Tips To Increase Your Biglaw Salary

How to Score a Salary Increase in Big Law
 
Are you hoping to negotiate your starting salary with a large firm, or do you feel you have proven your worth and are ready to renegotiate your salary at your current firm? Either way, your first step should be a meeting with a top-notch recruiter familiar with firms in your area.

 
Legal recruiters have their fingers on the pulse of the industry and know what kind of salaries attorneys at each level of the game are making from their respective firms. A recruiter is essential because they can help you determine your targeted goal for a salary.

Though you want to aim high, you won’t even get them to the negotiation stage if you open with an amount way beyond what other attorneys with your experience and education are making. You also do not want to risk setting the bar too low, only to find out later that you stood a good chance of getting a significantly higher salary if you had asked.

Once you have a dollar amount in mind, increase it slightly before you make your pitch. Firms are strong negotiators, and you want to have some room to give and still find yourself in the salary range you want to achieve. Some recruiters have tools that can help you calculate your maximum market value, and that might be a good number to start negotiations.

The salary negotiation

You know what you want, but you need to convince the firm of what you are worth. Make sure your book is in order and that you note all billables and significant projects to which you were a substantial contributor. Whether you are negotiating with your current firm or a prospective firm, make sure you can deliver what you put on the table. 

If you currently work for a firm, you probably have some idea of the range of salaries available for your skill and experience. Are you trying to negotiate yourself from the bottom of that range to the top? Then ask yourself the hard questions and try to be objective in your answers. Why are there others making more than you with the same experience? Are they producing more billables, drawing in more significant clients, or proving their value in some other way to the firm?

If you feel undervalued, make sure you know why, and be prepared to prove your contribution. If you can see where you can contribute more, bring that to the table as well. The actual art of negotiation is where things get tricky. You want to act confidently, but without arrogance. Once they make an offer, do not accept or reject it right away. Ask for the offer in writing, and take some time to think it over. If it is less than you hoped for, consider a counter-offer where you ask for more benefits in addition to the increased salary.

Timing is everything. You should know the financial climate of the firm before you ever enter into negotiations. Have they just suffered a significant share loss, or are their top clients taking business elsewhere? If so, you are better of biding your time until things improve. If things are going well for the firm, and you feel confident that what you are asking for is reasonable, then act quickly to seek the salary increase you want.

Use your network to know who you will be negotiating with for a salary increase. The more information you have about the person and what they like and do not like, the better your chances of achieving your goal. Learn how others succeeded and tailor your pitch to their personality.

Be prepared to consider a lateral move

Salary alone is rarely the sole motivation for a lateral move. Know what you hope to achieve by making a lateral move before you start to explore the option. Have you been pigeonholed in your current position and see no way out? Do you hope to gain more litigation experience, or do you want more involvement in corporate mergers? If those opportunities do not exist within your current firm, it might be time to consider a lateral move.

A lateral move may also be necessary if your current firm refuses to negotiate salary at all. Some firms have a very rigid pay structure that has little to do with merit, and each associate of equal time and experience receives the same salary. If this is the case, you might find them unwilling to negotiate at all. If so, you have to consider future opportunities where you are and how well you fit in with the firm’s culture. If you are satisfied with your position, enjoy the work you do, and enjoy being part of the firm, it may be necessary to accept the salary cap.

One of the most common reasons for lateral moves in the legal field is a faster track to partnership. If you practice in a specialized area of law in a mega-firm, and someone with the same experience just filled a junior partner or partner position, it may be some time before another opportunity comes along. If you are seeking a quicker path to partnership, it is essential to both network and uses a reliable recruiter.

Networking with attorneys in other firms will give you an inside track on opportunities that are becoming available, as well as an honest look at firm culture. As with salary negotiations, timing is crucial in a lateral move. Ideally, you only want to make a lateral move for definitive career benefits, not as an escape from a problem in your current firm.

Lateral moves in the legal field have more repercussions than in most other careers. You have to make sure you comply with the ABA Code of Ethics, and that there will be no conflicts of interest in the move from one firm to another. Again, a talented recruiter can help you navigate through making a lateral move that serves your best interest without jeopardizing your former or new firm.

Look at more than just money

Though salary is an important consideration, there is more to negotiation than a fixed dollar amount. For example, remaining at a marginally lower salary in a position that will soon lead to a partnership, will pay out far more in the long-run.

You can’t assign a dollar amount to job satisfaction. If you are making a move, either as a lateral to a new firm or within your current firm, to practice the type of law you enjoy most, then that is an intangible win. It is also important to remember that there are things you can negotiate for either in combination with or in replace of a salary increase.
Consider negotiating for perks or benefits instead of a straight salary increase. Be open to a combination of benefits, such as a modest increase in salary, along with more vacation time, telecommuting privileges, or a different bonus structure. Depending on what is most valuable to you, increased benefits might be more advantageous than a salary increase.