It’s a question that lawyers often ask me, and in the cost-of-living crisis this question could not be more pertinent.
After all who doesn’t want more income!
This month: If I move roles will I get more money?
On a percentage basis the vast majority of moves to a new role will receive a salary increase. It is a big move in your career and losing the security of a ‘known’ role is usually rewarded with an increase. However, cases when this may not happen are:
1. When you are already at the top end of the market in terms of salary – the market and firms are only prepared to pay so much and the charge out rate that clients will accept will often be the ultimate deciding factor.
2. When you are moving to a smaller firm from a larger firm – you may gain immeasurably from better balance of your work and life, but it won’t always relate to monetary gain. Don’t rule out smaller firms entirely though, as sometimes a leaner set up can allow more direct reward to you.
3. When you are moving for reasons of personal gain such as a move to a charity environment.
4. When you are looking to lose elements of a role, perhaps people management. Less responsibility = less reward.
5. When you are moving to a new area of law – if you are entirely new to the area then think NQ rates.
Market rates are in a state of flux and the top and bottom end of any area of law, or PQE band, has never been further apart. It’s important to think about what your true reasons for moving role are. Often it will be for progression, personal development, a change of structure or simply location or environment. Remuneration will always be a factor but moving for money alone will rarely find you the best role for you, for the long term.
Here at Clara Rose Consultancy, we take time to listen to your ideal role and we make sure we cover every aspect, from location to salary to long term goals.
As always if you’d like to discuss your career, your salary, your progression or promotion then just drop me a line.
Always happy to fix a time in the diary to talk.