Is the pay difference between in-house and 1600 billable firm substantial?
First things first, note that I said 1600 bill
ed hours, not bill
able. Assuming 80-90% efficiency (again, reasonable for me), and we are really talking about 1760-1920 billable hours. But any way you slice it, that is reasonable. At my old firm, I was working anywhere from 2600-2800 hours per year.
Compensation is roughly "the same," in my opinion, though it comes in different forms. I've tried to break it down below. Of course, this only applies in my limited situation. The nature of in-house jobs varies wildly. DogDay, for example, has a much more demanding in house gig than I do. I also interviewed for another in-house gig recently with a fortune 100 company, and the salary they offered was 75% higher than what I make now. Too bad I had no interest in commuting 2 hours each way.
In House compensationBase Salary = $X (somewhere in the 6 figures)
Bonus potential: none
relative stability of position/company: almost none (highly volatile, such is the nature of a startup)
Average workday: 8AM-5PM, 30 minute lunch
Weekend work: almost never
Vacation: 25 PTO days plus 12 holidays (10 set, 2 floater), guaranteed
Travel: occassional
Reimbursed professional expenses (licenses, etc): no
Support at work (docket system, paralegal, etc.): none
Small law firm compensation (1600 billed)Base Salary: $X + 20%
Bonus potential: 50% of billed hours over 1600
relative stability of position/company: very stable. Firm has a lot of work and has been around for 10+ years. Many large clients.
Average workday: 7AM-5PM, lunch at desk
Weekend work: One saturday every month or two. Depends on client workload
Vacation: No set vacation. take time off when you can. Typical of a law firm. Partners and associates usually take 2.5-3.5 weeks per year.
Travel: None
Reimbursed professional expenses (licenses, etc): All, including all CLE courses.
Support at work (docket system, paralegal, etc.): Dedicated secretary, sophisticated computer system, etc.
Other: Can work from home 1-2 days per week. Firm is extremely family friendly (e.g., several partners and associates have a life outside of work). Very good potential for upward mobility (partnership)