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How is the insurance BU project to work? And if we do not like the project what is the process to change the project that we are looking domain for? I am from background of Banking and capital market domain Persistent Systems Limited Persistent Systems Limited Tata Consultancy Cognizant
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People always like to crap on ID “because it’s not sophisticated” (which may be true), but I am very suspicious of those who think *any* job labelled “commercial” or “business lit” is somehow inherently better than ID. You could be litigating small time/frivolous cases and not necessarily on the road to higher end work. If these jobs were more sophisticated, you’d think the pay would be commensurate with ID or better (assuming the hours are the same)…I think you need more information. What type of clients does the firm represent and in what contexts?
No. With that much of a paycut you're better off going in house at a carrier.
Which carrier do you recommend?
$150k for 8th year is poverty pay.
No. Stay where you are!!
Yes it’s more prestigious. ID is disorganized and not ideal. Commercial will open doors.
Does the commercial litigation position have more of an opportunity for bonus/pay increase over time? I’d worry about being stuck in ID. But I realize the pay cut, especially in NYC, is not insignificant.
Totally understand what you mean. Good points all around.
I would figure out who the clients, what you will be litigating if there is still billing to insurance companies (and they are trying to masquerade as non ID), billable hours and what your rates would be. It’s honestly a decent non partner salary for ID, but that 150k salary is concerning. Seems low in nyc for 8 yoe. I would make sure nothing is off.
The problem is that this person is not an 8th year commercial litigation associate. He’s entry level commercial litigation. Be warned, when you stay in one area too long your skill set is in that area, so you will have to sacrifice the salary when exploring a different field. That’s why it’s better to explore earlier on in your career!!
To put this in perspective for you i did plaintiff insurance work and transitioned to a commcercial litigation group for $165k, 7% raises, $80/hr for hours billed over 1800 as a 6th year. In a smaller market (south florida). Feel like you should be getting paid more or be able to negotiate for more. Otherwise firm may not be handling big cases where they can pay you.
No way. A lot of the commercial lit i’ve seen still involves insurers
If you’re going into a different field than your skill set you’re going from senior level Back to mid level but it’s a sacrifice that is worth it because it seems that this person wants out of ID and is curious about this other area. Why not start a new adventure? I say go for it.
150k for an 8th year commercial lit in NYC is below market. I would do market research on salaries at firms of the same size and propose a counter offer, likely at at least 200k.
OP—What level is the new firm offering to bring you in at? Perhaps folks on here with knowledge of the NYC market may be able to give you market info.
For example, around 2018, 160k was below market for a mid level in NYC at a small firm.
I think it depends how long you’ve been trying to get out of Insurance defense. If it’s been a few years and this was the first luck you’ve had, I would do it because it’s gonna open doors for you. Your salary will increase again eventually c even though yeah you’re being set behind because you’re changing subject areas and taking this pay cut. Your other option would be to just continue to try to find a job outside of Insurance defense with the same were better than you have now. Which could be a longer amount of time.