Salary Negotiation for In-House Lawyers
Whether you are a seasoned lawyer or just starting out, this guide will help you confidently approach salary negotiations.
15th Mar 2023
Contents
Negotiating a salary can be a challenging and tricky process.
The legal industry is constantly evolving whether you are seeking a higher salary, more flexible work arrangements, or other benefits. It can be difficult to stay informed about current salary trends and what is considered a fair offer.
Whether you are a seasoned lawyer or just starting out, this guide will help you confidently approach salary negotiations.
Why negotiate?
As a lawyer, several factors might lead you to negotiate your salary:
- Market value: The legal industry is competitive, and it’s important to ensure you are paid fairly for your experience and skills. Negotiating your salary can help you get the compensation you deserve.
- Fairness: Similarly, negotiating your salary can ensure you are paid fairly compared to your peers.
- Career growth: A higher salary can provide financial stability and allow you to invest in personal and professional development.
- Retention: If you feel undervalued or under-compensated, you are more likely to leave your job for a better offer. Negotiating your salary can help prevent this and increase job satisfaction.
Salary negotiation is a two-way dialogue, and it’s important to approach the process professionally and respectfully.
6 Steps for Negotiation
Although it can be a complex process, there are some steps you can follow when you approach your negotiation.
- Research: Gather information about industry standards, market value and the average salary range for peers in similar positions.
- Prepare your case: Know your value to the company and list your skills, experience, and achievements demonstrating this.
Knowing and demonstrating your value is an essential component. The value shown, preferably quantifiable in $ terms, can be independently verified and visible in the P&L by the CFO and CEO. The salary increase you seek should be at least one-third of the additional $ value you have created – not simply a one-for-one. - Start the conversation: Schedule a meeting with your manager to discuss your compensation – preferably in person.
- Make your request: Clearly, calmly and confidently present your case for why you believe you deserve a higher salary.
- Listen and respond: Be open to feedback and prepared to negotiate. Consider discussing alternative compensation options, such as flexible work arrangements or additional benefits.
- Follow up: If a final agreement is reached, document it in writing. If not, follow up with your manager to keep the dialogue alive.
Preparing for rejection
It is just as important to prepare for the “no” response. So, if your salary negotiation is rejected, here are some steps you can take:
- Assess the situation: Consider the reasons for the rejection, evaluate if there is room for further negotiation or if it’s time to move on.
- Ask for feedback: If the rejection was due to specific performance or skill-related issues, ask for feedback and a clear improvement plan.
- Consider alternative compensation: If a salary increase is not possible, ask about alternative forms of payment such as additional benefits, flexible work arrangements, or professional development opportunities.
- Seek outside offers: If you cannot reach an agreement, it may be time to start looking for opportunities elsewhere. However, be mindful of the timing and how this could impact your current job.
- Decide: Based on the feedback, alternative compensation, and job prospects, decide whether to stay or seek new opportunities.
Regardless of the outcome, negotiation is a valuable skill to learn and practice. By taking the step to negotiate your salary, you are advocating for yourself and your value in the market. It is essential, however, to continually cultivate respectful and gracious communication. And to preserve positive relationships with your current employer, as you never know when these connections may be helpful in the future.
Know your value in the market
To help you gather information about industry standards, market value and the average salary range for peers in similar positions, go to our In-House Salary Guide below, as featured on our Salaries page.
Or for tailored salary advice and market rates contact us.
