With Brexit uncertainty looming and the Bank of England lowering its 2019 growth forecast to 1.2%, the start of the year didn’t look promising. Yet, as history shows, forecasts can be wrong, just like the Brexit vote in 2016 or Ocado’s unexpected share price rebound. Negotiations, whether political or professional, often hinge on strategy and timing.
Legal Blogs
Brexit Uncertainty and Salary Negotiations: What Lawyers Can Learn
How Brexit Negotiations Resemble Legal Job Offers
Senior legal appointments share similarities with high-stakes negotiations. Both sides aim to deliver value, and a skilled recruitment agent plays a pivotal role in securing the best deal for candidates during critical offer stages.
Two Common Offer Scenarios
- Offer Meets Expectations: The delivered offer matches your requirements, often after tough behind-the-scenes negotiations.
- Offer Falls Short: Despite clear remuneration criteria, offers may be limited by board restrictions or global HQ policies.
Negotiation Strategies for Lawyers
If an offer is below expectations, focus on variable pay elements like bonuses, stock grants, and options. These are often easier to adjust than base salary, which typically sees only a 2–7% increase after negotiation. Remember, pushing too hard can sour relationships—agents must know when to stop.
Supply and Demand in Legal Recruitment
Placements resemble economic supply and demand curves. Clients want top talent at minimal cost, while candidates aim to maximize packages. Lawyers, skilled negotiators themselves, should never miss the chance to secure the best starting deal.
Key Takeaways
- Prioritize variable pay over base salary for flexibility.
- Understand market limits and avoid over-negotiating.
- Respectful, assertive negotiation ensures long-term success.
Brexit negotiations will be analysed for years, but one truth remains: money talks and always will.
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