I received an offer letter via email yesterday, and I'm planning to negotiate. Quick question - is it better to do this over email or should I ask for a phone conversation? I'm leaning toward email, so I have everything in writing, but not sure if that's the right thing to do.

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There's no wrong answer. It's a matter of personal preference. I have a much easier time composing my thoughts via email, so that's typically how I conduct mine.

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The phone conversation gives you a quicker response, but I see where you are coming from with having it in writing. Do whatever you are comfortable with that gives you the best chance anyway.

Email is fine

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