The downside, naturally, is that few such positions afford the same lifestyle as is portrayed as the common image of lawyers. Thus, the snobbish condescension. Based on purely anecdotal information, in-house lawyers seem to be happier in their jobs than are law firm associates. The work, for one. It is usually front-line stuff, and it usually consumes less of one's personal life.
Benefits are usually excellent.
And the work is usually more directly connected to a positive goal, rather than to a redistributive one. Government has, of course, always been a haven for lawyer-types. The prestige of government service is mixed, depending upon where you serve and for whom. Federal is, generally writing, more prestigious. Again anecdotally, government lawyers seem to be happier in their jobs than are law firm associates.