First, what is the VI? I'm a lawyer but don't recognize that term.
I left my firm after a miserable two years (that seemed liked 10) to work for the Feds. Admittedly, the cut in salary wasn't dramatic at the time because I was still relatively young, but I didnt' really care at that point. I knew that I'd lived on less and could do it again. Thankfully, the work at my new job appealed to me and my boss (a federal bankruptcy judge) came highly recommended. To me, it was a no-brainer. Admittedly, I couldn't handle private practice, but I felt that my new job was actually a good career move because, at least in Indianapolis, I knew there would be a demand for someone who had worked "inside" the system. That said, there is a downside in that at some point, I'm going to have to enter the labor market again--probably back to private practice--and it's going to be a huge shock to my system. Perhaps I'm in denial, but I've always told myself that I'd cross that bridge when I came to it.
My advice is to first sit down and figure out whether you'll be miserable in a different way at the new job. You sound kind of lukewarm about the work itself. Could you survive at your firm a bit longer and try to find something in the meantime that is more in keeping with your interests/career objectives? I don't usually recommend job changes where someone is more interested in running from their current job rather than to a new job. Picture yourself in a job interview five years from now explaining why you changed jobs midstream. Can you spin/articulate it in a way that would make career sense to a potential employer? I have a few friends who've moved from one job to the next and I worry that they'll have a hard time explaining some or most of the moves at some point because they just seem rather random.
Regarding your finances. Sit down with your bills and figure out a whether you could make ends meet on a reduced salary. Are there any expenses that you could reduce or eliminate? Can you put enough money aside (or do you already have enough money set aside) to live on for 3-4 months if you were let go and had to find a new job.
Good luck with whatever you decide. Having worked in the trenches before, I feel your pain.
K-
Live with intention. Walk to the edge. Listen hard. Practice wellness. Play with abandon. Laugh. Choose with no regret. Continue to learn. Appreciate your friends. Do what you love. Live as if this is all there is.
--Mary Anne Radmacher