Last week I attended the Georgetown University Women’s Forum, an expanded version of the Georgetown Women’s Law Forum. As a Georgetown Law grad, I am a big fan of this conference. Keep your eye out for it next year! You don’t have to be a Hoya to attend.
Here are some tips that I picked up on salary/benefits negotiations, and they apply to all young lawyers. Think of it as your Ten Step Method to Greater Job Satisfaction.
1. Set the stage. In preparation for a meeting to discuss more salary or benefits, ask your supervisor for time to discuss your career development. Thank him/her for taking the time for this important discussion and compliment past mentoring efforts if possible.
Then get prepared!
2. Know your value. Begin the conversation with your pitch so that you accomplish your goal for the meeting. Focus on your accomplishments and the skills that you bring to the organization. Include seminars and conferences you have attended, papers you have published, and initiatives you have helped launch.
Numbers matter, so create data. Everything counts, but do not fall into the pattern of taking on responsibilities just for the reporting value. Always be strategic and learn to say no to things that are not you. Be authentic.
Practice, practice, practice your presentation — out loud or with partner. Welcome comments and criticism to improve the product.
3. Know your target salary. Determine a salary range, both high and low, and know your walk away point.
Do your research. Comparable firms and office locations are key. Firms pay different salaries in different locations depending on the market and cost of living analyses.
Make the ask. More money. A new title. A new responsibility to enhance your career. All of these are important, but you HAVE TO ASK.
4. Know what benefits are important to you. Understand that sometimes benefits can be more important than salary. It is all about what improves your individual situation. Examples of benefits to consider are:
- Flex time and commuting;
- Health insurance;
- Life and disability insurance;
- Retirement investment plans;
- Medical, personal and family leave;
- Tuition reimbursement;
- Vacation time; and
- Work-life balance.
5. Have a strategy going into salary/benefits negotiations. Be positive and flexible, and don’t got too personal. Treat it like a business discussion.
Deflect some questions that you do not feel comfortable answering. Salary history, for example, is against the law in five states. If an application form asks for that information, put N/A if you do not think the answer benefits you.
If you are asked about salary expectation, answer with a salary range and follow up with your desire to learn more about the position and responsibilities.
Or turn the question around, as in, “What do you usually pay for this position?”
6. Timing is critical. The best times to ask for more salary or improved benefits is after a big win or a very successful event or when you know a new budget is being rolled out.
Do not wait until an annual review and lose the advantage of the moment.
Do not ask during a crunch time in your business or when your boss is under stress either at office or at home.
7. Be patient. Give time for a thoughtful response. Be ready for the back and forth. Be prepared for counteroffers.
8. Anticipate possible responses. You may hear:
- “We don’t have the budget.” Your response could be, “How about increasing my salary by half that amount and talk again in six months.” A classic negotiation technique. Half a loaf often is better than none and might work for you.
- OR, “You would be the highest paid member of the team at the salary you are suggesting.” You may want to respond by distinguishing your accomplishments from those of the rest of the team.
- OR, “Is there anything besides more money that would be important to you?” If more money is out of the question, ask for a benefit that does not come out of your department budget—- like an educational benefit. Try not to leave without gaining something to enhance your position.
9. Get it in writing. Don’t risk your conversation getting lost in the shuffle or not being communicated to others when your supervisor leaves.
10. Become comfortable with the process. You will be using it throughout your career.
I hope this is helpful. I know that it would have been helpful to me so many years ago.
Good luck negotiating for yourself!