What Are Your Salary Requirements?

 

The question “What are your salary requirements?” is the interview equivalent of “Hands up!”  In many cases, the question does not arise because large firms adhere to a “lock step” system.  However, if you do need to field this question, there are several factors that you need to consider.
 

What Is Your Value?

Let’s assume for the moment that you are leaving “Big Law” to take a position with a small firm.  You are certain that you want this position because you really like the firm’s environment, practice, people, and location.  The only problem is that you have absolutely no idea about the salary range at this firm; and you are unsure how to respond to the question about your salary expectations.  Where do you begin?
 

• See Top Ten Interview Questions for more information

First, how much money is your time worth?  In other words, are you going to a smaller firm because you will bill 1,700 hours rather than 2,100 hours?  If so, you can begin by deducting the value of those hours from your current salary.  Conversely, if you are moving from a firm with fewer hours to a firm where you will work much harder, what is the value of the increase in hours?  There are many factors like the foregoing to consider.  Are you joining the smaller firm because you will get much better experience, which in the long run will help your career?  Are you joining the smaller firm because it does not have an “up or out” mentality, and you can establish a permanent “home” and a more secure future?  Are you going to save time and money because the smaller firm is near your home?  You need to consider what you are gaining and/or losing and place actual monetary values on such gains and/or losses.  You will only be able to know your value if you truly evaluate the opportunity and its attendant advantages and disadvantages concretely.

 

What is Your Floor?

The desire to sell one’s self short is common.  Perhaps you are worried that if you ask for too much (or even for what is fair), then the potential new employer will opt to withdraw the offer.  The foregoing is unlikely because if you are discussing salary, then the potential new employer has made the decision to hire you because your skills, experience, and personality are a fit.  In this economy, you can be confident that you were selected from among a large and highly qualified pool of candidates. Thus, the likelihood of a rescinded offer is de minimis, and you can safely assume that you will enter into salary negotiations. During such negotiations, it is critical that you know your “floor”, i.e., the lowest salary that you can accept and be satisfied.  Bear in mind, I am not telling you that your salary floor is what you can afford, i.e., the lowest number that you can accept and still meet your monthly expenses.  Your salary floor is the amount that you can accept and feel satisfied that you are being fairly paid for the value of your services.

Who Should Make the First Offer?
 

• See Interviewing Tips for more information

Not you!  It is very important that you allow your potential new employer to make the first offer.  Often candidates are asked point blank “What do you expect in terms of compensation?”  It is difficult to avoid the question once you are in that situation, but I do have some suggestions.  You could try to defuse the situation with humor.  “Well, I never like to negotiate against myself so perhaps you could tell me what you would like to offer?”  I recommend only attempting humor if you are one who often resorts to levity!  If you do not, then you can say the same thing in a very straightforward manner. “Well, you have much more information that I do about your pay structure and the value of your benefits package so perhaps you could tell me what you believe is a fair salary for a candidate with my skills and experience?”  The key is to allow the new potential employer to make the first offer because they really do have much more information than you, and it is unfair to ask you to make the first offer absent such information.

Conclusion

I am not suggesting that negotiating your salary is easy, far from it.  Rather I am suggesting that if you truly analyze your value, know your floor, and force your potential new employer to make the first offer, then your salary negotiation will be far less daunting.

Learn why attorneys usually fail law firm phone-screening interviews in this article:
 

• Why Most Attorneys Fail Telephone-Screening Interviews

Click Here to View the 2015 Salaries of the Top Law Firms.

 

About Harrison Barnes

Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.

With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.

Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.

Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.

One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.

One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.

Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.

In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.

Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.

In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.

About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.