K) and not too much debt.
Both come from middle class so no money coming from family
Live in fairly high COL. area of the country (not NYC bad though)

In house job is at company with awesome culture and seems to be interesting work with room for upward mobility but is a $60K cut in compensation ($200K down to $140K). Comp will jump significantly ($20-30K in addition to regular raises) in house after 2-3 years.


I would take the in-house job and not even think twice. 200k annual family income with regular raises for the next 2-3 years is a great compensation figure putting you in a comfortable position especially when you already have significant savings. I also assume the benefits will be much better in the in-house position meaning that the compensation is actually higher than it looks. But the biggest advantage is that you will actually (well, most likely) be able to have a decent work-life balance and spend time with your spouse and kids while still earning a great salary.

There are people on this site who think families making 200k a year are barely middle class in high COL areas. I have a feeling that since both you and your spouse come from a middle class background you will find this to be nonsense.

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homestyle28
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Re: What would you do (inhouse vs firm)?

Postby homestyle28 » Wed Mar 25, 2015 11:56 am

Anonymous User wrote: Bill around 1900-2000 in hectic corporate practice (lots of late nights, regularly work vacations and a fair amount of weekends....lots of fire drills).


I'd go in house in a dead second, but this seems off to me. Do you also have a ton of dead time? How are you working late nights, vacations and weekends, and still only billing 40hrs/week?

KM2016
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Re: What would you do (inhouse vs firm)?

Postby KM2016 » Wed Mar 25, 2015 12:08 pm

If you don't take the in-house job, I will.

And I am also a bit confused at the 1900-2000 hour billing and working a lot of late nights & weekends...seems like you would be billing far more if that were the case.

Anonymous User
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Re: What would you do (inhouse vs firm)?

Postby Anonymous User » Wed Mar 25, 2015 12:10 pm

OP here. Thanks for congrats and words of encouragement. It's hard to shed the golden handcuffs (I know...I'm very lucky to even be faced with the dilemma).

QOL will be good. Probably 45-50 hour weeks, no weekends, limited at night (maybe few emails) and very little work during vacations if any. Ability to work from home as needed. Benefits are actually comparable to my firm. My firm was generous with benefits.

Anonymous User
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Re: What would you do (inhouse vs firm)?

Postby Anonymous User » Wed Mar 25, 2015 12:11 pm

KM2016 wrote:If you don't take the in-house job, I will.

And I am also a bit confused at the 1900-2000 hour billing and working a lot of late nights & weekends...seems like you would be billing far more if that were the case.

It's mostly deal work (lots of M&A), so the slow periods (months or just during the day) kills the average. If work was steady, 1900-2000 wouldn't be bad.

Anonymous User
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Re: What would you do (inhouse vs firm)?

Postby Anonymous User » Wed Mar 25, 2015 12:13 pm

The staff attorneys in my company's general counsel's office truly seem to like what they do quite a lot. A few come in at 7:30 and are out by 3:00 or 3:30.

Kochel
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Re: What would you do (inhouse vs firm)?

Postby Kochel » Wed Mar 25, 2015 1:45 pm

Take the in-house job and don't look back. It won't be long before you stop thinking about the pay cut and instead begin wondering how on earth you ever survived working at a firm. The psychic benefit of escaping the billable hour world is powerful and long-lasting.

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nealric
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Re: What would you do (inhouse vs firm)?

Postby nealric » Wed Mar 25, 2015 3:54 pm

Anonymous User wrote:I'm leaving my firm for in house but I've (in my weaker moments) struggled with the pay cut. I'm not questioning/regretting at all but I'm curious what others would do in my position.

Details:

$140K debt (reasonable interest rate - all fixed no more than 5.75%)
Significant savings, 401K and home equity (~$150K+)
Married and hoping for kid in next year
Bill around 1900-2000 in hectic corporate practice (lots of late nights, regularly work vacations and a fair amount of weekends....lots of fire drills).
Spouse has decent salary (~$65K) and not too much debt.
Both come from middle class so no money coming from family
Live in fairly high COL. area of the country (not NYC bad though)

In house job is at company with awesome culture and seems to be interesting work with room for upward mobility but is a $60K cut in compensation ($200K down to $140K). Comp will jump significantly ($20-30K in addition to regular raises) in house after 2-3 years.


I made a similar jump and don't regret it for a second. Being free of the billable hour is a beautiful thing. The pay cut may not be as bad as it sounds if you include bonus and benefits. My base pay was cut similarly to yours, but after bonuses, stock, 401k match, pension, etc. it's actually a similar comp package all in. I think the upward mobility path can be pretty competitive as well- there are a lot more places to go.

Anonymous User
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Re: What would you do (inhouse vs firm)?

Postby Anonymous User » Wed Mar 25, 2015 4:16 pm

OP here. Glad this seems like a no brainier to others too. To be clear, the $140K includes my target bonus (and $200K firm comp included my bonus). As I said though, comp jumps significantly after a few years. My only regret is I wish I saved more and paid down more loans but I suppose this would always be the case no matter when I left.

CanadianWolf
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Re: What would you do (inhouse vs firm)?

Postby CanadianWolf » Wed Mar 25, 2015 4:19 pm

Seems to be a personal lifestyle choice based on your posts. To some, job security might be the primary consideration.

Anonymous User
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Re: What would you do (inhouse vs firm)?

Postby Anonymous User » Wed Mar 25, 2015 5:53 pm

OP here. Job security is comparable - maybe slightly better in-house, but not by much.

Anonymous User
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Re: What would you do (inhouse vs firm)?

Postby Anonymous User » Thu Mar 26, 2015 12:16 pm

OP here. It is surprising that everyone thinks in house is the best choice (though nice to have that validation of my decision). No one has voted that they would stay if in my shoes. I appreciate the words of encouragement.

Briney Spring Gun
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Re: What would you do (inhouse vs firm)?

Postby Briney Spring Gun » Thu Mar 26, 2015 8:45 pm

Congrats on the offer! Care to shed light on what industry/company size, and how it compares to other industries in terms of lifestyle, compensation, etc?

Anonymous User
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Re: What would you do (inhouse vs firm)?

Postby Anonymous User » Fri Mar 27, 2015 1:00 am

OP here. Don't want to provide specifics on company. If you are looking for comp comparisons, I will say this is somewhat standard in my area (given or take $20K), unless you work in finance and then comp can be significantly higher but atmosphere seemed a bit more uptight and slightly longer hours in finance IMO - maybe it was just the few companies that I interviewed at. It's hard to generalize though. I think firms are much more similar than in house departments. Companies seem to have more unique cultures.




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