Related Posts
Chief
Visual Storyteller
More Posts
Enthusiast
Rising Star
Any hot leads on Workers Compensation roles?
Additional Posts in Law
How hard is the path from lit to GC?
How do you wind down after a rough day?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Start with 20% more than you currently make then be open tor adjustments down from there.
Agreed with 20% more. Couch it as you are interested in the "total compensation package" as a caveat and way out if you're over asking.
Ask what the average hourly rate is for an attorney in your level. Multiply that by the number of hours you expect to be required billing (or ask what that is also) and divide by 3. IME, base comp close to that number is reasonable. Bonuses are for if you go over those requirements or bring in work.
That may be bad math for a cravath-scale first year then. It’s just a general/traditional comp scale to look to when you don’t know anything about market rates and have to come up with something reasonable. Out of total billing receipts: 1/3 to salary, 1/3 to firm overhead, and 1/3 to profit. I suppose it’s also not expected to make profit on a newer attorney either given that it takes someone time to get up to speed....
You need to give yourself enough leeway to be able to come down to your “acceptable” rate, which of course you need to reach with yourself before you start any negotiations. So, don’t high ball it unrealistically but you do need to go in with some wiggle room
It's a great question. I generally recommend using a range rather than a more specific number. If it's possible to time that topic/question for the second interview that may be more appropriate. And, you may then be able to factor in any relevant intel gleaned from the first interview for a more informed response. I'm glad you asked a question that so many don't.
Write $0 on the application materials, then do what others above have said in the interviews. Tell them your requirements are based on hours reqs and the total comp package as a whole. Try to get them to toss out the first number, but if not, solicit as much info as possible before offering your own requirement. Aim high, all they can do is say no! Plus, who wants to hire a lawyer who won’t even negotiate for himself; what would their/your clients think?