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Real talk: talking about compensation is awkward; it feels too personal to share and too rude to ask. At the same time, when you’re considering a move, whether it’s from firm to in-house, or in-house to in-house, compensation is often top of mind and a major consideration.
Here, in no particular order, are some things to find out or think about.
Find The Data
Instead of surmising, refer to the data. Not sure where to look beyond a Google search? Above the Law and the Association of Corporate Counsel are two resources for reports on in-house compensation. They are derived from aggregating in-house responses to surveys. There could be other resources, but both are a go-to for my in-house network.
Lean Into Your Network
Speaking of network, lean into yours. The data is important, but anecdotes and experience shares from your community can also be illuminating and invaluable. Two safe spaces for me have been the National Employment Law Council, specifically, the in-house committee, and the Podium, a nonprofit I co-founded with seven other Asian American women lawyers. Consider your friends, mentors, and sponsors. By the way, do you have a friend in in-house legal recruiting? If not, you should. They have the latest pulse on industries and specific markets and insider knowledge on what companies really want. A couple of professionals that can also be helpful as you consider compensation — a certified public accountant and a certified financial planner. They can help you consider downstream impact on your taxes (and tax bracket) and how valuable stock options and other monetary incentives may be.
Don’t Forget Other Benefits And Perks
Sometimes it is about the bottom line, but many companies offer great nonmonetary benefits and perks that should also be considered. For example, one of my favorite perks at where I work is a stipend I receive to go toward a company-lease vehicle that includes maintenance and insurance. While I don’t own a company car, I get to use one, and so does my spouse. And as someone who used to own my car until it fell apart, I now get to use a shiny new one every two to four years, with the latest and greatest tech, provided by my company. My in-house friends who work for airline companies have great perks on flights. I also know of someone, who works at a private school, whose children will be able to attend free, and a friend who can bring their dog to work on the daily.
Get Into Your Why
I submit that the most important thing to think about as you consider making a move and proffered compensation and benefits is to get really deep into your why. When I was a baby lawyer, money (and the financial security it provides) was my primary driver. It didn’t matter to me how much I had to work — I was willing to do whatever it took to pay my loans back. However, when I left Biglaw, my priorities had changed. I was interested in having more of a life outside of work. And when I was faced with a great opportunity with a bit more comp at another company, I ultimately turned it down because it wasn’t flexible enough for this mom of three (only two at the time). I share all this to say that you need to discern what it is you really want and need so that you can properly assess the value of opportunities that will present themselves to you.
Meyling “Mey” Ly Ortiz is in-house at Toyota Motor North America. Her passions include mentoring, championing belonging, and a personal blog: TheMeybe.com. At home, you can find her doing her best to be a “fun” mom to a toddler and preschooler and chasing her best self on her Peloton. You can follow her on LinkedIn (https://www.linkedin.com/in/meybe/). And you knew this was coming: her opinions are hers alone.
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