In our career intelligence section, you will learn practical useful information that will be useful to you and others.
How to Negotiate Salary Increases
Everyone wants a pay increase but only a few are successful of actually negotiating one. If you enjoy working for your firm and the work is challenging then there is no point in leaving.
The key to being successful in the negotiation process is to convince your boss, of two things: i) that your services are worth more than you are currently being paid, ii) that your future services will be making the firm more money than what your financial package is worth. In other words, the Return on Investment needs to stack up!
By following this 4 step guide you will achieve your goal of increasing your salary and improving your status within the firm.
1) Do your due diligence
Making sure that you have all the facts is part of your daily life as a litigator or claims handler, so gathering the relevant information before battle will be straight forward. You must prove that you have exceeded your boss’s expectation in the last year. It will not be good enough to have just met your objectives. So what were your best triumphs? What financial benefits have you brought to the company? Being a marketeer is an essential skill if you want to make partnership or seeking any promotion, so don’t be shy in asking clients for testimonials. Put yourself in your boss’s shoes and make their life as easy as possible, by presenting and selling yourself in a clear, organised way.
The second part of due diligence is finding out what other professionals in your sector working for comparable companies or firms. For this download our salary survey for shipping solicitors 2012/2013. Included is data for Marine Insurance & Energy Claims Adjusters, along with insightful information on the future development of the sector.
2) Know your 12 month plan
What is your plan of action for the next 12 months that will result in increased revenue? Have you identified an opportunity to help solve further problems for your clients? Do you have a flair for writing legal articles which can be published on your firm’s website? This can improve search engine optimization and attract new clients. Be careful not to over commit, because you might have a family to consider who also need your time.
3) Timing is everything
Get this wrong and its curtains before you start. No point asking for a pay rise if staff is being laid off or the firm has issued a profit warning. Set your bosses expectations, so they know what you would like to discuss. Bosses don’t particularly like talking about pay rises, but if you say something like …”I would like to set a time for us to discuss my work which has resulted in retaining X client and making the firm X pounds”, then it will sure to be a great starting point. One of the biggest turn offs for colleagues in the working environment is an over confident show off, so get the balance right between confidence and arrogance.
4) Be Flexible
Negotiation is about finding a win-win situation, so be open-minded. You might not get the pay rise that you are after straight away, but you might be able to negotiate on other benefits, such as an increase in bonus and/or an improved pension deal. If the meeting doesn’t go as planned resulting in your boss’ unwillingness to negotiate, it is still very important to leave the meeting on a positive note. So remain committed, and try to set a time for another pay review.