Making a career move in the legal field is a significant decision that involves more than just the financial aspect. It’s about finding the right fit that aligns with your professional and personal goals.
Is it all about the money?
Money changes everything. Carefully consider all aspects of the offer before sealing the deal. Ensure the law firm is financially sound and poised for growth. Look beyond the salary negotiations and focus on the opportunity itself. Evaluate the non-monetary aspects of each situation, especially career growth and business development potential.
Why are you making the move?
Any career move must demonstrate what you bring to the table; your ability to attract and service new clients is critical. Partners with portable business would want to consider the following before making a move:
- Joining forces with another firm to take advantage of economies of scale, shared expenses, and streamlined administration. That way, you can focus on making it rain
- Marketing and cross-selling beyond compensation are essential factors when making a lateral partner move.
- Joining a firm with expertise outside your area of law can help retain existing accounts and bring in new business. Clients often like one-stop shopping.
NEGOTIATING THE DEAL
Lawyers want to understand the rules of the road when making a move. In this talent market, it’s more important than ever. Make sure you know all parts of the offer and how they work.
Salary. Understand how your prospective employer’s compensation system works. Most firms consider some combination of business origination, hours billed, business development and cross-marketing efforts, mentoring, firm management, and pro bono work.
Bonuses Consider signing bonuses, profit sharing, a percentage of business generation, stock options/employee stock purchase plans, etc.
Benefits. Evaluate insurance (health, life, long- and short-term disability, vision, dental, and dependents coverage), 401(k) or other retirement plans and employer matching programs, paid vacation or personal days, continuing education or other professional training expenses, relocation plans, and loans/forgivable loans.
Perks. Look into business development allowances, bar and other professional organization dues, country club/health club memberships, travel expenses, marketing budgets, cars or transportation allowances, cell phones, laptop computers, particulars about an office, etc.
Other considerations. Title, timing of partnership consideration, start date, flex time/telecommuting, billable hours requirements, compensation reviews,
duties/responsibilities, assurances that you will be working on particular types of matters or with certain partners or clients, office size and location, etc.
Get it right. Work with a legal recruiter to get it straight from those who know the ins and outs of the legal landscape. Look at the total picture. Does the firm you want to join align with your career goals? It is NOT only about the money!
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About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on taking a firm to the next level and helps rising talent transition to the right law firm.
Contact us today. Call 516-731-3400 or visit our website at http://www.onbalancesearch.com.
Please note that the content of this blog does not constitute legal advice and is only intended for the reader’s educational purpose. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states about social media and any legal restrictions regarding the law.
