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What is the average salary of a Senior 1?
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I’ve received multiple offers from other firms. Everyone has a slightly different model so it’s important to throughly understand that first. Depending on your level, you can discuss seniority, base, bonus, amount of equity and ability for future buy in or equity grants, RSUs / vest period, exact sales / managed revenue targets during ramp up, guarantee period and comp, legal coverage if your former employer comes after you for some reason, early exit terms, authorization to hire X people below you to build your practice, PTO, dedicated EA support, etc. For a more senior position, I negotiated a minimum level of marketing and BD spend for a period of time, to achieve X growth targets for the practice in a particular sector. There are more considerations than you might think.
Curious, what is the guarantee period that you’ve gotten in offers? 12 months? 24 months?
I’ve done it twice in 10 years. Get a guarantee on comp, for 18-24 months. As a lateral, especially as a line partner, you’re going to be hard pressed to be accretive for at least 6-12 months and really start to ramp 12-18 months in. You’re essentially building a brand new book and depending on the firm reputation can be harder than it looks. It’s done well for me, especially in the new PE world. I’ll be able to retire in my 50s vs 60s with more in savings than I would have had in a traditional partner pension model.
This is so helpful, thank you. I’ve seen multiple laterals fail at my MBB firm. We don’t support them well although getting better
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