Copy and paste of what I posted before. Read my advice in the bottom.
Academic Practice
You have residents who can gross specimen, do autopsies, and write the reports for you
You have to teach the residents and medical students. Give lectures (make powerpoints) and microscope teaching sessions (e.g. unknown cases)
Research and publishing. In some academic institutions, every attending has to show certain number of papers or academic work every 1-2 years.
Will be assigned academic rank which is promoted based on certain criteria (assistant, associate and then full professor)
Less payment (120-250K)
Have the opportunity to subspecialize and sign out cases belonging to your area of interest only.
Good for people who live to work (if you want pathology to take your whole life..spending time at home working on publications and teaching lectures)
Because of the competition in research, publication and others, the environment is not very friendly.
Private Practice
No residents. You do things on your own with some sort of help from pathology assistants.
No teaching. Just focus on your sign out. Make diagnosis, and write your report. No home preparation for lectures.
No research or publication. Enjoy the weekends and enjoy life!!
No academic ranking. You are (staff pathologist) for ever. In the mid of your career however, you can apply to become a lab director..That's it!
More payment (usually exceeds 200-300K+). The payment can be higher than that when you become lab director.
Less chance to sign out cases of your own interest only but still can develop interest or expertise in one area. Also, you may be required to do CP work besides AP.
Good for people who work to live (sign out and go home…nothing more to worry about).
Usually more friendly and "benign" environment as there is less competition among the staff.
What I listed above is based on my individual experience. Others may share different opinions/experiences. What I posted is not right in all the settings as there are many exceptions. For instance, some community-based hospitals are affiliated with universities and have a very good sense of academia. Some academic centers on the other hand do not have residencies.
My sincere advice is to go for what you have passion for. However, be always prepared for all the options as you will be CONTROLLED with the openings and OFFERS you get at the time you complete your residency/fellowship. If you get an offer for a job with a very tempting payment and in a very nice place/city, go for it regardless of other factors (just my opinion).
My second advice is to work on your diagnostic skills. Don't spend all your time to write papers during your residency (or to let your attendings "use you" to write papers for them!). Nothing like being good on the microscope. If you are not able to write a good report or to sign out simple and difficult cases correctly, I wouldn't care about how many papers you published or in what journals you published...All the research or papers won't help you when you fail the Boards, lose your job or get your license suspended because of your questionable diagnostic competency.
The bottom line is to be a good pathologist with decent diagnostic skills and be able to make good reports for your patients, wherever you are...... This is the ONLY way to secure yourself throughout your career.