If you sign an offer two years prior to your start date (i.e. signing a 2025 offer in 2023). Do the compensation numbers in the initial offer letter get updated to match current market when you finally start?
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If you're at a large firm that happens to raise base in that time then yes - ASO numbers are set across the firm and new contracts are issued. At MM or below it's unlikely, given you've already signed an offer at a current number.
Comp doesn't tend to move a lot year to year though, especially since many PE firms already raised base in 2021/early 2022. Would be surprised if your comp number is outdated when you start.
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