Thanks Forum

[Anonymous User]

Appreciate the insight.

[1styearlateral]

What will be your $/hour at the gas company compared to the firm?

[Anonymous User]

What will be your $/hour at the gas company compared to the firm?

I have not done the math, company is generally 8-5 except when a deal is going strong then work till its done kind of thing. But hours will be more normal.

[smokeylarue]

Would be idiotic not to take it. $275k for a 4th year in-house is EXTREMELY high.

[Anonymous User]

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[Anonymous User]

Would be idiotic not to take it. $275k for a 4th year in-house is EXTREMELY high.

Have to remember a good chunk of that coming from equity grants that don't vest for 3 years (and if I leave before then I lose that comp). My salary is taking a big cut.

Equity grants need to be considered with an asterisk, granted. But even ignoring the equity, 200k+ in hard cash comp in a low-COL area for a 4th year, 8-5 type job is pretty great. A lot of places would offer half of that.

[jhett]

It's a good offer. And the pay cut is part of the deal for going in-house - less pay, but less hours. There are very few in-house positions that compensate on par with firms.

If money really is that important to you, stay at the firm. But I think the vast majority of people in your position would take the offer.

[Anonymous User]

I took a very similar offer 2 years ago and haven't looked back. It's hard to put a value on free nights and weekends. If you don't care about making biglaw partner comp someday, I 100% agree that the comp is high and I'd say take it and enjoy life. If you have any reason to doubt the hours, comp, or company future - then sure, it may not yet worth the risk. Sorry for anon, previous posts out my practice and would prefer to stay anon. Happy to PM, let me know in the forum.

[Anonymous User]

Married? Kids? If not married and no kids with no prospects for either in the future and you arent burning out, probably worth continuing to stack the cash. What happens to your household income if there is another income earned in the house? Will the new job allow you to move to a cheaper part of town?

I’m in the industry (bus. side after practicing law) : If an oil e&p company, I would consider holding off a few years to see how oil shakes out in the coming years. There is material risk that major upheaval is coming (even to the Permian) in the coming years as OPEC fugures out what to do. Some guys that are much smarter than me are convinced that due to pipeline constraints differentials are about to get blown out in West Texas taking realizations down to the $50/barrel range. That would probably force drilling to slow way down out there.

If gas focused, I tend to think there is not much upside but less downside as well. Gas has been in the doldrums for so long that there isn't much fat left to cut.

If a pipeline company, I would probably make the jump, especialky if the assets are in W. Texas. If a gathering company, not sure what to tell you.

If a portfolio company and you can’t readily monetize the equity after vesting, you should heavily discount the value of the shares. How is the management team? If they’ve successfully monetized in the past, I would value the opproutnity to catch on with them and hopefully tag along on the next venture.

[Anonymous User]

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[Anonymous User]

oops

[1styearlateral]

It's a good offer. And the pay cut is part of the deal for going in-house - less pay, but less hours. There are very few in-house positions that compensate on par with firms.

If money really is that important to you, stay at the firm. But I think the vast majority of people in your position would take the offer.

Is the bolded really true? I'd imagine a seasoned in-house attorney at a Fortune 500 could bring in somewhere between $300-500k/year in cash. Maybe even more if business-focused.

[Anonymous User]

Bus. side poster here. I have kids and they were a major factor for me leaving big law. All I can say is that the time with my kids made it the right decision for me.

OFS is tough. OFS is the first to start losing money and the last to start making money because the first thing the producers do during a downturn is squeeze their vendors and producers are slow to give those savings back. On the flip side, OFS in house experience will be much easier to spin as “general” in house experience. I’m trying to say that OFS will probably be easier to transition to an in house role in a different industry if you ever feel so inclined.

I’d be more inclined to take the job if you’re talking about a sand or water related company, less inclined if you’re talking about a parts/tools supplier.

recovery in OFS has been very choppy the past couple of years. Some OFS providers have enjoyed pricing power and raised prices over the past 18 months, others have not. If this company is in the former group, that’s a strong indication about their future, if the latter group, you’ll face a lot more risk.

Total comp will be hard to beat on this offer, but the industry segment means there is real risk to you. Sorry I can’t be of more help.

[Anonymous User]

Is the bolded really true? I'd imagine a seasoned in-house attorney at a Fortune 500 could bring in somewhere between $300-500k/year in cash. Maybe even more if business-focused.

Those salaries are usually reserved for the most senior lawyers in the company, and there are only a few of those positions per company. You won't get that salary on your first hop in-house, and the yearly raises are less dramatic than at a law firm. Of course there are exceptions, but generally the high salaries aren't just handed to you. You have to either pay your dues and climb the ladder or lateral multiple times to see large jumps in your salary.