Help negotiating lateral offer
I recently got a lateral offer for a top group at an MM (Jefferies, Blair,etc.) from a boutique.
Recently, the boutique gave me a 2020 bonus. However, it is payable over the course of 2021.
However, I'm not sure how to negotiate this on my new offer. I don't think that my boutique will pay it if I leave. Should I raise this question with my boutique?
In the likely event that the answer is no, how do I negotiate this with the MM? Can I ask them to guarantee the remaining payments of my bonus? If so, would this be in addition to whatever bonus they'd pay me for 2021 performance or part of the overall bonus for 2021?
Some other considerations:
Pros - Slight salary bump, benefits, brand name, exposure to better clients, coverage group, protected days, better location
Cons - Potentially miss out on majority of bonus. Bonus at boutique is effectively taxed lower due to distribution method. Likely working more hours.
Appreciate any input and happy to give more details. Thanks monkeys!
This is just my opinion but as much as the bonus might be good, don’t be so near sighted..it seems like a good opportunity especially for the long term (at least from the limited information you provided) so I’d be wary about losing an offer over a percentage of an analyst bonus
Tell your HR contact at Blair or whatever about the situation and ask if there's anything they can do to make you whole. Thank being said, if they tell you to kick rocks, I'd still take the MM. $45k is a drop in the bucket vs your improved lifetime earnings from working at a top shop. gotta play the long game my man
Thanks guys. Anyone else?
They both were hiring like crazy and recruiters pinged me several times for roles at all groups. Felt like my neighbor’s dog could’ve gotten a job there. On a more serious note, doubt they would care, all banks just need body now
There is little/no incentive for your current firm to pay your bonus. The most likely reason why they have this payout structure is to retain talent, so you telling them you are essentially going to a competitor and would like the remaining bonus isn’t the best move.
It can happen if they want you to honor a non compete, if the decision is mutual, or if it is so close to full payout that you can just work with them.
The new firm is the one who should cover the bonus. I wouldn’t be so short sighted to take it or leave it based on this but I would raise it. The new firm wants to hire you, but you are leaving money on the table. In general the firm hiring is willing to help out here, but just ask, don’t demand.
I re-read my contract and it states I can't get paid out any promised bonuses if I leave. So that's a done deal. I will be asking my new employer to cover it. I want to take the job regardless, but I hope they will understand and make me whole.
Just curious what firm it is with? I had a superday with Jefferies and waiting to hear back
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