I’m a 6th-year associate in Chicago, making $185k base with a 10% bonus, working at a mid-size firm doing mostly insurance defense. I recently got an offer from a similar firm offering $210k. Should I leverage it to negotiate internally or just take the money and run?

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Conventional wisdom is leave. Even if they match you’re probably now at a ceiling whereas the new gig is offering you this as a floor.

likesmart

How much do you like where you're at? I'm not one for business loyalty, so I'd take it and run.

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Are you up for partner soon at current place? That should be part of the evaluation.

likesmart

💰—> 🏃‍♂️

likesmart

When I left ID they tried to match it but couldn’t. It was the best decision I made and while the partner I worked with wanted me to stay I realized (later) that the other partners value “loyalty” when deciding who to offer partnership to, and looking for a new job is the opposite. If you can get out of ID, do it. Trust me.

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Leave unless you love your current firm and are basically guaranteed to make partner there.

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Does the new firm offer a bonus?

helpful

Run

Just lateral, that’s $25K more a year

No it’s not. You did not factor in the 10% bonus. That brings his current pay to almost 205000 per year. So he’s looking at a 5000 K increase and has no idea if he’ll be happy at the new place. Too big a chance to take.

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Not a lawyer but have been at 2 different Insurance defense firms one boutique and one that’s National but non equity. I can safely say because of the nature of the work it will be harder to bring in larger salary at a boutique or non equity firm because insurance companies don’t pay and when they do it’s significantly lower rates. If you end up at a larger equity firm you’ll make more since they “pool” the money and pay out of that. If you can get into medical malpractice you’ll make more because more isn’t stake and it’s paid differently. I got far less push back on bills from med mal clients than the traditional ok bal insurance companies. But I would say if you’re not happy, not in line to make partner in next year or two, billables and other benefits are comparable make the move.

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