For most attorneys considering leaving the profession, the burning question is this: How much will you earn in a career outside of law? According to a recent Labor Department study of 65,000 households reported in The New York Times, lawyers are the highest paid workers in America today With the exception of top corporate executives, lawyers are paid, on average, more than any other professionals, including doctors. (With the advent of managed health care, pay increases for doctors have slowed considerably.)
So, statistically speaking, leaving the law means that you will probably earn less money However, there is such a disparity between large law firm salaries, which are very high, and most small law firm salaries, which are more on par with other professions, that unless you are with a large law firm in a major metropolitan area, leaving law might not result in a huge pay decrease for everyone. And, the majority of lawyers practicing in the United States are solo practitioners or in small law firms. In fact, of the 78 percent of lawyers in private practice, 23 percent are solo practitioners, and another 33 percent are in firms of fewer than ten attorneys (according to the A.B.A. State of the Legal Profession Study). This trend has continued through- out the past several years. In fact, only 12.5 per- cent of the class of recent law grads got jobs at firms employing 101 or more attorneys, according to the National Association for Law Placement. That leaves over 85 percent of recent law graduates nationwide at mid-sized or smaller firms, government agencies, or public interest jobs where the salaries are substantially lower.
Hot Employment Trends for the Years to Come
Of the many questions you have about leaving the practice of law, one of the most obvious is probably this: "Will I have to start at the bottom and take an entry level-salary?"
The answer to that question depends on 1) your previous experience, and 2) your ability to negotiate on your own behalf.
Unlike "lock-step" law firm salary structures, your salary in another profession may greatly depend on how well you sell yourself. While your new employer may not be getting a seasoned professional, they are not getting a recent college graduate either. They will be hiring a lawyer.
But since you are at the point of salary negotiation, clearly you have convinced them that it would be an asset to their organization to have someone with a law degree. If nothing else, they will presume that you are intelligent and hardworking enough to graduate from law school and pass the bar exam!
You do have some built-in credibility as a lawyer. You can capitalize on this, and on your transferable skills in salary negotiations. One of the most effective bits of career advice you might have heard is that you should pretend that you are your own agent when conducting salary negotiations (in your own head, it's not necessary to do so out loud!). Try it right now-it's much easier to argue on your own behalf when you step "outside" of yourself and look objectively at your qualifications.
If you are asked how much you want to make, the first thing you should do is turn the question around and ask,"What is the salary range for this position?" If you are forced to name a number, give a range of at least five to ten thousand dollars (or more, depending on the typical salary in that field). Then you give yourself some margin of error and cut down your risk of getting underpaid/pricing yourself out of the market.
Industry associations are also always a good source of salary information. Most important, be prepared- go into salary negotiations with as much information as you can about the employer. What do they pay entry-level candidates? How about lateral movers? Consult their annual report, their internet site (if they have one), and anyone you know, including alums and the career planning department of your alma mater, to see if they have any information.
You also need to have a "bottom line." Having as much information about the employer's salary structure and your own financial picture should make you more confident during the negotiations.
You also need to be very aware that there other things for which you can negotiate besides money. Many employers are unwilling, or often unable, to move a lot in terms of your starting salary level. Other things, however, are often negotiable. For instance, you can negotiate for a better title in lieu of money. Some of the other most important negotiable items are time and benefits. You may be able to negotiate for more time off, or a different schedule, which may include: flex-time, time off without pay, a sabbatical, different hours. You may be able to negotiate for additional benefits such as training, reimbursement for continuing education, association memberships, company credit cards, business travel, or meal/car service reimbursement. The third thing you may be able to negotiate is more money later-after you have proved yourself. If you are not happy with your starting salary, see if there is potential for an early salary review-in six months, instead of one year.
Obviously, you have to be diplomatic when conducting salary negotiations. The time when you have the most power and persuasive ability is in between the time of offer and acceptance (you remember that from Contracts class, don't you?). That is when they have decided that they really want you and don't want to do another candidate search. But you have to be nice about it. A good idea and a diplomatic gesture is to be willing to give up something from your list gracefully-have a throw-away item that you do not consider crucial. Always continue to strongly express your enthusiasm for the new job throughout salary discussions. Do not forget to thank the employer for the opportunity when negotiations have concluded.
Finally, always put yourself in a position where you will know what to do if your salary requirements are not met. Are you willing to walk away without the job? Or do you want it so much that you will take it even if the salary is disappointing? Do you have any other interviews or offers pending? Psychologically, it is easier to negotiate on your own behalf when you don't feel desperate. How do you accomplish that? By sending out your resume and continuing to have networking meetings even when you are negotiating-until the "deal" is finalized, or you have accepted their offer.
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