Promotions / Negotiation
I lateraled to an UMM PE firm on the west coast last year after spending two years at a MM PE firm in the same area. When I signed my offer, the firm gave me a 2-year track to Principal (post-MBA role) and said I would get full credit for my time at the MM PE firm. After I got to the firm, I realized Associates that came straight to the firm after banking became Principals after 3 years. I've been working hard for the past year and have developed good relationships with my team. I'm just a little disappointed in the situation as I'm effectively losing a year and getting shafted from a promotion just because I lateraled to the firm. The lateral market is extremely hot and firms are having difficulty retaining / hiring good candidates. The firm clearly needs more Principal level employees so I'm wondering how I can effectively ask for a promotion that's in-line with my peers. I would just get promoted on track without it being delayed. Do you guys have any recommendations on how to approach conversations internally?