Too Early to Move In-House?
Posted: Tue Oct 04, 2022 12:16 pm
Didn't expect this, but have an offer on the table to move in house at a major energy company (think Global 500-1000). The company is based in Europe, but I would be working out of their U.S. Headquarters. I am in a large Midwestern market (you can probably figure it out, but I'm not going to say it directly).
I am currently a third-year at a V40. I recently lateraled from a V10 and have been at my current firm for fewer than 6 months. I have no problems at all with my firm, but like many, have recently experienced the significant slowdown in corporate transactional work and while the messaging has been positive, I'm never going to feel safe with 50 hours/month on my billable sheet. I also switched into a finance role and, while the work is by no stretch bad, it would be dishonest of me to say that I find it engaging, though it is much more stable than my prior area of practice and has lived up to that thus far. By contrast this job seems quite recession-resistant given the state of energy markets in Europe and the industry generally.
The role seems pretty nice. Maybe my perceptions are incorrect but I thought I would have had to wait longer to land something like this. Pay is 175k with additional (TBD amount) equity vesting, 15k year-end bonus with potentially more for incentives, 401k match (and insurance, etc). Reports directly to the VP Head of Legal for N.A., who works out of the same office, so there's C-suite exposure. It's a classic generalist corporate role (contract review, help with financings, data privacy and cybersecurity, etc.) rather than a specific "product-counsel" role or something more specialized. The company's legal team is large globally but leaner in N.A. - I don't think "being seen" will be an issue. It's certainly going to be a haircut from my current 225k Cravath, and I do have a guaranteed bonus this year that I negotiated, but if this in-house job is the true 9-5 experience (and hopefully much more engaging day-to-day) I don't think I'd mind making $5000 per paycheck instead of $5800 (takehome after taxes), though of course the loss of bonuses would sting.
Is this opportunity worth hopping off of the Biglaw train? It's likely that I'll have to pay back half of my signing bonus. Fortunately I negotiated for it to vest on a per-month basis but let's assume they ask that I pay the unvested portion back.
I am currently a third-year at a V40. I recently lateraled from a V10 and have been at my current firm for fewer than 6 months. I have no problems at all with my firm, but like many, have recently experienced the significant slowdown in corporate transactional work and while the messaging has been positive, I'm never going to feel safe with 50 hours/month on my billable sheet. I also switched into a finance role and, while the work is by no stretch bad, it would be dishonest of me to say that I find it engaging, though it is much more stable than my prior area of practice and has lived up to that thus far. By contrast this job seems quite recession-resistant given the state of energy markets in Europe and the industry generally.
The role seems pretty nice. Maybe my perceptions are incorrect but I thought I would have had to wait longer to land something like this. Pay is 175k with additional (TBD amount) equity vesting, 15k year-end bonus with potentially more for incentives, 401k match (and insurance, etc). Reports directly to the VP Head of Legal for N.A., who works out of the same office, so there's C-suite exposure. It's a classic generalist corporate role (contract review, help with financings, data privacy and cybersecurity, etc.) rather than a specific "product-counsel" role or something more specialized. The company's legal team is large globally but leaner in N.A. - I don't think "being seen" will be an issue. It's certainly going to be a haircut from my current 225k Cravath, and I do have a guaranteed bonus this year that I negotiated, but if this in-house job is the true 9-5 experience (and hopefully much more engaging day-to-day) I don't think I'd mind making $5000 per paycheck instead of $5800 (takehome after taxes), though of course the loss of bonuses would sting.
Is this opportunity worth hopping off of the Biglaw train? It's likely that I'll have to pay back half of my signing bonus. Fortunately I negotiated for it to vest on a per-month basis but let's assume they ask that I pay the unvested portion back.