Help me figure out appropriate compensation - inhouse - bank

(Discuss Advantages vs Disadvantages, Making the Switch From Private Practice to In-House, Compensation & Hours, Work-Life balance, In-House Reviews & Experiences)
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Help me figure out appropriate compensation - inhouse - bank

Post by Anonymous User » Tue Jan 14, 2020 7:00 pm

Hello TLS, looking for some advice. Please do not quote the below as it is pretty specific:

Class of 2017/2016 currently in big law, major HCOL market. May have an offer at an investment bank / asset management / brokerage / similar type of in-house position. The hours are better than big law but certainly not 9-5 by any means. Seems like being responsive and checking phone is necessary and actual facetime in the office is closer to 9-7pm with maybe one weekend a month. What is an appropriate comp package for this case? To complicate matters, would take a hit on deal experience as it seems the legal dept is not very involved in running transactions and instead focus on letters practice to support various different departments and products (i.e. engagement letters, commitment letters, NRLs, access letters, etc. in connection with M&A, Cap markets, restructuring, etc.). Would be taking a hit from current all-in comp of 270-290k. I don't necessarily love being a lawyer if that mitigates the threat of potentially limiting my legal career if I make this move. Another pro is that it will still be nice not to be on call 24-7 and to be able to have a life outside of work again. A con is probably (i) job stability because I think I can make it at least another year or two in the firm setting without the firm getting rid of me, whereas this new job would be an unknown and (ii) job flexibility - i.e. now I can take max vacation and not be worried and know I can always lateral, whereas if I go inhouse, things will be not as flexible for a while.

Would you wait for a better opening? How much comp would this position have to offer to make you decide to leave now? How do you think this would affect future exits and potential jobs for me down the line?


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Re: Help me figure out appropriate compensation - inhouse - bank

Post by NoLongerALurker » Thu Jan 16, 2020 12:44 pm

Is the title VP?

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Re: Help me figure out appropriate compensation - inhouse - bank

Post by sam91 » Fri Dec 11, 2020 1:04 pm

Curious, OP, did you ever accept? How did you like the transition?

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