I spent five years as an associate in Biglaw, then joined a medium-sized firm (ca. 75 lawyers) in a smaller market and became partner, eventually maxing out at about at an average of $300k. I then jumped ship to take a government position at half that pay.
In my years as a senior associate and partner, I billed an average of 2,150 hours annually. That took a serious toll on my marriage as well as my physical and mental health. In practice, it means having a six-day workweek every week, with a lot of evenings strewn in. The work was fascinating and the money awesome, but I found that it did not buy me happiness. Now, as a government lawyer who has to be a lot more frugal, I am much happier.
Much of what I may have to offer has been said already, but I still want to make three points:
1) Regardless of your decision, you cannot do the Biglaw job with the commute. That is an absolute pipe dream, and adding that commute onto 2,000 billable hours will destroy you. Biglaw is tough mentally and emotionally, and you need to be well-rested. If you are taking this job, get a pied-a-terre studio apartment a 20-minute walk from your office. Stay there on days you are working in the office. Heck - rent a room with roommates.
2) Don't lose sight of your end game. Biglaw chews up and spits out its associates, especially in niche practices. If you are a survivor, good for you - you are now making shitloads of money (I was in that boat). If you are not a survivor, you are now an 8-year associate without clients and need to have a feasible exit plan. Frankly, even if you are a survivor you should have an exit plan, because while the money is great in your 20s, time with the kids becomes more important in your 30s.
How does Biglaw affect your exit plan? That takes me to point 3.
3) If your exit plan is to go in-house, Biglaw may be a good stepping stone. You will have a lot more cachet with a blue-chip firm name to your resume than a small-time practice at 123 Main Street. If, on the other hand, your exit plan is to start your own labour and employment practice, forget about Biglaw. Stay with a small firm and hustle, hustle, hustle. Join the Chamber of Commerce. Publish blog posts. Offer to put articles in magazines. And discuss a transition plan with the partners that may want to retire. Every employer needs labour and employment advice, not just the giant corporations. And most young associates do not realize this. Labour and employment is a small-client friendly environment, unless e.g., mergers and acquisitions.