Discussing compensation can be an uncomfortable process, despite its significance during job transition periods, particularly when transitioning from a law firm to an in-house setting or moving from one in-house position to another. It is a conversation of utmost importance, mirrored by the very personal and consequential nature of the topic.
Notably, when considering compensation, a few resources can be advantageous. Access to accurate data should always be the first step. For this purpose, Above the Law and the Association of Corporate Counsel offer valuable reports on in-house compensations. The reports provide information through the aggregation of in-house responses to comprehensive surveys.
Your professional and personal network can also be a significant asset. Real-life stories and shared experiences from your peers can shed light on various compensation-related aspects that are not evident in numerical data. Organisations like the National Employment Law Council, specifically its in-house committee, and the Podium, a non-profit co-founded by a group of Asian American women lawyers, can provide safe spaces for mapping out your in-house compensation strategy. Additionally, It’s also worthwhile considering leaning onto professionals such as certified public accountants and certified financial planners, who can offer insights into the long-term financial implications of different compensation packages.
Besides the monetary aspect of the compensation, companies often provide nonmonetary benefits and perks that have substantial value. Having access to company cars, or flight perks from airline companies or free access to private schools for children, or pet-friendly workplaces are some examples of nonmonetary benefits that can significantly enhance lifestyle and savings.
Eventually, the most crucial aspect of contemplating a move and the compensation offered, is introspection. Unearthing the motivating factors behind the transition, such as work-life balance, financial security or flexibility, enables you to properly assess the overall value of the opportunities presenting themselves and align them with your prerequisites.
For more insights, refer to Let’s Talk About In-House Comp written by Meyling “Mey” Ly Ortiz, in-house lawyer at Toyota Motor North America. Remember, the value of an opportunity is not merely about the numerical worth of a paycheck. It’s a holistic evaluation, combining various quantitative and qualitative factors that resonate with your aspirations and requirements.