In House Offer Forum

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In House Offer

Post by Anonymous User » Wed Jan 12, 2022 7:59 pm

I received an offer to join a high growth pre-IPO tech company in SF/NYC. Offer is 125k base, stock options, 5-10% bonus, and benefits. I have about 2.5 YOE in ID, so it is quite the change in practice area. Is this a lowball offer? I am exhausted with billing and the WLB is so tempting, and it is not like I am in biglaw either. I have competing offers with firms that will pay mid-high 100s.

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Re: In House Offer

Post by Anonymous User » Wed Jan 12, 2022 9:11 pm

It's kind of a lowball for SF/NYC, but it depends on what the stock options are, which you haven't specified. If the benefits are solid and you believe in the company/your options' upside potential, there are worse choices you could make.

May also depend on what the chances of you getting promoted in the next 1-2 years are and what the pay bump for that would look like.

jhett

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Re: In House Offer

Post by jhett » Wed Jan 12, 2022 9:47 pm

I also agree that it depends on the options you have, the exact benefit structure, the trajectory of the company, what exact position it is, and how big the in-house team is. However, going just from the information you provided, it's a low offer.

legalpotato

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Re: In House Offer

Post by legalpotato » Wed Jan 12, 2022 11:20 pm

Agree w/ the above. With that said, if you are coming from insurance defense (?) to a corporate counsel position, this might be a good opportunity.

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Re: In House Offer

Post by Anonymous User » Thu Jan 13, 2022 12:13 am

Anon OP here. Little less than 10k stock options. Benefits are standard within the realm of tech companies I think -- medical, dental, stipends, WFH, 401k, lunches, truly 9-5, unlimited PTO, nice colleagues. The company is valued at over 500 million, thinking about an IPO, but so many pre-IPO companies have ridiculous valuations these days that I really don't know what to make of it, but I think it has good potential. Certainly not an Uber/Amazon/AirBnB unicorn, but there lots of accolades and recognition in the industry.

That said, it was either this or going up the ladder at a firm doing insurance coverage/defense work for the rest of my career, which was unappealing. Got it out of sheer luck and I recognize it is a rare opportunity to pivot. I believe there are salary bumps, but I would not expect it to be more than 5-10k per year, if that. There are 2 other attorneys on the legal team. I currently make 100k billing 2000 hours but received an offer from a larger firm for 160k doing more or less the same work, but I am leaning heavily towards taking this offer because if I have to bill another 40 hours, I would throw up.

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Re: In House Offer

Post by Anonymous User » Thu Jan 13, 2022 12:31 am

I’d absolutely take this offer in your shoes, especially because you’d be developing marketable skills if you actually wanted to move to another company.

lawlo

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Re: In House Offer

Post by lawlo » Thu Jan 13, 2022 12:42 am

How did you get this offer? Networking or applying? Sounds like a cool opportunity.

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Re: In House Offer

Post by Anonymous User » Thu Jan 13, 2022 1:01 am

I got it from a law school classmate who I stayed in touch with. We studied really well together, went different paths, he went in house, and offered me the job when it opened up!

mongeese

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Re: In House Offer

Post by mongeese » Thu Jan 13, 2022 2:42 am

I think that the offer is a bit low for a junior attorney - the base, bonus, equity is all a bit low for the bay area (not sure about nyc in-house). But it might be good experience and you would be able to jump somewhere else in-house. If it's an interesting company and the work is good and you want to be in-house, then I would at least think about it.

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jhett

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Re: In House Offer

Post by jhett » Thu Jan 13, 2022 8:44 am

Hmm, I think you should take the offer. Less so for where you are going, but more what you are trying to escape from. This is a golden ticket out of ID into a vastly more marketable position.

Wanderingdrock

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Re: In House Offer

Post by Wanderingdrock » Thu Jan 13, 2022 10:53 am

Anonymous User wrote:
Thu Jan 13, 2022 12:13 am
Anon OP here. Little less than 10k stock options. Benefits are standard within the realm of tech companies I think -- medical, dental, stipends, WFH, 401k, lunches, truly 9-5, unlimited PTO, nice colleagues. The company is valued at over 500 million, thinking about an IPO, but so many pre-IPO companies have ridiculous valuations these days that I really don't know what to make of it, but I think it has good potential. Certainly not an Uber/Amazon/AirBnB unicorn, but there lots of accolades and recognition in the industry.

That said, it was either this or going up the ladder at a firm doing insurance coverage/defense work for the rest of my career, which was unappealing. Got it out of sheer luck and I recognize it is a rare opportunity to pivot. I believe there are salary bumps, but I would not expect it to be more than 5-10k per year, if that. There are 2 other attorneys on the legal team. I currently make 100k billing 2000 hours but received an offer from a larger firm for 160k doing more or less the same work, but I am leaning heavily towards taking this offer because if I have to bill another 40 hours, I would throw up.
160k for work you hate on a career trajectory you don't want, or 125k plus great benefits for more interesting work, better hours, and a broader set of marketable skills with a chance at reasonably good upside in your options. Even the financial gap doesn't seem that big when you take all the benefits into account.

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Re: In House Offer

Post by Anonymous User » Thu Jan 13, 2022 11:12 am

I can see the 160k being tempting but the benefits can really make up a lot of the difference. Firms are usually really cheap with insurance, if it's fully or almost fully paid in the in house option, that can add up to another 10-20k depending on your personal situation.

hangtime813

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Re: In House Offer

Post by hangtime813 » Thu Jan 13, 2022 11:50 am

I'd take this in a heart beat. Sure the comp can be a bit higher but considering your ID experience may not be completely transferable its actually not that bad. Plus you'll be marketable down the road at other tech companies, have better wlb, escape ID/billing, and potentially rise to the top at a growing company. Stock options might be worth a ton later too.

I would also add that these opportunities don't come very often. The longer you stay in ID the harder it will be to get out.

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Anonymous User
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Re: In House Offer

Post by Anonymous User » Thu Jan 13, 2022 3:11 pm

Yea, I think I am going to take it. I know if I apply by myself in the open job market, the chances of me landing a similar job is very low, and at this point, I want to escape ID/billing. Plus, I can move to other tech companies down the line and hopefully reach 200k+. Thanks everyone!

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Re: In House Offer

Post by Anonymous User » Thu Jan 13, 2022 3:57 pm

Anonymous User wrote:
Thu Jan 13, 2022 3:11 pm
Yea, I think I am going to take it. I know if I apply by myself in the open job market, the chances of me landing a similar job is very low, and at this point, I want to escape ID/billing. Plus, I can move to other tech companies down the line and hopefully reach 200k+. Thanks everyone!
I think this is smart. The salary is bad, but grind it out for a couple years than lateral for a much higher salary. If you want to be in-house long term, given your background, hard to imagine you’ll get a better job for career trajectory.

Anonymous User
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Re: In House Offer

Post by Anonymous User » Thu Jan 13, 2022 4:15 pm

Yea, tbh, a lot of posters here went to T-14 then biglaw, and it's great for them, they worked hard for the in-house options they receive, but I think it is easy for me to get a false sense of entitlement. I could be in worse places. I went to T2, top 25%, so I think this is a great outcome. And 125k is not too terrible I think. Could be worse, and I am getting a salary bump by 25k anyway.

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