Regional Biglaw or Cannabis Start-up (Growth Stage; Well Capitalized)? Forum

[Anonymous User]

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[Anonymous User]

I am currently a V10 PEMA associate going into my third year and am having a hard time figuring out what I'd like to do.

I've received two offers:

(a) A corporate group in a regional biglaw firm (not V50 but paying market) focused on sports/media/entertainment transactions (50% M&A / 50% outside gc type work).
(b) An in-house counsel position at a very established cannabis company paying close to first year associate salary.

Does anyone have an opinion about going in-house at this stage and whether I could be successful if I went in-house at my seniority level? I have had a lot of substantive experience (luckily) for my level, but do not feel like I am at all an expert at anything.

While I am relatively confident that my personal contacts could generate law firm worthy business, I am not at all attracted by the shitty life of partners and would likely leave at some point. Additionally, this cannabis company seems like a rocket-ship (experiencing triple digit year on year growth for several years) and is at the beginning of hockey-stick expansion.

Despite my interest, I am concerned that if I leave to go in-house in the cannabis industry, I am closing a lot of doors both socially and professionally. Jumping into a venture-backed company that can't take pension money just shy of a recession doesn't seem like the world's best idea. However, ending up as in-house counsel at Paper Company #23456 seems like a fate worse than death. This in-house position, while risky, is very sexy and the industry is primed for growth.

Would love to get the brain-trust to weigh in on this.

I would personally hop on that in house position so damn hard, but I'm also a ...fan of the product... and would not be bothered by the stigma, I'd just lean into it. The growth potential is really a "when" and not "if", and that "when" is, in many respects, here and now. I think it depends what kind of person you are. I'm surprised you think it would close a lot of doors socially, but I suppose if you're around people who would excommunicate you for taking a canna job, then this may not be for you.

[Anonymous User]

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[jjjetplane]

Do you mind PM’ing me the company? Super curious about openings. Also, I thought that vice-related business (alcohol, tobacco, etc) generally weather recessions fairly well. Your concerns seem valid but it seems like an interesting area of practice (deal work, with an added layer federal and state regulatory issues). FWIW, I also think the reefer madness stigma will fade over the span of our careers.

[Anonymous User]

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[jjjetplane]

thanks, OP, I'll keep my eyes peeled.

what's your appetite for risk? what's your debt load?

[Mockingbird42]

While I don’t know anyone in a legal position at a cannabis company, I do know a few people who worked in finance or business positions in the industry.

The biggest caveat is that it is incredibly difficult to leave the cannabis industry once you are in. Mainstream companies tend to be very dismissive when they see that on your resume.

My advice: only take the cannabis position if you are ok staying in that space forever. Otherwise I’d keep looking at different in house positions.

[Anonymous User]

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[BeeTeeZ]

Work in (or help start) a 420 practice at the firm. Then, after getting some years of training/experience, jump ship to your favorite client. Best of both worlds.

[Anonymous User]

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[Anonymous User]

The biggest caveat is that it is incredibly difficult to leave the cannabis industry once you are in. Mainstream companies tend to be very dismissive when they see that on your resume.

Depends on where your mainstream companies are located. I doubt a lot of the mainstream tech companies would have an issue in San Francisco/San Jose/Seattle/Palo Alto. I know a lot of leadership there that openly smokes weed. Some of the ones that hit their millions early left to start up or invest in marijuana companies.

If you're referring to law firms, then I could see it.