Negotiating The Salary You Want… At The Firm You Want

So, you’re investigating your options.

Whether it’s for higher job security, salary, or benefits, investigating a career change is quite common for law firm professionals.

Some employees are looking for a change in geographical location. Others just want a raise in compensation.

Whatever the reason, conducting research on a new job opportunity can actually increase the negotiating power you wield in your current one.

Here are a few ways to successfully navigate the negotiation process—at your present firm or the one you hope to join in the future.

Research your options.

“The advice I got when I was graduating from college was try to have the offer from your second best choice in your pocket when you negotiate with your first,” advises Danny Ertel, a founding partner at Vantage Partners, LLC, a negotiation consulting firm in Boston, and co-author of The Point of the Deal: How to Negotiate When Yes is Not Enough (via HBR).

If you have offers from other firms, don’t be shy about sharing those numbers. Firms will fight for the candidate who is right for the job, and negotiate more competitively when there are other offers on the table.

If you don’t have alternative employment options, however, then you should at least know the market rate for your position. Read comments on Glassdoor.com, salary.com, or payscale.com for salary information and estimations.

If you have friends or university peers working in the same industry, ask them for their opinion. If you are close enough, ask for their exact salary.

If you come to a negotiation prepared with realistic salary numbers, you’ll feel more confident when you counter for your own.

Play to your strengths when the offer is too low.

Employers are prepared to negotiate. And, it’s likely their first offer will be low.

When this happens, stay positive and firm. Don’t go on the defensive. Rather, use language including, “Thank you. I’ll have to take a day or two to think about that offer.”

Or, “I’m not sure that number takes into account the superior language/ computer/ technical experience/ skills I can bring to this position.”

Most experts agree you shouldn’t immediately accept the first offer. However, you shouldn’t curtly dismiss it, either.

“You don’t want to negotiate so hard that people are sick of you before your first day,” says Katherine McGinn, professor of business administration at Harvard Business School and co-author of “When Does Gender Matter in Negotiation?” (via HBR).

Take some time and think about what you want most from this employer. More money? Better benefits? Paid moving costs?

Play to your strengths when negotiating. For example, if you’re uncomfortable negotiating in person or on the phone, write an e-mail instead.

If think you are going to be railroaded verbally, write a succinct e-mail response to the initial offer. This way, you can put into writing exactly what you want from the firm, while maintaining a professional and positive tone.

At the end of this e-mail, be sure to explain why you have returned via text versus voice.

Include a line, such as “I thought I’d reach out over e-mail first so that you would have time to reflect on this counter-offer.” Or, “I wanted to put this in writing so that we are on the same page during our next conversation.”

Although money is usually the bottom line, McGinn suggests asking yourself, “How can I build the biggest job I’m interested in having?” before negotiating with your potential employer.

Think about those non-monetary elements, in addition to salary, that will transform a career into a calling.

In the end, both sides should be reasonable and honest during a negotiation. The worst outcome for employees would be to over-promise and then under-deliver. For employers, work performance and retention inevitably suffer when associates are underpaid and unhappy.

-WB

How To Accept & Then Leverage Compliments From Your Boss

Image: renjith krishnan / FreeDigitalPhotos.net

Usually financiers use terms like “leverage” or “opportunity cost.” But, law firm professionals should also insert these two terms into their legal lexicon. Next time your boss compliments your work product, you’ll realize why.

The first, leverage, is defined by the financial dictionary as, “When borrowed capital is used to enlarge the potential return of an investment.”

The field of law is not generally discussing financial instruments, such as futures, margins, and options, used to create financial leverage. So, what are lawyers leveraging?

In the legal world, a more appropriate and applicable explanation of the same term is, “financial leverage enables a company to increase value for its shareholders.”

Leverage leads to more money, financially. Or, intrinsically, leverage leads to more opportunity. Now that’s an idea every professional can get behind.

The second term, opportunity costs, is defined by the financial dictionary as “Whereby the cost of a decision is measured against the likely decision’s alternative. It is a way of working out the cost of missing out on the next best alternative.”

This phrase could summarily be described by the cliché, “It’s now or never.”

Within a law firm, one classic opportunity that professionals fail to leverage and thus experience at a cost to all future, similar opportunities, is properly accepting a compliment from a boss or supervisor.

In America, cultural stigma often prevents a person from accepting, wholeheartedly, a compliment. Especially in a professional environment, individuals are afraid of seeming overly confident or arrogant by agreeing with third-party praise.

However, when it comes to a job well done, law firm professionals should not shirk the chance to show off. After all, superior work product is typically rewarded with year-end bonuses, a salary raise, or even a promotion.

So, the next time a senior attorney or managing partner gives you positive feedback on an assignment, accept it gracefully and—like a financier—aggressively. Here’s how:

1. Don’t downplay your accomplishment

When a superior pats you on the back and says “well done,” it seems intuitive to respond, “thank you!” Not so. Most people will give a shy retort, such as “Well, it was really a team effort,” or “It wasn’t that difficult, I didn’t really do much…”

An air of confidence in your work will actually impress your superior more than humility. Start with a simple “thank you.” But, don’t forget to re-emphasize the long nights and unique expertise required to accomplish said task.

For example, “Thank you, sir. I think last week’s late nights proofreading the documents really paid off for the client. I’m happy that they were so please with the work.”

Be as specific as possible. That way, your boss is fully aware of the effort you put in.

2. Return the compliment

If you have more time, then use it to return the compliment. Talk about how well the team worked together, or how a particular senior attorney or partner inspired your work ethic.

Don’t single out another associate, when possible. Instead, highlight activities or group effort that will reflect positively back on you. Think of each compliment as a potential elevator pitch for new job or a better position.

3. Get it in writing

If this exchange occurred in passing in the office hallway, send a second “thank you” over e-mail. Of course, don’t over-sell yourself. Make the communication short and sweet.

Hopefully your superior will repeat the praise in writing, and, in the ideal situation, they will CC another managing partner. Either way, you can compile these valuable comments for your next evaluation.

Finally, think about leveraging this opportunity further by asking for more work responsibilities or assignments. Show initiative while the cards are in your favor, and you are in the favor of your firm.

When it comes to boosting your career, it doesn’t take a financial expert to understand which moments to leverage, and the cost of a lost opportunity to do so.

-WB

Three Steps To Getting A Bonus This Year

Yesterday we discussed the “dos and don’ts” of salary negotiations. Although December is generally a month decorated in reds and greens, the latter seems to be most on people’s minds.

Year-end bonuses are on the focus of many lawyers and law firm professionals this month. Although it’s been tough in terms of a hiring freeze and recessed economy, that shouldn’t mean hard work goes unrecognized.

So, use these three steps to get a well-deserved bonus and have happy New Year.

1. Do Good Work  

This step sounds a bit obvious, but keep in mind that standards have raised in 2011, post-economic recession. What sufficed last year will not get a lawyer far in this one.

Make sure your hours are long and productive. If there are ways you can increase your efficiency, then implement them. Maybe you need to close your office door to hallway chatter during the day. Or, eat lunch at your desk once per week.

Your first priority is to do whatever it takes to get noticed for the high quality of your case work.

2. Make Yourself An Invaluable Asset
Lawyers and legal professionals are a firm’s most valuable assets. Human capital drives the successes and losses of a company.

What expertise is still missing at your firm? Identify the missing link, and then become proficient in that skill. If, for example, an important client is a Spanish-speaker, dust off your schoolbooks and refresh your memory.

Perhaps a case requires specific knowledge of the oil or gas industry. Call up an old classmate in the industry and pick his brain.

Becoming an invaluable asset to your firm improves your chances at a bonus, increases your job security, and demonstrates your professional initiative.  

3. Make An Appointment And Arrive Well-Prepared

Finally, when you’re confident about your good work and valuable position with the firm, schedule an appointment with your boss. Bring all appropriate documentation with you.

Don’t be afraid to speak first and explain why you’ve requested the meeting. In the least, it will serve as an excellent opportunity to request constructive criticism on your work or praise for a job well-done.

Develop a relationship with your supervisor. If it doesn’t help you achieve that year-end bonus, it will certainly get you a positive professional recommendation for the future when you move to a job that will.

-WB