Ask old coworker what they made?
Think I’m underpaid, unwarranted favoritism at the firm is shit, someone around my level recently left. Alright to ask what they made for a reference point?
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Do it the other way around - tell them what you make and ask if they think you should ask for more. Might defray any awkwardness they feel about sharing their comp.
I pretty much always ask my peers what they make. It’s super valuable info. But you mainly want to try and ask people who you’re confident make the same amount or more as I find that to be less awkward.
So shoot for peer firms. EG you’re at Ares and curious how your firm pays compared to your friend at Oaktree.
If you’re at Ares, don’t be a dick and ask your buddy in Loan AM at AIG how much he makes.
I don't think it hurts to ask, but the real question is what did he get to leave as that is now the "market."
It is very rare that someone leaves for a pay cut so if he tells you he had 200k at the old firm, but is now making 300k, your market isn't 200k, it is 300k.
That assumes that OP is as good at his job as the person he's comparing his salary to.
"Favoritism" can easily be "I'm not as good as I think I am"
Very true. It can be really difficult to understand ones own faults and how they are viewed by employers.
That's only true if you're jumping to the same role in a very similar organization and market - a true lateral move at say a same size bank/developer/REPE firm in the same or similar city. A large (probably significant majority) of moves are NOT like this.
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