I'm a senior associate at a development firm, which is a step below VP at my current firm. For context, at my past firm, I was director level, so in some ways I switched jobs without a title increase (some would say title decrease).
The past 18 months, I have sought and underwrote several (like 8) deals of significant size, but because of the economy and pricing sensitivity by the principals, we didn't ultimately get the deals. Which was probably for the better given the economy in hindsight.
Anyways, I worked through the pipeline of development work in the interim and controlled costs, continued to source deals, proposed strategies for different types of development; all of which were well received...
BUT NOTHING IN TERMS OF DEALMAKING GOT THROUGH.
Would it be uncouth to still ask for a promotion in this economy (which is especially bad for multifamily and industrial)?
I think it is first worth talking to your superiors about the dilemma you face and your desire to continue to progress professionally. You will both plant the seed that you are aspirational and will understand pretty quickly by your superior's response how likely it is that you get your ask before you make it.
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Really depends on the firm. I got a promotion to VP with no deal flow. Just depends on how much people like you and want to keep you / see potential in you. Speak w your boss. No one here can really tell you. People should understand it’s a tough environment. But they may also not want to pay you more bc it’s a low fee environment. So really need to speak with everyone.
Can you explain how or why you got a promotion?
Thanks in advance.
I did a good job & asked my boss to advocate for me. It’s all about advocates and cheerleaders. You don’t need to be the best, you just need to be likeable and competent.
You can still do a good job in acquisitions even without sourcing. The reason being if your firm has rational people who recognize there are no deals to be done, you can’t really base promotions on originations. My platform isn’t doing deals right now - so it’s not like that was even an option.
Your main goal in having the conversation is figuring out their intent, and giving you runway to change firms (which takes awhile) if there is no path.
The way I handled it at my firm (granted, when I had received a written, external offer) years ago, was speaking to my boss and laying out that I’m at a fork in the road - I like this firm and the people I work with, and would like to stay, but ironically have more clarity on progression outside my firm than inside. The ask then wasn’t, “I want to be promoted”, but rather, “can you speak to the rest of the partners and let me know if I have a path”. This is much softer and gives them the ability to discuss and react (it ended with an early promotion).
Now granted, today is a weak market, and your goal is to understand if philosophically they would like to leverage their investment / sunk cost in you, even if no deals were completed, or let you go and start with a new inexpensive junior on another 2-3 year cycle. There are a few options, (1) you get certainty / direction towards on-time promotion, (2) you are told promotion could happen, but might be pushed a year because you lack experience, or (3) no promo, in which case you start looking. All paths are advantageous to you relative to not having clarity, so I would definitely have the conversation, thoughtfully and respectfully.
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