Negotiating salary as an attorney

Salary in the legal industry is one of those topics that never quite loses its heat. It’s a conversation that routinely fills the pages of law publications and echoes through the law firm corridors. The industry compensation model perpetually fuels a supply of exceptional talent to serve the greatest challenges business, government bodies and individuals face – the law pays well for good reason. And while it’s undeniable that a strong paycheck can make a big difference, attorneys will often tell you that salary alone isn’t what drives them.

In fact, many attorneys, from the freshly-minted law school graduate to the seasoned senior partner, are more motivated by other factors – the opportunity to do meaningful work, collaborate with inspiring colleagues, and contribute to the firm’s success. So, when it comes time to make the next big career decision, salary does indeed factor into the equation, but it will never be the sole motivator.

Are You Getting a Good Deal?

The first thing to remember when evaluating salary is that it’s not just about the dollars and cents. When you consider compensation, it’s crucial to think holistically. The “deal” of attorney life is about far more than just what’s deposited into your bank account.

A truly successful career is one where the effort you put in is matched with rewards that extend beyond financials – whether that’s career growth, intellectual stimulation, or the satisfaction of working with remarkable people. For many attorneys, the opportunity to engage in transformative legal work, contribute to groundbreaking cases, or collaborate with exceptional colleagues is more fulfilling than the paycheck alone.

When evaluating a new role or firm, it’s important to ask: Does this position allow me to pursue the kind of work that excites me? Does the firm’s culture and mission align with what I’m passionate about? Sure, the salary is important – but the quality of the work, the reputation of the firm, and the caliber of the people you’ll be working with should weigh heavily into your decision-making process.

'In a professional relationship, there’s an unspoken understanding that both parties live up to their end of the deal.'

Is It a Fair Deal?

When most commercial attorneys are asked about their financial compensation, the overwhelming majority will tell you that they live comfortable lives. This may be the case across the board for law firm attorneys, but that doesn’t mean salary negotiations are without merit. For many, negotiating salary is more about challenging themselves, benchmarking their worth, and ensuring that the reward for their hard work is appropriately matched to the sacrifices required.

The legal profession is demanding – and often all-consuming. Your commitment to the firm, the late nights, the relentless hours, and the high expectations should be recognized and compensated appropriately. When a firm fails to do this, especially when the demands placed on you exceed what you think is fair, the thought of salary negotiations often becomes unavoidable.

In a professional relationship, there’s an unspoken understanding that both parties live up to their end of the deal. You promise to bring your expertise, energy, and dedication to the table. In return, the firm promises to offer a compensation package that reflects your contributions, as well as the challenges and opportunities ahead. But when that balance starts to feel off, when you feel like you’re giving more than you’re getting, salary and compensation naturally come under scrutiny.

What Does the Firm Think of Itself?

In the end, salary is a calculated economic decision for most law firms. It’s influenced by the firm’s overall financial health, its profit margins, and its competition for talent. But salary isn’t just about numbers – it’s also a reflection of how a firm views itself within the industry.

Some firms, especially those in niche or highly competitive markets, adjust their salaries to ensure they attract the best talent. After all, the caliber of the people you work with – whether it’s your colleagues, your clients, or the industry leaders you collaborate with – will significantly impact the experience you have as an attorney.

A firm with a strong brand in a specific area of law will often adjust salaries to stay competitive and keep pace with the industry. If a firm is looking to build out a new department, grow its international reach, or attract top-level talent, they may offer a higher salary to entice the right individuals to come on board. Ultimately, salary can be an indicator of the kind of clients you’ll work with, the level of intellectual challenges you’ll face, and the opportunities for career advancement that may lie ahead.

How Much Does the Firm Want You?

Sometimes, salary offers are reflective of a particular moment in a firm’s life cycle. This can be driven by a temporary need for specific skills or a strategic move to secure talent that fills a gap. For instance, a firm might increase its salary or offer a signing bonus to quickly fill a position created by a recent departure or to accommodate a key partner’s needs.

In these instances, salary becomes part of the firm's strategy to maintain stability and continuity. It’s a way for firms to manage temporary gaps in their operations, to secure talent that will help the firm thrive, or to solve short-term challenges. If your skillset is in high demand, or if your experience will help the firm solve an immediate problem, you’ll likely find yourself in a stronger negotiating position.

How Much Does the Firm Want From You?

Salary in BigLaw, for example, tends to come with a hefty price tag – demanding long hours and a work-life balance that is far from predictable. Firms in this space often use salary as compensation for the relentless commitment they expect from their attorneys.

Firms are aware of the allure of in-house counsel roles, which tend to offer more regular work hours and a better lifestyle balance for less pay. For many attorneys, the attraction of a more manageable lifestyle means that salary and benefits packages at BigLaw need to reflect the sacrifices attorneys make when they take on the demands of the firm.

The salary at the high end of the market is often designed not only to reward the attorney but also to keep them engaged in a high-pressure environment. It’s not just about being well-paid – it’s about acknowledging the commitment and the trade-offs attorneys make when working in a demanding environment.

Negotiating Salary: You’re in the Driver’s Seat

Although it may not always feel like it, you are in the driver’s seat when it comes to negotiating salary, because it’s you who’s willing to offer your value to the market. Here are some take-aways when you’re thinking about salary:

• Remember salary is part of the package alongside personal growth and job satisfaction – salary alone isn’t the reward.
• Think about which part of the deal of working life motivates you the most. When you look back on your career, what will make you proud of your career?
• A salary offering says more about the firm that it does about you. Interpreting all the economic factors at play gives you a sense of a firm’s economic position, its power, its aspirations and immediate priorities.
• Salary can be an indicator of what the firm expects from you. Consider researching the firm’s working cultures to understand what you might have to give.

Conclusion

So, when the time comes to consider a move, a raise, or a new opportunity, take a step back. Think about the bigger picture – about what part of your deal you value most. And pursue a career path that aligns with your values and aspirations, so that when you look back on your, you’ll feel proud of the journey.

Further reading: Is Your Law Firm the Right Fit for Your Career Path?

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