Most everyone with whom I speak wants to know about compensation.
What are the market trends? Is compensation going up in the market? Is it going down? What is it for my level? Is my current compensation at market? Is my offer at market? Should I ask for more, if so, how much? Is my team being paid at market levels? What do stock grants look like these days? Are more startups paying bonuses? Will I need to take a pay cut if I leave my law firm and move in house? What do I have to pay to land the candidate I want? How much do I need to increase compensation to retain my people?
And the list goes on…and on.
The tricky thing about compensation on a widespread level is that after you put a pin in it, it subsequently morphs in another way, shape or form. And the variables that influence it, whether it’s the economy, negotiation dynamics, the relationship between HR and Legal, or the competitive hiring landscape, are ever-shifting as well. So, it’s challenging to know where things stand today when it comes to The Money.
In my daily practice, I speak with a plethora of legal and business executives and professionals in organizations of all sizes and industries (CEOs, CFOs, COOs, HR, VCs, PE partners, legal hiring managers, in house attorneys at all levels, industry professionals, law firm attorneys) and each day, I gather a treasure trove of data about compensation as well the issues and topics that are tethered to it. Being in the trenches day in and day out, meticulously hones my lens about the compensation world, how it’s moving and what it looks like at noon…each day of the week.
I love sharing this information with all of you and hope that it provides insight and value as you progress on your own career journey.
It is in this spirit, that I am following this post with The Lawyer Whisperer Compensation Series. In each series article, I will report on current market compensation as well as relevant and interesting information for one specific level/title in the in house world – until we have covered the full spectrum of levels: from Associate Corporate Counsel to Chief Legal Officer and everywhere in between.
So, hold on to your hats and let’s get started!