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If you have to quit in order to get fair compensation, do you really want to stay?
This is a very good point.
Because leveraging an offer for higher compensation is a bad idea in any industry. Once you’re at the point of receiving an offer, you want to leave. Just do it.
Your offer isn’t really leverage. If they won’t give you what you want, they’re not going to do it.
When you tell your current company you have another offer and can they match it, you might get the match, but you’ve now put a target on your back. You’ve turned down your offer out, and announced you’re a flight risk. You’ve simply started the clock on how long it takes to replace you.
Bowl Leader
That's one of the reasons that the transparent lockstep salary scale is in place for associates at the top end of the industry. Eliminates any kind of bargaining for money. If you leave, it's because you found a better fit for how you want your practice to develop.
At partner level, it probably gets more interesting. If you have a big book, I imagine there is some leverage from an outside offer then. Or maybe if you're a highly specialized service partner but that seems less obvious.
I received a generous counteroffer when I gave notice. Staying would’ve been problematic though because I already showed them that I’m willing to interview and leave. You can’t easily or quickly repair that tear in trust. By leveraging an offer, you’ve broken most partners’ expectation for loyalty.
Most firms have such rigid and formulaic pay structures that it’s not really worth the ask. They already give you what they’re willing to give you.
Community Builder
Most biglaw firm all pay the same amount, so there isn't always much you can get other than a one-time payment of get work you are more interested in. You can see the theme of a lot of short term solutions that might not change things for the better longer term