Negotiating Offer - Financial Services Company

(Deciding to leave, same firm different office, Reference requests)
Anonymous User
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Joined: Tue Aug 11, 2009 9:32 am

Negotiating Offer - Financial Services Company

Post by Anonymous User » Mon Feb 24, 2020 8:43 am

I need help deciding whether this is a good decision. I am a senior associate (7-10th) and I have my own arrangement with the firm so my salary is off the Cravath Scale (currently making 480k all-in in biglaw NYC). I work in capital markets and I was approach by a top bank regarding a non-legal position within the bank (reporting to the COO). While I have toyed before with the idea of going in-house, I never thought about this type of position before (I have wondered in the past if I should leave law in general, I tolerate/like sometimes this job, but don't love it). They are promising me an express lane for advancement, but noted that my salary will not change that much until I reach MD, and even then MDs top out at 600-700k in this type of role.

We are currently negotiating an offer and we are very far apart (current offer is 300k and I want 380k). This is supposed to be a 9am-7pm job, no work after 7pm, and no weekend work (only occasional emails). While I understand this position sounds like a great deal, my current hours are 10-8:30pm for 95% of the time. I still have to deal with the usual big law bs, but generally I have a very good life as a senior (good junior/mid-level support) and decent chances at equity partnership in 2-3 years (albeit I don't feel like doing this job forever, so if I make partner it is to do it for a few years and use that to lateral to a very good inhouse job). I would normally think this is a good offer but just not sure worth leaving due to my current arrangement. My main consideration is money (short and long-term)/life balance (just not sure if the additional time/less stress ill get is worth all the money I am giving up). A bank will provide a better life but I feel people get cut from large banks easily so this + the lower amount of money makes me nervous in terms of my finances. Even at 380k I would me making 100k less than my current salary. I have no kids or debt.

Has anyone that has gone to non-legal roles speak as to their experience? Also senior people that have left with significant cuts in income, has it been worth it? Anyone that can also speak as to salary for senior associates moving to top banks (legal or non-legal roles) speak as to what was your salary+benefits? What else is there that I could "hold-out for" for someone with my background?

CanadianWolf

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Joined: Wed Mar 24, 2010 4:54 pm

Re: Negotiating Offer - Financial Services Company

Post by CanadianWolf » Sat Sep 26, 2020 9:53 am

I realize that my response is seven months after the original post--to which there was no response. Curious as to what happened.

With respect to your concern about potentially being let go by the bank, consider asking for an employment contract which assures you of several years of continued employment and / or specific severance benefits in the event that you are let go by the new employer.

Anonymous User
Posts: 369334
Joined: Tue Aug 11, 2009 9:32 am

Re: Negotiating Offer - Financial Services Company

Post by Anonymous User » Mon Sep 28, 2020 8:07 am

Nothing happened. The position got shelved (maybe due to Covid but who knows, they just didnt hire anyone for it). I was probably willing to go a little lower on salary demand, I am glad I didnt move. With Covid, I could have easily been the first one out the door if cuts were made to the department, and this has been a pretty easy year as a senior, still making close to half a million.

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