Decline job offer after signing offer letter

So, I signed an offer letter at one company and a week later I received an offer from another company, which I would prefer to work at. The second company also offered me a much better salary. I electronically signed the offer letter from the first company but want to withdraw. Do I have any legal obligation to the first company? I live in an at-will state (if that helps) and haven't completed my drug test yet either. Both jobs would start in June.

I would really appreciate some advice. Thank you.

 

OK Thanks! I just searched for it and took a look at different stories there, the bottom line is: the downside is high and the upside might not be worth it.

However, I do want to share the two boutiques I am struggling with and hopefully get some opinions: the first one (the one I agreed) is a real boutique, 4 person firm, and some small deals going on, they pay me. The second one the one I want to join is also a boutique but a slightly bigger one (think 10 person) and has some small mm to mm deals, they don't pay me but they are slightly bigger. Both of them are focused on M&A. The first one has businesses in many sectors and the second one is mainly focused on healthcare.

I am targeting big 4's valuations group or M&A group for full time positions.

Which one would put me in a better position when it comes to full time recruiting? Should I renege?

Thanks!

 

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