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Can someone ask 200% hike in HR discussion ??
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There are ceilings on certain positions that your practice mandates. Some employees don’t understand that the billable rate drives that determination. I have employees that have been with me over 20 years. We talk honestly and openly about the business and what the ceilings are. Then we add annual bonuses when we do well. Most years we do well. When we don’t, I talk with them again honestly about what is going on and why it can’t happen. We are on year 28 of this understanding. “Most” people have understood and continue with us. Others have left. But many have told me after leaving that “now I get it.” Good luck.
I think good paralegals who are loyal are worth more than just the work they do. Training costs, hiring costs, and other costs that are sometimes difficult to pinpoint and quantify may justify whatever premium she earns compared to others - it might not be easy to find a cheaper paralegal to replace her.
That said, if you truly think that this paralegal is overpaid for what she does and want to do something about it, you should make clear what her options are - choice A she can continue to perform as she has been and make the same or less, or choice B she can improve her performance and continue to receive her customary raises or more. But you’ll need to be explicit about what better looks like and how you plan on assessing it so she feels like choice B is actually an achievable option for her.
Picture your firm without her. That will likely clear it up for you. A small raise will mean something to her and will have little effect on your lifestyle.
Are you raising your rates annually or biannually to stay with inflation and increase profits? Do what you want, but would it kill you to give her 2 - 3% a year raise? If you are raising rates periodically, then her cost - as a % of total annual costs - should be staying about the same.
14 years and she’s good and works well with you. By experience I’d say she’s probably not as easily replaceable as you think. Experience and good working relationships are key. You did say she’s not a superstar so your answer may depend on what you mean by that- not actually that good or good but not blasting it out if the park? End of the day for me, having a trusted, experienced and good paralegal you like working with makes the raises worth it, easily