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Is “associate”, a good level to join in TIAA ?
Is wfh still available in lti?
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depends on the other position. Are you fairly confident that the new firm would give you work that you enjoy in a similarly pleasant work-environment? Would hours expectations change drastically?
100k can be life-changing. It would be sorely tempting, if the other stars align.
Sounds like a no brainer as long as new place isnt toxic churn and burn place. Current may not match $100k but thats life changing stuff there.
Assuming the new firm is in a similar cost of living area, it'd be extremely tempting.
I suppose it also depends what you make now. $100K would more than double my salary, but if you're already making $250k a year it probably matters a lot less.
If money is the only thing, I might bring the offer to my current firm and see if they're willing to match, or at least meet you somewhere in the middle.
Yeah, my plan was to broach compensation again at my one year mark, with an eye towards breaking 6 figures by year 3.
I said yes before and ended up in a terrible situation. Not worth the money and wish I could go back. Although it’s more money, I feel I’m not getting paid enough for the work I’m doing. Asking certain questions can help you decide if the move would be a good fit.
What would you consider good question to ascertain you’re a good fit and more importantly if they’re a good fit for you? My way of doing this is to reach out to associates in the team informally and find out more about the working conditions. I don’t know how to go about finding out more by asking questions to the employer directly without it coming off as lazy for being wary of getting burnt out or that I’m not a team player for wanting to find out about the team environment. Plus if they’re the kind of people to that foster a toxic environment then they’re likely aloof about it, or those that will lie about it and present a rosy picture. Another good metric is attrition, if they’re on a hiring spree not because of expansion but attrition then that’s a bad sign. If SA or partners in the team started out as first or second year associates, then that’s a good sign. It means people prefer staying to leaving. Maybe you can ask that to the people interviewing you(usually a partner), but only if you don’t find this information on LinkedIn.
Chief
That's a lot of money.
Chief
I’m reasonably comfortable financially, and I really like my work and my team. I’m not interested in giving that up just for more money. I already spent years prior to this job getting paid a lot more for work that made me miserable. But $100k is a lot of money. That’s about what I’ve told recruiters I’d need to be looking at to make it worth our time to even have a conversation.
If I had confidence that the new place would not be a step down in terms of QOL / general satisfaction, then sure, I’d take it — big gain with (hopefully) no big sacrifice. But I’ve turned down numerous places that seemed like they’d be a grind.
Chief
I sure think I am! Wasn’t worried 😂 Just sharing my view with OP
I did this recently and although I miss my prior firm, I am very happy with my choice. The workload is about the same, but steadier so I have no problem hitting my goals. (There were some lulls at my old firm) I think my prior firm was great, but they underestimated how hard I worked and they undervalued me. I may have lucked out because I like the people at my new firm, and the salary increase has eliminated a significant amount of financial stress with regards to student loans and retirement savings.
That's great. I'm hoping to make a lateral move soon. Though my current firm is really good overall, the snr. partner in my group has made up their mind about me and there's no work in the group anyways. So, time to transition even if for slightly less pay and more steady work.
As others have said, that amount of money is very motivating. I would seriously consider it. Have some more meetings with associates to get a better picture of what it’s really like at the new place to help gauge.
A couple of things to weigh other than just liking where you are:
1. How does the partnership track and timeline compare? If you’re on track to make partner in the next couple of years where you are, that may be worth staying rather than having to get settled and prove yourself somewhere new. (Or, get something from the new firm confirming the same timeline.)
2. Do you have a book of business or prospects? Will they follow you to a new firm? Will your rates be significantly higher at the new firm, which might deter clients from following you?
3. Are you in line to inherit a book of business at your current firm? (E.g., Is a mentor going to retire and leave you a big client in the near future?)
I did this for 100k in signing bonuses and regret it horribly.
I just found the culture horrible and have burnt out but am afraid to leave because I just bought a house and don’t want the bonus clawed back.
100k is a lot. Could at least request a ~30k raise to bridge the gap.
Then i guess you become senior somewhere else for that money.
I’m in the same boat as you right now and so far I’ve refused every offer I’ve gotten (which have been between 75k to 150k more than my current salary).
I’ve read a lot of reviews about these firms and don’t know if it’s worth it to sacrifice my current work environment for the money. I think it’s the idea of knowing I can’t really go back if I regret my decision that bothers me
Writing to follow this thread.
Chief
Do you have a partner or mentor at your firm you could have an honest discussion about this with in confidence? That is something I really wish I had done before leaving certain prior jobs.
Depends on how much you need the money. If you’re comfortable making what you make now, stay in a job you for sure like. If the money would change your life or make it way easier, then it’s probably worth taking the job. Just keep in mind that you may not love it like your current job, and be prepared to live with that.
Uhmm... that's a lot of money to leave on the table IMO. I would lateral if there are no major redflags at the other firm (i.e. very obvious redflags!) and 100k represents 50%+ of your current salary. The point is you can't eat your cake and have it. Once you lateral, you'll have to forget all the pros of the former firm and move on.
Others above suggest going to your firm and asking for more money. However, what made you go through the interview process to begin with? You didn’t get this offer out of the blue I’m sure… you had to do multiple rounds of interviews. So when you go back to your current firm, it’s really hard to overcome that you’re just looking for a salary bump/leverage if nothing else is wrong.
You say they are lockstep, but are there other ways to increase salary? Bring in business and get a percentage? Serve on committees and count towards billables, so you’ll have 100-200 less hours requirements?
Apologies if I missed this above, but what year are you and what’s your current salary? If you become partner, will your salary change significantly? Thus, is it worth the wait?
If you will always be significantly below market, will that be acceptable for you in the future? I think you need to look at what you’ll be doing in 3-5 years vs what you’re making today. IMHO :-)
Depends on what I’m currently making. I have a certain amount in mind that lets me pay everything and put some money aside every month. Anything above that and the money really becomes a secondary consideration.
Yupppp
Yes. If it will double my salary then I can retire twice as fast. ✌
Depends on what your career goals are. If it’s make as much money as possible and get out, sure. But I think almost every associate in the AmLaw 100 has been faced with this conundrum over the last couple of years.
For myself, I’ve determined that I value a few things more than that extra 100k:
(1) Existing relationships with partners and mentors. I work with people I can trust to have my back at all times, who I can be myself around, who give me challenging, interesting work, and who I genuinely enjoy.
(2) The potential to grow my book of business. For most of us working at non-coastal offices, if you leave your firm to go work somewhere that pays 100k more, it’s likely to do coastal work at coastal rates for that firm (the only way they can justify paying you that much in Salt Lake City or Denver or Phoenix or wherever). That means you’re losing out on the ability to interface with “local” clients and you’re likely priced out of your local market.
(3) As all risk-adverse people, the “known.” I have decent work-life balance, can take multiple vacations a year and my team covers for each other well, and truly like my coworkers. I think that can be difficult to stumble upon when you lateral solo.
I was considering this myself. Generally, you will increase you salary faster, and possibly even higher, by joining a new firm than sticking with your current firm and hoping for a raise. That said, I lateraled for a $30k salary bump (I also hated my current job at the time) and ended up regretting it. To me, you cannot put a price working in a healthy environment where you aren’t totally missable. In my opinion, no matter how much money you earn, you will grow tired grinding away in a toxic work environment quickly.
I’m extremely happy in my current position, and I’m not sure whether I will be equally as happy at another firm. My salary is a bit below average in my neck of the woods, and I’m not sure whether it’s worth the gamble to switch to a new, potentially miserable firm a $20k bump.
Twice in my career I have left for more $ I didn’t even need— when I was perfectly content, and loved my colleagues and really enjoyed going to the office to see everyone. Never leave that for more $ unless you absolutely need it.
Chief
I feel your temptation, but I'm not willing to make that trade off personally. I've worked too hard to prove myself and don't want to start over in an unknown situation. I think it would be more harmful to my career in the long term, but if you aren't looking to make partner, then your calculus may be different.