Making the decision to leave your current firm and take up a role at a new practice is one that comes with lots of considerations. It can be hard to recognize your own worth when it comes to negotiating salary and benefits.
It’s important to remember that you’ve been hired for the experience you’ve worked hard to build in the financial sector and you should be compensated appropriately. You should also be prepared to ask for a package that makes the move worth your while.
Use your Trailing Twelve-Month Revenue to calculate your value
If you’re considering a role at a large firm, you might be attracted by the offer to pay you two or three times your trailing twelve-month ratio (TTMR). When you break it down, however, what does this really equate to? At its most basic level, it is the (net) total of how much money you cleared in your practice over the last year.
Once you’ve got a figure, you know your “worth” in monetary terms and you can use this in negotiating a package in your favor. This will include agreeing on how much you should expect to be paid upfront and a payment schedule for the remaining amount.
Know what you want before you begin
Having an idea in mind of a salary range or equity option that’s acceptable to you before you agree to any move will help you to determine whether the practice you’re moving to can offer you what you want. If it can’t, it might not be the right role for you. Don’t settle for less than you are worth.
Where you have equity or other existing financial obligations with your previous employer, these obstacles don’t need to stop you from making a fresh start. We recognize what you’re worth and are here to help you fight for the best package possible.