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Thank you for formatting your post so it can be read easily. Have you had this conversation with your firm yet? Are those other firms interested in you?
Customer signed me to 3 month contract with likely extension (project goes through October). We’re coming up on the end of that 3 months and there are some things I’m not happy about the particular consulting firm with whom this contract is through.
1) No matching 401k
2) Inane reimbursement schedule
3) They take a higher cut of my bill rate than I’m used to
But I like the customer and they seem to like me. They would probably consider it a loss if I were to go. The firm reached out and asked what my thoughts were on extending.
In the mean time, I’ve explored other opportunities with firms that have better compensation (i.e. higher take home rate), more remote time, matching 401k, and on-time reimbursements, and am considering interviewing for those.
But I don’t want to leave midway through a project, even if it’s on contractually sound terms. Having completed the whole project looks much better on a resume, etc.
So finally, my question is: How should I play it if what I really would like is an extension but with a higher take-home rate? And if the firm isn’t receptive to my argument that they should give me a bigger cut, what should I do?
The other firms are definitely interested in me. One of them I’ve even worked for in the past for a number of years, but they didn’t have anything available around the beginning of the year, so I had to follow the money (no bench pay in my line of work).
I have had the compensation conversation with my current firm prior to beginning my contract, and they said no, but I feel that now I have considerably more leverage for a couple reasons:
1) The customer has expressed satisfaction with my work
2) One of the reasons that the firm gave for not wanting to give me a bigger cut was to “keep their consultants at the same rate.” But I’m the only consultant from this firm on this customer, as it turns out.
3) Other opportunities with other firms now exist
Do you think I should just come out and say it all to my current firm? I’m just worried about the chance that it backfires (i.e. they say no). Then I would be in an awkward position.
You have a good amount of leverage here and I’d say definitely have this conversation as soon as you can. I don’t think it would put you in an awkward position when you can back it up with performance and show why you’re deserving
thanks
Can you just contract directly with the client rather than go through a third party firm?
It sounds like you’re getting a pretty crappy deal right now, you seem far deserving of what you want
What is the long term outlook with the current firm? Also what is your experience level (i.e. 1-2 years of experience vs 5-10 years)? If you are unhappy with the current structure and don’t foresee it changing, talk to the other firms. I’d say that the completion of the project is relative and probably a technicality in your resume compare to your overall background.
the outlook with my current firm, regardless of time horizon, is purely symbiotic. they find me work and i do it, and they take a cut of my bill rate. i have 6.5 years experience. the other firm i worked for previously had better long-term potential, but i can go back at any time and i’m not really doing any damage to myself by not immediately returning if they don’t have a better opportunity than my current firm.
i am definitely talking to other firms and you are correct that the completion of this project isn’t super significant in the grand scheme of things, but i do value maintaining my relationship with the customer for potential opportunities down the road, regardless of what firm i am with (especially if i go independent).
firm said no to take home pay increase but that i could extend as 1099 instead of W2 for higher take home pay (would come out to about $14/hr more). not sure what to do 😬