My firm has been at a number that is 300k (it's not 299 / it's materially below, don't be cheeky) for close to 5, maybe 10 years for first year Associates. This appears to be below market for UMM/MF (not Apollo/Carlyle/etc.)?
1) Is there usually a comp bump for your second year?
2) How do I ask for more money?
What do you guys think? Thanks!
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Associates get >$300k at MF? I always thought it was around ~$250k total?
275-325 is the range u can try to push from the bottom end but need buy in from other assoc and comps. Second year should be 15-20% higher (300-375)
Thanks, is there any point in asking to go from bottom end of the range to mid/top if I'm in my first year? Or do I just wait till my second year and ask for mid/high of second year range
I won’t comment on whether or not you should ask, but it’d really piss me off if someone took it negatively that you did if they didn’t adjust base rate comp for 5-10 years and kept it the same.
Asking for 10-20% bump just because of that should be normal e.g. some jobs that paid 100 8-10 years ago pay 130 or so now (not including benefits or anything). Just commenting because when I did some job searching and found some really good firms it’s just a big point of confusion and stuff when you see that they don’t pay the same as before from inflation and that negotiating is somewhat frowned upon. Similar to unpaid internships feeling.
Do people normally negotiate 1st year associate comp, especially on-cycle?
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