Are You Outpricing Yourself Out of the Job Market?

Navigating a career in law can be like playing a complex game of chess. It’s all about the right moves at the right time. But what happens when you become so focused on your next "big move" that you unwittingly limit your future opportunities? One of the biggest challenges we see in today’s legal job market is candidates outpricing themselves, whether through unrealistic salary expectations or as a consequence of being overpaid by a current employer. In this blog, we’re unpacking why it’s crucial to assess whether now is the right time to move, whether salary is the ultimate factor, and how to weigh long-term career opportunities against a tempting short-term pay increase.

Is Now the Right Time to Move?

Before you start looking for the next role, it’s vital to consider if now is genuinely the right time for a career change. When evaluating a move, here are some key questions to consider:

• Why Are You Looking to Move? Are you looking for a change of environment, new challenges, or better work-life balance? Or is it purely for financial reasons? Moving for a salary bump might seem logical, but it's important to ensure that the underlying reasons align with your career goals and the opportunity at hand.
• Do You Have the Right Experience to Command That Salary? When you look at your skillset, qualifications, and years of experience, are they in line with the compensation you’re seeking? Sometimes, the current employer's generous package can give a skewed perception of market worth, which could make it difficult to find another firm willing to match the pay. Understanding where your skills and experience fit within the current market rate is essential to avoiding disappointment.

Is Salary Everything? Evaluating What Matters Most

We all want fair compensation for our work, but is salary really everything when making your next career move? Here are some additional aspects to consider:

• The Quality of Experience: A well-rounded experience early in your career can be worth far more than a few extra thousand pounds in salary. Developing skills in high-value cases, building relationships with key clients, or gaining exposure to a variety of practice areas can set you up for greater success in the long run.
• Work-Life Balance and Job Satisfaction: Higher salaries often come with increased workloads, more stress, and fewer opportunities for a work-life balance. Ask yourself if this trade-off is sustainable. Sometimes, a slight reduction in salary is worth it if it means a better quality of life, more manageable hours, or an environment where you can truly thrive.
• Training, Mentorship, and Growth: One of the biggest assets of any firm is the opportunity it offers for learning and growth. Firms that are willing to invest in your development, offer training opportunities, and provide solid mentorship can give you the skills and network to achieve greater long-term success. This is often a more important consideration than simply negotiating the highest salary.

Long-Term Career Opportunities vs Short-Term Salary Gains

It’s natural to be enticed by a bigger salary, but focusing solely on salary can lead to some serious pitfalls in your career trajectory. Instead of just focusing on the immediate pay increase, think about:

• Career Progression: Where will you be in five years if you accept this new role? Does the firm offer opportunities for advancement, partnership tracks, or exposure to cases that are more aligned with your career goals? Taking a strategic long-term view often means that a smaller pay bump now can lead to more substantial rewards—financial and otherwise—down the line.
• Specialisation and Marketability: Consider whether the role will allow you to specialise in an area of law that is in high demand. Focusing too much on short-term pay can cause you to lose sight of what truly matters for long-term employability. Will the experience and exposure at the new firm make you more valuable in the future? The answer to that question may be far more beneficial to your career than simply aiming for the biggest salary right now.
• Navigating a Competitive Market: Keep in mind that law firms are becoming increasingly savvy about what they pay their solicitors. In many cases, firms are reluctant to pay more for someone whose experience may not yet match their expected remuneration. By pricing yourself out of the market, you risk significantly limiting your potential options—forcing yourself into a situation where you're either stuck in your current position or are unable to find a role that offers any meaningful advancement.

Getting It Right: A Balanced Approach

So, how can you avoid outpricing yourself while still ensuring that you’re compensated fairly?

• Do Your Research: Understand the market rate for your level of experience and specialisation. Look at industry reports and consult with recruiters who have a strong understanding of salary benchmarks across the legal sector.
• Be Realistic and Flexible: Be prepared to negotiate, but also be realistic about what you’re worth at your current stage. Flexibility can also help you access roles that offer non-monetary perks, such as better benefits, more interesting casework, or a stronger team culture.
• Focus on Value Creation: When discussing salary, focus on the value you bring to the firm rather than purely on market benchmarks. Show how your skills, experience, and proven results will make a difference for the firm and justify your desired compensation.

Conclusion

It’s easy to be drawn in by the prospect of a big salary bump, but focusing solely on short-term gains could be damaging in the long run. Law is a career built on experience, skill, and reputation, and these elements take time to develop. By prioritising the quality of experience, opportunities for growth, and the long-term trajectory of your career, you’ll be setting yourself up for much greater success—both in terms of professional fulfillment and financial reward.

So, the next time you think about moving firms, take a step back. Ask yourself: is it just about the salary, or are you making the right move for your career as a whole? Salary is important, but it’s only one piece of a much larger puzzle. The sooner you start focusing on the complete picture, the sooner you’ll build the career you really want—one that’s both rewarding and sustainable.

If you work in UK Legal Practice and want to confidentially benchmark your salary banding with market rates, whether to ask for a pay rise or review your career options elsewhere contact David and the team today on 0333 996 2882 or email [email protected]