40% pay cut - should I do it?

[Nutbutter]

Name changed because some details here are a bit outing.

I appreciate this is really a first world problem. Sorry in advance.

Live in London, work as a lawyer earning c.£100k. DH is an academic on £30-35k (changes depending exactly how much teaching he does). Our mortgage payments are £2300 pcm which is c.30% of our joint income.

Thing is, we’ve just had a baby and I can’t face the thought of returning to a job that means I’ll never see her during the week (usual hours are 9.30-10pm, and often much later, plus some weekends). There’s a job going in the public sector where I may be able to work 5 days over 4 and generally be able to leave the office at a better time and might be able to do nursery pick ups etc. Downside is the pay is £60k. This would mean our mortgage payments would be around 40% of income. We’d be able to save £500 pcm for emergencies etc on this (also includes £1000 nursery fees).

Does this sound doable or is it a terrible idea? Ideally I’d like to have another baby in the next couple of years. I could stay at my current firm to do this but the public sector role doesn’t come up very often.

A 6.30pm finish is still very late with a baby.

I have worked in the public sector for 20 years and i have never worked beyond my contracted hours, nor does anyone in our department. We employ a lot of former lawyers and i have never known anyone to go back to the private sector.
The conditions in the public sector far outweigh the money of private sector especially if you have a family.

Thanks so much for all the replies and input, really appreciate it.

Fwiw the public sector job also sounds extremely interesting, which is another factor.

I'm not a lawyer but I'm public sector at a similar level of pay/seniority. I'm back at work after first baby. I do work over my contracted hours but not usually in the office. It's more catching up on emails etc in the evening. I'm strict about no weekend work.

I should add though that I have excellent Ts&Cs. 7wks holiday, flexitime, home working etc. Also excellent pension scheme. Public sector pay is generally less but for me the lifestyle elements are the appeal.

Go for the job anyway - you have nothing to lose. If you are offered it after interview etc. it may help to make up your mind.

nutbutter Generally speaking my friends are working on average 45 hours a week. It's a mix in terms of childcare but most have a FT nanny because their DHs is also working FT. Some have light travel infrequently.

I have the equivalent role in accounting. It's great. I get well paid to do my job. The hours and location of where the work is done isn't considered. It's all about the outcome.

^ you can’t put a price on flexible working or the ability to work from home. It’s the main thing I miss about working in the civil service vs private sector.

I wouldn't worry about mortgage being 40% of income when your income is still high enough for you to save/afford extras after the mortgage. Also, having fixed you know that your costs won't increase in the short term, so I'd see that as a good thing!

If you are earning less than £100k then you will also be eligible for tax free childcare, which will help a bit towards nursery costs (you are not eligible if you earn over £100k).

I had a similar career change, albeit with a husband who earns more, and I haven't regretted it at all. You will still be on a good wage, and you just fit your lifestyle to your income.

• @1Wanda1 and others - what are these firms that pay £100k and have a good work life balance?*

I've got friends at firms like Taylor Wessing, Hogan Lovells, Stephenson Harwood, Ashurst, Clyde & Co, Mishcon de Reya, who generally don't have to work past 6.30 and earn around £100k. Sure, sometimes you do, but not as a rule. Obviously it also depends to an extent on your specialism (I don't think you've said what yours is, nutbutter?), but honestly if I was having to work to 10pm every day, I would look for another job.

Alternatively, could you look to go in house instead of to public sector? One of my friends (clinical negligence) has just gone in house for £100k and everyone leaves at 5pm, and I recently interviewed for an in house role (insurance) for which the salary was around £100k - my friend who works there already leaves at 4.30-5pm every day and picks up her baby from nursery by 6.

Thanks @1Wanda1. I actually work at one of the firms you’ve mentioned and unfortunately no one in my team leaves regularly at 6.30 - I’m in disputes and it’s consistently busy.

I should really have a look at in house though. Will contact some recruiters.

OP - corporate lawyer here. I moved to an ABS about 2 years ago. The culture here is much more friendly than in many law firms - agile working policies/flexi time and the culture is not one of burning the midnight oil.

They want to attract good quality candidates so have competitive salaries even though the work life balance is MUCH better.

There are opportunities out there - what I'm saying is if your firm is one where the culture won't suit the lifestyle you want then move to one which will!

There also may have to be an element of you explaining and training your employer in what your availability is now. Ultimately if they want to encourage women to get to the top tiers of their careers they need to make the possibility of having a more family friendly role.

I'd go for it. The change in your work/life balance will far outweigh the pay cut. It looks like you will manage financially. Lots of London people have a similar mortgage percentage wise.

Have you considered leaving London? You will find a good role outside the capital in the work that you are doing now. But your hours will be shorter/commute shorter and you will see more of your daughter. Plus, your mortgage will be lower.

Looking at your DHs salary, that is comparable with academic salaries around the UK so his income shouldn’t fall, although yours will.

Similar scenario as you. Initially took a 40% pay cut to work 3 days a week on return from maternity in same city firm then after a year took another 40% pay cut to come out of London.

I don’t tegret it for a second. I have less money but my kids know me. It is hard to do after years of you can have it all speak though.

I agree 4 days a week is the worst of all options. Work effectively full time for less pay, no thanks!

You can pay all your bills Inc nursery and still save £500 a month.

Ultimately you'll be miserable if you stay so go. You wanted a baby, you want to see her. It's THAT simple.

Even if you have fixed rate mortgage it's worth asking your lender whether they will extend the term.

I did it. I had good working arrangements and salary but the actual work had been changed and wasn't suiting me anymore.

So I took a pay cut to work full time! But the actual job content suits me better and I can still do at least 2 days a week at home.

Government legal roles are definitely worth going for. If I were bright enough, I would apply for one because they do allow for flexible working and really interesting work.

Oh and I worked 4 days a week for a couple of years when ds was small. That meant 4 days a week. It was before the days of remote working and smartphones though.

Sorry one more thing! Have you considered Lexis Nexis or PLC for a disputes PSL role? They pay well and allow for flexible/agile/remote/PT working.

public sector maternity pay will be dismal

6 months full pay isn't dismal.

Have you considered a disputes role at a bank? I'm similar PQE to you and my salary is more than 100 plus I mostly work 9-6 and two days a week from home. I also used to work in a SC firm and honestly haven't looked back since moving. Am expecting first child and feel confident it will work well for me.

Should add I don't work in disputes but I would think the litigation team earn a similar salary to me (I do structured finance)

Yes do it! It's not on the same scale but I hate my job at the moment and for my health and sanity I'm looking at alternatives which would mean in terms of take home I'd be dropping 1k pcm. Honestly I think if you can afford it, it's worth it. Happiness is much more important as long as it's not then having a huge detrimental effect on your family. It sounds like you'll still be able to afford your mortgage etc.

I did this some years ago.

I do work consistently above contracted hours in the public sector -the difference is I can largely do that having come home, put the kids to bed and then log on again. Which is loads better re kids, but is still quite intense - but there is much more appreciation for your home life. I think it varies between department and roles in public sector - most Treasury lawyers I know for example generally have very full work loads.

Having said that the drop in salary did add a financial pressure that can also be quite stressful - I would be mindful of that at that level of mortgage.