What am I worth in 2010?

 

When lockstep was the golden rule, the question of "What am I worth?" was never difficult. You could easily find that information on any salary chart by looking at your class year and moving horizontally to the compensation posted to know, for certain, what you would be paid by a new employer.

In 2010, such is no longer the case. The question "What am I worth?" now provokes a large amount of expectation, introspection, uncertainty, fear, and confusion because, generally, we don't know what you are worth and, sometimes --- even the law firm doesn't know. As firms readjust their compensation structures to move away from lockstep completely or adopt a hybrid compensation scheme, the numbers associated with any given class year may vary from firm to firm. Thus, at Firm A, you may be worth $$$ dollars, but at Firm B, you may only be worth $$ dollars. So, how can one guess at that number, and should one even venture a guess when faced with the question "What is my value in 2010?"

My first rule of thumb -- don't list a random number. Many firms are using the question "What type of compensation are you looking for?" as a way to screen OUT potential candidates. For instance, if the firm wants to pay "X" dollars, and you put a number out there that is "XXX" dollars, you are likely going no further with that firm. The process just ended. Hence, rather than risk ending the process by requesting a pay figure that is too high, it would be better to illustrate a mature understanding of the economy and the strained legal hiring market by saying, "I am open. I recognize the stress that the economy is placing on the legal industry and, as such, I can be flexible on compensation. Of course, I put a great deal of value on my experience, intelligence, and abilities, but high compensation is not my foremost goal. Rather, finding a strong practice where I will be fully utilized and subseqently paid at a fair value, that is something I see as reasonable in this economy." In other words, you have just punted a bit, but the firm will appreciate your maturity, and you will appreciate staying in the game.

Not everyone wants to do this, however, and many still believe that their value is the same as it was in 2008. Nothing could be further from the truth. Everyone -- candidates and firms alike -- are rethinking "value," and we are going to see some major changes this year. While candidates struggle with the question, firms, too, are looking at each other in New York, DC and the West Coast and wondering -- are we all going back to 145K for first years? Will some of us stay at 160K? What are we doing?

Thus, when faced with the question "What am I worth in 2010?" --- answer that question with an eye toward the economy, toward a change in your own value from past days, and toward a real knowledge that the firm, itself, may not even be sure! However, together, you may have the ability to guide each other toward a fair number that works for both of you. The compensation question/answer is no longer a bright-line rule. It has, instead, become a point of conversation and negotiation. The sooner you are able to get comfortable with that reality, the better deal you will be able to craft for yourself.

About Harrison Barnes

Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.

With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.

Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.

Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.

One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.

One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.

Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.

In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.

Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.

In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.

About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.