Law School Discussion

Salary Negotiation

Nemesis

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Salary Negotiation
« on: November 04, 2005, 07:16:49 PM »
Hi Guys:

I know this topic came up once before. I attended a seminar on salary negotiation today and I wanted to share some guidelines and tips with everyone courtesy Merrill Lynch:

Never discuss salary until the job's been offered:
1. Being over anxious creates the risk of over or under pricing yourself
2. Before starting, get as much info about the position as possible
3. Inquire about benefits - could offset/compensate salary amount

Research company and industry:
1. Secure information about the range of salaries, across the industry, for the position being sought
2. Information will make you seem professional, confident and knowledgeable rather than overly competitive and greedy
3. Use research findings to build a fort around your number

Focus on your and the company's goals:
1. Remember, continue to establish how hiring you will contribute to the company's objectives
2. Understand the relationship between what you want and what a company can do within its organizational and budgetary constraints
3. Develop possible trade-offs to maximize both parties results

Money is not everything:
1. Analyze the whole salary equation: cash-pay + benefits
2. Negotiate benefits needed vs not needed as compromise to salary desired (e.g. less health care based on other external coverage for more income)
3. Trading-off shows flexibility and ability to work within prospective employer's constraints

Timing is everything:
1. Know when to quit bargaining - have reasonable expectations
2. Don't say yes to an offer right away - ask for offer in writing
3. Be willing to walk away - after thorough evaluation and if goals have not been reasonably met

And a tactful way to approach the issue of negotiation:
"I am excited about the offer, and the salary is a good start."  ;D


Slow Blues

Re: Salary Negotiation
« Reply #1 on: November 04, 2005, 08:12:13 PM »
Good stuff. :)

LittleRussianPrincess, Esq.

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Re: Salary Negotiation
« Reply #2 on: November 06, 2005, 06:49:42 PM »
Hi Guys:

I know this topic came up once before. I attended a seminar on salary negotiation today and I wanted to share some guidelines and tips with everyone courtesy Merrill Lynch:

Never discuss salary until the job's been offered:
1. Being over anxious creates the risk of over or under pricing yourself
2. Before starting, get as much info about the position as possible
3. Inquire about benefits - could offset/compensate salary amount

Research company and industry:
1. Secure information about the range of salaries, across the industry, for the position being sought
2. Information will make you seem professional, confident and knowledgeable rather than overly competitive and greedy
3. Use research findings to build a fort around your number

Focus on your and the company's goals:
1. Remember, continue to establish how hiring you will contribute to the company's objectives
2. Understand the relationship between what you want and what a company can do within its organizational and budgetary constraints
3. Develop possible trade-offs to maximize both parties results

Money is not everything:
1. Analyze the whole salary equation: cash-pay + benefits
2. Negotiate benefits needed vs not needed as compromise to salary desired (e.g. less health care based on other external coverage for more income)
3. Trading-off shows flexibility and ability to work within prospective employer's constraints

Timing is everything:
1. Know when to quit bargaining - have reasonable expectations
2. Don't say yes to an offer right away - ask for offer in writing
3. Be willing to walk away - after thorough evaluation and if goals have not been reasonably met

And a tactful way to approach the issue of negotiation:
"I am excited about the offer, and the salary is a good start."  ;D



This is really a moot point.  Salaries are not negotiable at law firms.  Of course, you could try, but my hunch is that they have just as many qualified applicants that aren't going to female dog about $2400/week.

Re: Salary Negotiation
« Reply #3 on: November 06, 2005, 07:01:06 PM »
I am pretty sure that some people are considering options other than working for a law firm...

Lawprofessor

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Re: Salary Negotiation
« Reply #4 on: November 06, 2005, 07:05:03 PM »
I am not.  BIG LAW all the way!!!!!

LittleRussianPrincess, Esq.

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Re: Salary Negotiation
« Reply #5 on: November 06, 2005, 07:08:48 PM »
I am pretty sure that some people are considering options other than working for a law firm...

yeah, like working at legal aid, where salary negotiations are so common! ::)

Nemesis

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Re: Salary Negotiation
« Reply #6 on: November 06, 2005, 07:12:31 PM »
This is really a moot point.  Salaries are not negotiable at law firms.  Of course, you could try, but my hunch is that they have just as many qualified applicants that aren't going to female dog about $2400/week.

Not everyone on this board is going to end up at a law firm. Also, as the post suggest, there are a lot of other things that you should consider other than just your base salary such as benefits, relocation packages, signing bonuses etc. You should evaluate any offer as a whole and, depending on your circumstances, you may need negotiate certain terms.

This infromation can also be used after you've secured a job and are seeking a raise in pay/promotion.

At any rate, if you don't find it useful, you're welcome not to use it  ;)

LittleRussianPrincess, Esq.

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Re: Salary Negotiation
« Reply #7 on: November 06, 2005, 07:19:25 PM »
This is really a moot point.  Salaries are not negotiable at law firms.  Of course, you could try, but my hunch is that they have just as many qualified applicants that aren't going to female dog about $2400/week.

Not everyone on this board is going to end up at a law firm. Also, as the post suggest, there are a lot of other things that you should consider other than just your base salary such as benefits, relocation packages, signing bonuses etc. You should evaluate any offer as a whole and, depending on your circumstances, you may need negotiate certain terms.

This infromation can also be used after you've secured a job and are seeking a raise in pay/promotion.

At any rate, if you don't find it useful, you're welcome not to use it  ;)

My point is that, in any realm of the legal profession, there are so many more applicants than positions, that there's always going to be someone who is willing to take the bare-bones deal when it comes to salary/bonus/extras.  Neotiating in such a competitive field could be disasterously counter-productive.

Lawprofessor

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Re: Salary Negotiation
« Reply #8 on: November 06, 2005, 07:25:35 PM »
That assumes that the employer finds everyone (or at least someone else) who is seeking employment with that employer equally desirable.  I negotiated my salary as a law professor and there are MANY other people who are in the market, who I am sure would have taken the original offer.  Also, NO employer comes out the box with their best offer.

Re: Salary Negotiation
« Reply #9 on: November 06, 2005, 07:27:49 PM »
while it's true  you have some people that are pressed to go into a firm and slave in order to pay back those loans..there are those that are fortunate not to have loans that choose to use their JD degree for other purposes..



I am pretty sure that some people are considering options other than working for a law firm...

yeah, like working at legal aid, where salary negotiations are so common! ::)