As a lawyer, you know that your annual salary review is an important part of determining your value within the firm, as well as your own financial stability, and future success. So, how to prepare for your annual salary review? Here are a few tips to help you get started.
Know your numbers
We all know how important it is to track progress against our goals and objectives. When it comes to measuring success from year to year, knowing your numbers can make all the difference. This could mean tracking billable hours, how you’ve performed against your budget, how many new clients you have brought in and their value, and how you’ve grown existing one. Staying ahead of the game not only keeps you focused for the future but gives you a benchmark for comparison each subsequent year. By monitoring your numbers and what you have accomplished, you can make well-informed decisions going forward that will help your career continue to grow.
Do your research
Knowing what the lawyers in your specific area of law at your level are being paid and comparing it to your current salary can reveal if you’re being undervalued or compensated fairly. Most salary surveys can give you a general range for your level, but if you want specifics, then having a good professional relationship with a recruiter who specialises in your space will give you provide an indication of levels and salaries expected, in your area of law. Equipped with this knowledge, you can gain a stronger bargaining position when it comes to your salary negotiations.
Be prepared
When it comes to negotiating your salary, the most important thing is to be prepared. You’ve done your research, so you know what lawyers at your level, in a similar sized firm or company, with your experience are being paid. But that’s only part of the puzzle. When you sit down with your partner, make sure you understand the criteria against which your salary review is being assessed. So, when is the best time to start preparing? As soon as you finished you last salary review. Have a spreadsheet on your desktop so you can add in all your achievements, training, mentoring and experience as they happen.
Being confident, informed, and ready to explain yourself will help ensure that negotiations go as smoothly as possible.
Negotiate confidently
Having a strong dose of self-confidence can be invaluable in any situation. It is important to believe in yourself and your skills – the expertise you have acquired, as well as the development you have undergone and any new achievements.
To further help, Harvard Law School offers 10 negotiation skills to improve negotiation outcomes.
Remember, you need to present a business case for being paid more. Avoid comparing yourself with others in the team or at other firms. Talk about the value you add, your successes and your plans for the next year. Ask for what you want and have the evidence to back up your request. That way, when you sit down with your partner, you’re armed with all the ammunition you need to confidently ask for a pay rise.
Understanding your worth and having the self-confidence to negotiate for better pay can feel daunting. However, taking the time to know your numbers, do your research, prepare arguments, and remain firm in your stance is certainly worth the effort. Reaching a salary that aligns with proper compensation for your skillset is invaluable and may even open new opportunities for you. Remember to stay informed and have an assertive, but collaborative attitude when discussing remuneration and benefits.
Looking for support?
If you’re looking for someone to assist you learn how to prepare for your annual salary review, the negotiation process and provide more insights contact Nathan on 0419 511 439, a specialist legal recruiter in the construction/infrastructure sectors who can help make sure that you come away with the best results possible.
With the right preparation, you can be confident in getting what you rightfully deserve.