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In-house counsels - how does a day, week and month in your life look like? What are the pros and cons of working as an in-house counsel? Would you recommend the same to someone who has anxiety issues (in other words, is the environment as stressful as a law firm)?
Having worked for few years as in-house lawyer and majority of my career in large law firms, I can comment on this one. In my view, there are several cons of being in house lawyer than pros.

1. Exposure: not a good place to be in especially you are starting your career. It is likely that you will spend majority of time in compliance or review of useless policies. If you spend initial 5 years as in-house counsel, it is unlikely that you will be able to shift to law firms. On the other hand, you will have great exposure in law firm and whatever your practice areas is, you will learn better.

2. Earning: Law firms pay significantly higher than in house ( legal department is a cost centre there). This couple with high taxes, your take home will be significantly less than law firm earnings. In law firm, you will make enough money in long run ( money = happiness).

3. Career Shift: An experienced law firm resource can easily shift to in house.

Now coming to cons, law firms are not known to offer great work life balance. However there is no guarantee that you will have work like balance in in-house job (at least I never had).

So play a big game. Go to law firm. I am sure you will come over anxiety issues.
How come Taxation would be different in Law Firms and Companies ? It is the same old slab under the Income Tax Act FFS and most Law Firms deduct TDS while crediting the monthly retainer.
Law firm associates are retainers not employees. Being professionals, under the IT Act they can structure their taxation much like an independent Chartered Accountant, CS firm or any other professionals do. So they end up NOT being taxed at 30 percent.
Arre baba! You don't know anything about how taxation works for retained lawyers and employees, then why says things like "FFS" it's the same old slab.
Update your LinkedIn and naukri.com profile. You will set some calls from headhunters.
It makes sense to move from law firm to in house only after gaining significant experience. Lower level in house jobs pay much lesser than law firms. Also there is a big difference in CTC and in hand pay.
In-house counsel here. Pretty thankless, you will have to deal with policy-related work, which at times can get tedious. And you will ultimately report to a non-lawyer. The kind of work you will end up doing will depend on the kind of company you work for. Litigation if it's an industrial company, contracts if it's a services company. The point on take-home pay is ridiculous, after all the deductions. In some cases you will be working nearly as long and hard as in a law firm. Nearly, though not close to how much they make you work in some of the bigger firms. Again, the kind of work-life balance you get (while generally better than most law firms) will be dictated by the overall structure of the company and the legal department, and the kind of work you are involved in.
I worked in good law firms for about 8 years and then moved in-house.

The work like balance absolutely cannot be compared for the average in-house role and the average good law firm role. Even PE / VC funds in-house counsels (on an average) don't have it as bad as an equivalent PQE lawyer in a firm.

I recently worked on a rather hectic and complex funding round and kept the sort of hours I was used to doing in my last firm for about a month and it really made me realise why I'm so much happier for having left that life.
Wish there was a way to make support group for people with anxiety. Every day every morning is a struggle.
Definitely move in-house, after a few years (2-3 yrs) in a Tier 1 to Tier 3 law firm, OR, after 5-8 years in a lower Tier law firm. The higher quality legal learning in-house is limited. Learn as much as you can at the law firm, and then make a move. I moved after a decade in a Tier 4-5 law firm. The work-life balance In-House is great and the money is decent. There is none of the constant D measuring contest which happens in a law firm and you will deal with actual legal issues. It won't be cutting edge legal work, but you will learn law which is used in daily life. Lastly, as someone with General Anxiety Disorder, the In-House role is working great for me. Take care bud. Keep moving forward.
I worked equal stints inhouse and firms.

My take is that inhouse does have equally long work hours, I guess 80% of a law firm. But the big difference is the TYPE of work, the RIGOUR, the PAY and the STRESS levels.

Work TYPE is usually more than a law firm because all kinds of queries get directed to legal. In some big inhouse teams like ICICI or Yes Bank there may be specialised legal teams for specific queries but generally policy, tax, litigation, contracts, compliance - all go to legal. In a law firm the types of work is more narrow and more specialised.

RIGOUR is a big deal in a law firm. People can be fired for wrong legal research, mistakes in documents and other goof ups. As an associate or a partner the work has to be done more meticulously and people will notice mistakes and act on that. Inhouse lawyers get away with all kinds of nonsense. Bad work may result in a poor bonus and being pulled up by the boss but theres not much else - nobody will be asked to leave or punished. Due to this STRESS levels are insane in law firms compared to inhouse and the atmosphere is more competitive.

PAY is far far more in law firms than inhouse though a few GC positions may have good salaries.