In-House Dilemma Forum

[Anonymous User]

Hey all. I am a c/o 2015 associate at a V30 in a major market in the credit/finance group. Got a what I think is a pretty incredible offer with a hedge fund:

$300k base
$150k bonus (half of which is deferred for one year)
The base/bonus steps down/up $50k respectively for the first three years (i.e., Year 2: $250k base/$200k bonus, Year 3: $200k base, $250k bonus)
4% 401k match
Great benefits
Not a 9-5 job, but sounds like relatively little work outside of 9:00am to 6:30pm

Gave notice at my firm earlier this week, and they are now pulling out all of the stops to get me to stay, including the promise of a future special counsel title and "an adjustment of hours" (whatever this means) in an attempt to address my complaint about the workload.

I should obviously just take this offer and run right? I guess I am a bit flattered/caught off guard at the forcefulness with which the partners in my group are trying to convince me to stay. But ultimately, how could I really ever turn down an in-house offer that doesn't involve any sort of pay cut.

Would be curious for folks' views/opinions.

[hengha12]

At this point just curious how to land such an offer

[bwh8813]

Go and don't look back.

[Anonymous User]

Unless u like billing or want to gun for partner idk what the downside is here

[Anonymous User]

Haha of course they're trying to make you stay. Even coming up with something as weird as a nebulous new title. So yes, run and don't look back. Congratulations! Although maybe do let us know on how you scored this job (networking, a recruiter, applying tons, etc.)?

[nixy]

Everything I've read about employment across the board says that staying for a counter-offer is a bad idea. (Except academia where it can be the only way to get a raise. And academia is horribly dysfunctional so not a model to follow here.)

[Anonymous User]

Same class year who would do nearly anything for an offer like that, checking in. Offering you a new "title" and vague promises about hours doesn't strike me as pulling out all the stops, actually sounds like the absolute bare minimum. This isn't a dilemma.

[LittleRedCorvette]

Hey all. I am a c/o 2015 associate at a V30 in a major market in the credit/finance group. Got a what I think is a pretty incredible offer with a hedge fund:

$300k base
$150k bonus (half of which is deferred for one year)
The base/bonus steps down/up $50k respectively for the first three years (i.e., Year 2: $250k base/$200k bonus, Year 3: $200k base, $250k bonus)
4% 401k match
Great benefits
Not a 9-5 job, but sounds like relatively little work outside of 9:00am to 6:30pm

Gave notice at my firm earlier this week, and they are now pulling out all of the stops to get me to stay, including the promise of a future special counsel title and "an adjustment of hours" (whatever this means) in an attempt to address my complaint about the workload.

I should obviously just take this offer and run right? I guess I am a bit flattered/caught off guard at the forcefulness with which the partners in my group are trying to convince me to stay. But ultimately, how could I really ever turn down an in-house offer that doesn't involve any sort of pay cut.

Would be curious for folks' views/opinions.

This is such typical biglaw shit (from the partners, not you):

"I am quitting, this job sux and the workload sux"

"No baby I'll change, I swear!! Yes I treated you like complete shit for 5 years, but you're so, so special."

Take this sweet new gig and don't even look back.

[Joachim2017]

Consensus is correct here. Take the new gig and don't look back.

[Anonymous User]

Law firms tend not to keep the good versions of their promises. I'd be wary.

Go in-house. Take the job and still have lots of money and go home at 5:30pm most days and go to the gym, talk with / eat dinner family and friends, watch TV, read a book, get a hobby, etc. Plan impromptu weekend trips. Live.

[Anonymous User]

I think the only worthy counteroffer they can give you is guarantee/promise of partnership. Otherwise, there's nothing here to look into - take it and go.

If you don't mind me asking - what's your practice area? I've seen offers like this only for funds formation associates and just wondering if there's stuff like this out there for us non-funds guys.

[Anonymous User]

Agreed with the consensus to take the in house offer. One little caveat is whether this new in house job also involves doing deals? If so, I wonder if the 9-6:30 schedule is realistic -- in any event, even if it isn't, take the new job, as it can't be worse than where you are now.

[Anonymous User]

If your long term goal is maximum money, you might want to break out the spreadsheet, inquire about partnership prospects, etc, and you'll probably make more money staying at the firm. It sounds like you are well liked and no risk of being forced out absent a massive recession. But the law firm can't offer an overall package that is all-in appealing because with that money comes the workload. If you want to jump ever, this is a good offer and time to do it.

[thisismytlsuername]

I'm not saying not to take the offer, but I've never heard of a job where the base salary ratchets down and the bonus ratchets up (which means you're taking a slight pay cut given the time value of money), let alone the fact that you are guaranteed to not get a raise for three years. Any explanation for why they do that?

[almostperfectt]

Out of curiosity, is that step down/up on base/bonus typical in hedge funds or in-house generally?