Passed on promotion - should I be looking for a new job?
我在一家嗯没有了波尔icies on a smaller team with opaque promotion guidelines. I'm not super thrilled with the firm but experience is OK, team is Ok, lifestyle is above average, pay is OK for the lifestyle.
在过去的一年中,我通过关联的年代enior associate step and told to wait until next promotion cycle. Not super clear on reasoning other than "have another year like this, and you should be good". For reference around 2/3 of the other associates that started in my year have been advanced. My bonus was top quartile, though the promotes to senior associate received significant carry slugs.
Should I be gearing up to move firms?
My views on this is, if I couldn't get the team senior level backing to make the associate to senior associate step, despite good performance, I should not trust the seniors on the team to give me the backing for subsequent steps to VP / Principal / Director on-track with the rest of the firm. I'd love to get some thoughts from members of the forum here however as the seat is OK and could be a decent long-term lifestyle seat depending on ability to advance.
I am pretty regularly pinged for lateral promotion seats to senior associate / VP (for places without senior associate titles) but haven't interviewed as I liked the team and lifestyle.
Comments (14)
Couple questions. First, were you provided an associate -> senior Associate promotion timeline when you first joined or is your view on being passed up just based on observations of others? Did you get any granular feedback on performance during your review worth sharing that could help explain the shortfall in your promotion expectation? You received a top bucket bonus, but 2/3 of your associate cohort have been promoted...presumably, those individuals were top quartile as well. So, either you really weren't top quartile or its possible that while you had sufficient "associate" performance, other individuals not only checked that box but also demonstrated an ability to take on "senior associate" responsibilities. Can you provide a breakdown of the difference in roles at your firm? My firm also has an associate / senior associate model but there really isn't a difference in responsibilities other than being tagged for VP later on. If that is the case at your firm, then perhaps you're right in assuming even after slogging it out another year it'll be tough later on to continue on the promotion track.
Either way, sorry you're in that situation. Probably doesn't hurt to start looking at lateral opportunities, especially if you think you have a shot at a VP role elsewhere.
Thanks for the advice.
- No timeline was provided -> I pushed the topic prior to reviews season and was shot down in comp talks.
- Bonus wise, I landed ahead of others who were promoted in cash however their carry allocations which are dollarized made their headline numbers much higher. I guess that probably actually makes me bottom third bonus quartile if we look at cohorts / outlay from the firm.
- Senior associate is a full step at my firm. People on other teams sit in it for 2-4+ years. My team hasn't had someone in the seat recently (or VP seat for that matter) staffing goes straight to principal level. I think my biggest worry here is that if I can't get promoted on track for the associate to senior jump, I should also be setting expectations of being on the 4+ year side of things at the senior associate to VP step. Our titles aren't the most straightforward as well.
- Feedback was focused around getting more transaction reps.
Gotcha, thanks for the additional color. It sounds like from the firm's POV they want you to have some more transaction experience before promotion - how does your deal sheet look vs. your peers who were promoted? It could be as simple as needed another one or two closings...in which case, it is probably fair to try and compromise on perhaps a 6 month ad hoc review to revisit the senior associate role with hopefully a little more transaction experience under your belt. You'd know better than us whether your firm would be open to something like that. I think in the interim it is a good idea to start having calls with headhunters and selectively interviewing. I don't think your current situation is a disaster, but I think it has potential to be if you are in the same spot one year from now.
我认为你的肠道probably right. It isn't impossible to turn around a reputation, but wouldn't it just be easier to start on a blank slate?
one other way to think about it - worst case if you stay is you DONT get the promotion again or you even get let go - remember they haven't committed to anything. "You should be good" is not a promise. Worst case if you move to another place is you like it less (a real risk you should consider btw - some/mostpefirms are unpleasant) but you've offset the risk by accelerating your promotion track and you could move again in a few years. Seems like optimal is start searching but keep doing well at current job and be REALLY choosy and honest with yourself as you assess new opportunities. If you find a place you think could work better, go. If you don't, we'll you tried, and you know with confidence that being patient at your current firm was the right decision. Otherwise you might wonder "what if".
All given with the same caveat I always give which is that we're all internet strangers, don't really know the full story or firm, and only you know what's best for you.
Thanks for the input.
On reputation - I don't particularly think its blown in the firm beyond being behind track-wise, which may be a red-flag in itself (I know I consider this when I think who the stronger senior associates / VPs on other teams are).
I like the idea of selectively applying so may do that
It sucks, because like you said 66% of the associate class got promoted, so you're ranked bottom third.
It's even more frustrating because you didn't have any egregious error that they could reference, they just have some vague answer.
So the question is, can you swallow your pride and stick it out for another year working there? It's going to really annoy you seeing the majority of your class promoted and you're not. Could make you have a toxic mindset. Problem is, the grass is not always greener.
I think you're way forward is clear. You have a stable job, so just start thinking about your ideal lateral shop and start to focus on that. Don't jump at the first offer, but be very choosy.
Hopefully, in a year's time you will have set yourself up in a great spot. You will see if you get the promised promotion, and if not, you will be close to lateral offer from another shop.
I would ask for clarity regarding industry or geographic coverage expansion plans. This kind of sounds like the firm is looking to expand a coverage area and might want to put you there. Sure it sucks to be stuck where you are now, but if that is the plan I would advise sticking around.
Generally not. Just b/c you don't get what you want immediately is not an excuse to throw a fit and break your toys. Figure out what the dynamics were, figure out how you can do better. Always be looking for the next gig, but never at the expense of your current one.
Thanks - I'm more worried about longer term role / level stagnation from the team, especially since team hasn't had someone promoted Associate -> Principal ever.
I actually believe them on next year but I don't want to be in situation where I'm 5 years from now asking the same question on senior associate -> VP, especially as my role on team I don't expect to change first couple senior associate years since we don't have any VPs or senior associates currently.
Agree with comment above. Very common for people to climb different steps at different speeds. In five years when you are all playing musical chairs for a scarce principle seat nobody will remember or care who made sr associate first.
This is actually is the main issue for me -> I don't think I'll have the team backing to being even close to playing for the principal seat in that time frame.
My worry here is that I'm playing for the VP seat at that point in time (5 years out) if things go well this year.
Yeah they're probably lying to you. If they like the other associates better than you currently then why wouldn't they prefer to promote them before you in the future as well
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I don't see too much downside to sticking it out for another year and seeing if you get the promotion then. Worst case scenario, they don't promote you / fire you and you have to switch firms. However, you'll have another year of experience under your belt. Best case scenario, you get promoted next year. If you do get promoted, you can see how the next couple of years after that go. If it's not looking good for whatever reason, you can always switch after that too, though I understand why it'd be tougher given carry, etc.
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