- On April 17, 2022
Inflation is up, and the market is still hot, so yes you can ask for more money. Wall Street Journal gives five tips on how to do it. Do they actually work for lawyers?
- You can negotiate more than base pay. Yes, this is true. In-house lawyers usually get base, bonus, equity, and a host of benefits. WSJ gives a sample list of what you can ask for: “bigger bonus percentage, flexible work hours, the ability to work remotely, more vacation time, equity in the company, a cellphone or home office stipend or money toward continuing education and certifications”. The article recommends prioritizing what you want and going for three. I agree that you should pick what’s most important to you and try for your top two and see how it goes (three or more is aggressive).
- When to ask during the interview stage and at your current job.
- For job interviews, the best time to ask for more money is NOT the initial stages. Yes. I agree the end of the job search process is the best time to ask, when the employer wants to see you aboard and understands your value.
- For your current job, WSJ advises the best time to ask is after you’ve done something great. Maybe. It depends on the company. If your company doesn’t do spot bonuses or anything off-cycle, put the achievement in your “I love me” file and cite your record when your boss is going through the review/promotion/bonus cycle.
- Signal you want to be there. Yes. A company is investing in you, so if you don’t say you want to be there, then HR/the hiring manager won’t want to jump through all the hoops to get you more money if the odds of your accepting or staying are low.
- Prepare a game plan. Yes. Do not be surprised by resistance to a request, so plan alternatives, e.g., ask if you can get paid in part as you hit milestones. I also recommend asking what they need to see over what period for you to earn a promotion or raise.
- Counteroffers show what you’re worth to the company. Yes, it is the fastest way to know your value, though you need ask the right way. WSJ suggests that you “tell your manager how much you love working there and want to stay, but you can’t ignore this other offer. Ask if you can have a conversation about your career path and pay, and see if you can come to an agreement about a raise or a promotion.” Definitely don’t make it an ultimatum!