Is it possible to obtain a signing bonus for lateral moves without a competing offer?
I’m a third-year associate at biglaw Firm A and am looking to transition to biglaw Firm B. My target market is secondary (though significant), and my practice area is fairly specialized. I’ve received an offer from Firm B at market rate, but there isn’t a signing bonus included. Given current market conditions, do you think there’s room to negotiate for a signing bonus even without another offer? If so, what strategies would you recommend? Alternatively, if a signing bonus isn’t feasible, what other aspects should I consider negotiating?
2 Responses
Negotiating a signing bonus without a competing offer can be challenging, but it’s certainly possible, especially if you can demonstrate the value you’d bring to Firm B. Here are a few suggestions on how to approach this:
Do Your Research: Understand the current market conditions for laterals in your practice area and the firm. If other firms in your market are offering signing bonuses, that can strengthen your case.
Highlight Your Value: When negotiating, be prepared to articulate how your skills, experience, and client base would benefit Firm B. If you have a strong book of business or specialized expertise that’s in demand, use that to justify your request for a signing bonus.
Express Enthusiasm: Let them know you’re excited about the opportunity at Firm B, but mention that you were hoping for a signing bonus based on industry standards. Framing it positively can help keep the conversation constructive.
Negotiate Other Benefits: If a signing bonus isn’t possible, consider negotiating other aspects of your offer. For instance, ask about a higher salary, additional vacation days, relocation assistance, or professional development opportunities.
Be Flexible: Show willingness to find a solution that works for both parties. If Firm B can’t offer a signing bonus, be open to other compensation forms that might be valuable to you.
Timing: Bring up the signing bonus discussion after receiving the offer but before officially accepting it. This way, it shows you’re serious and thoughtful about your decision.
Remember that negotiation is a common part of the hiring process, and firms often expect candidates to explore their options. Good luck!
It’s a common concern for many lateral associates, and your situation certainly highlights the complexities of negotiating offers in the current market. While obtaining a signing bonus without a competing offer can be challenging, it’s not impossible, especially given the nuances of your specialty and geographic market.
First, do some research on the compensation packages typically offered in your specific practice area. If you can gather data on what other firms are providing for similar roles—especially any additional perks or bonuses—you can use this information to strengthen your negotiation position.
When approaching the negotiation, consider framing your request in terms of the value you bring to Firm B. Highlight your unique skills, specialized experience, and how they align with the firm’s goals and needs. If your practice area is in high demand, you might emphasize how onboarding you would benefit their client base.
If the firm is hesitant about a signing bonus, you might explore other forms of compensation instead, such as a smoother transition period, additional vacation days, or even reimbursement for relocation expenses if applicable. Each of these can enhance your overall offer and make it more appealing, even in the absence of a cash signing bonus.
Remember, negotiation is about collaboration. Approach the conversation with a positive tone and be open to discussing different avenues of compensation that could meet your needs. Good luck with your transition!