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As for myself, I am getting about 20/25% lesser than my equivalents in a law firms (without considering the carry), however, my hours are much better, I'm on the client side, and the work is far more interesting than law firm work. I get to be fully involved in the investment decision making process and learn from my investment colleagues how they think about their work. I'm also no longer in Mumbai, so equalising for rent and other expenses, I'm not too far behind what I was making earlier.
Once I spent a few years in the profession, I found that working a job that I found interesting was far and away more important than getting paid top dollar. A lot turns on what you find interesting, I suppose. I always found this side to be more interesting, it has a wider canvas, so to speak.
Once carry is factored in, and assuming a decent (but not steller) return, I should get more than my average equivalents in law firms on a time-value of money basis, but not as much as the known-name partners.
Does that answer your question?
The fun of transactional work, in my opinion, isn't about doing due diligences or drafting agreements - it is to problem solve technical and human issues as and when they emerge in the deal. Working in-house in a fund is more of this than redlining documents or undertaking the due diligence.