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However (and this may seem shortsighted/closed minded), I do feel that I won't last in this particular field (GC/M&A at law firms) due to a variety of reasons, the largest being that even 3-4 years into the profession, I have been told that work life balance is a myth and on a previous post I have read how the hostshot corporate lawyers don't have the best family life.
I am willing to take a pay cut from the large salaries paid to the top M&A Partners, but I would like to have a life outside office as well (a substantial one at that). Could someone please point to job profiles like this, or at least how one should go about looking for such exit options?
Any and all advice is appreciated.
If you really hate the grind (and I'm afraid there will be a lot of it) then you will not like staying for 8-10 years. Once I started disliking a firm, each day become worse then the previous day, and I felt stifled and disgruntled and left that firm within a few months. I also thought the first couple of years were the hardest because I was not used to working as much, or with such precision, in law school and, on top of that, I got the shittiest work - proof reading documents (that I did not understand), the worst parts of a due diligence which largely only required typing skills (when I didn't even understand how my parts impacted a transaction or what to focus on my section given the nature of the transaction), preparing document bibles (I still hate this with a vengeance), etc. After the first couple of years, you get meatier roles and are more involved in the matter, the partner / senior listens to what you have to say and they don't treat you like a body to lug around which will not add any value - then it becomes a little better, I feel.
But my recommendation is to join the firm and see how you like it. People often react very differently to this life than what they may anticipate prior to joining a law firm - I know several examples from law school. I also wouldn't really be concerned with whether you're in a tier 1 or tier 3 firm - so long as you have a decent partner and team. That is far and way more important than working in big name firm (I have worked in a mid-tier firm and a prestigious smaller firm - and hated the prestigious smaller firm) since you will stick around if your partner and team are decent lawyers and people. After a while, you will realize peace of mind is more important than getting paid 15 - 30% more - this will not however stop you from bitching about it.
If you do wish to exit law firms, then there are enough jobs available after a few years of work experience, but they will often not pay you as much as a law firm. If you are conscious of not letting lifestyle creep happen, then that should be fine. But if you like the high life or get sucked into the "prestige" mindset (very common after working in law firms for a few years - try being cognizant of this when it happens to you) then it becomes much harder. Remember, most of the work we do is not God's work. Its easy and mundane but tedious work. Law firm associates get paid comparatively well only because the tedious work doesn't have enough pickers.
Well enough of my Proust-like answer. I hope this gave you some insight. Best of luck!
If you want to continue in GC/M&A, do look for partners who wouldn't mind the work hours, and don't want you to work post office hours. There are plenty of people you can find if you want to.
You can also consider the following:
1. Litigation - you might not become a Singhvi Or a Salve if you aren't ready to compromise on your life, but you can certainly do well. If you don't mind slogging for 9 months and then chilling for 3, litigation is not a bad option. You have vacations, you have off days. Make use of your time well. Do good work. It is rewarding.
2. Professor - academics are a nice option too. You will have pressure to prepare for classes, exam prep etc., but otherwise you will have an extremely balanced life.
3. In house - there are plenty of corporates working a strict 9-5 or 10-6.
4. Government Service - there are a lot of calls for legal consultants. You won't get top salary, but you will get enough for a comfortable life.
5. Research - plenty of research organisations offer a balanced life without expecting you to sell your soul.
There are plenty of other options. You will figure them out along the way. No need to listen to people. See things for yourself once you join.
I have spent 5 years in this profession, and I have seen more than enough in my firm and others to say that there are a lot of partners and Associates who do well professionally without compromising.
Learn to say no. Do the best whenever you are called upon. If somebody asks you to do something post 7 pm, ask them to send you an email. Always tell people that you have plans post 8 pm. Never pick up work calls between 9 pm and 9 am.
If anyone says anything, give them an unreasonable explanation. After a couple of times, people will take the hint and would start respecting your time as well.
If your team is not alright with this attitude, move on. There is always a dearth of talent. At any given time, all top law firms have multiple vacancies. Nobody will let you go just because of you respecting your time.