With the sun setting on Bernie Sanders’s long-shot bid for the White House, one thing remains undeniable: he squarely placed the issue of income disparity in the national spotlight, where it looks to stay for the remainder of the 2016 election.
Say what you will about his politics, but he managed to do something remarkable. Despite belonging to one of the oldest old-boys’ clubs in the nation, the U.S. Senate, and having a net worth that, while modest by D.C. standards, far surpasses that of the average American, Bernie has become a champion for the disadvantaged — so much so they have conveniently overlooked his annual salary and adopted him as one of their own.
In-house managers are placed in a similar position to Bernie. While our salaries may not always rival those of our peers in Biglaw, by in large we are fairly compensated, at a rate significantly higher than those we manage.
Skills That Set Firms Apart
Legal expertise alone isn’t enough. Today’s most successful firms invest in developing the skills that drive collaboration, leadership, and business growth. Our on-demand, customizable training modules deliver practical, high-impact learning for attorneys and staff—when and where they need it.
And yet we need our team to trust and believe in us and not dismiss us as another overpaid lawyer.
In Biglaw, the difference between the highest- and lowest-paid attorneys is measured by those driving a C-Class versus an E-Class. But at the end of the day, you are still driving a Mercedes. In-house, the same measurement cannot even be applied, as some on my team arrive via the public bus.
Unlike Bernie, I am not advocating for sweeping salary reform, especially in the in-house world. I recognize lawyers have specialized training and education and provide a more specialized skill set to our clients. A higher level of compensation for in-house counsel positions versus their non-attorney colleagues reflects this reality.
But like Bernie, we would be wise not to draw our employees’ attention to the salary disparity and instead lend a sympathetic ear or voice to their financial trials, while limiting our temptation to share stories illustrating our own financial tribulations.
The Law Firm’s Guide To Trust Accounting And Three-Way Reconciliation
Proper trust accounting and three-way reconciliation are essential for protecting client funds and avoiding serious compliance risks. In this guide, we break down these critical processes and show how legal-specific software can help your firm stay accurate, efficient, and audit-ready.
I am not suggesting you should be ashamed of your salary or flat-out lie to your team. Spend your money as freely as you wish on whatever you should so desire. However, the next time you are telling your team about your weekend, perhaps consider leaving out some of the details.
Your next date night? Sharing you went to dinner downtown relays just as much to your team about your weekend as does letting them know your UberBlack for the night ended up being a Tesla and the filet at the Capital Grille was perfectly cooked.
Your next vacation? Describing it as a family vacation to Europe instead of a two-week villa rental on Lake Como will still allow you to be social with your team without flaunting your financial means.
Your $50,000 kitchen renovation? Okay, maybe there are some things you should keep to yourself.
Sure, it is as American as apple pie to know your boss makes more money than you and that lawyers are stereotypically wealthy. This is nothing new, but something I have seen as being lost on some lawyers.
Lawyers are taught to compete against each other on their first day in law school, and this mentality still pervades the profession. But since we are no longer in the same Torts class, money becomes the new benchmark for success after graduation. In fact, I know of one Biglaw firm in town where many of the partners own vacation homes on the same island.
Clearly they do not like each other that much, but how else would you know whose vacation home is nicer without buying a more expensive one right up the block?
Again, there is certainly nothing wrong with spending your bonus however you see fit, and I would be happy to be able to call any of those partners my island neighbors in the future. But being in-house, when you walk into work and shift into manager mode, you might want to consider using a financial filter.
After all, if Hillary Clinton can wear a $12,495 Armani jacket while delivering a speech on inequality and still win the Democratic nomination (and Bernie’s former supporters), we in-house lawyers ought to be able to enjoy the financial benefits of having a law degree without alienating our non-lawyer team members.
Stephen Williams is in-house counsel with a multi-facility hospital network in the Midwest. His column focuses on a little talked about area of the in-house life, management. You can reach Stephen at [email protected].