By Lenor Marquis Segal • August 20, 2018•Writers in Residence
“Nice girls” don’t talk about money. But smart humans do, so we will.
Money is how we show employees respect. It is how we include people. It is how we thank people. It is how we praise people. It is how we give feedback. It is how we demonstrate we value someone. It is the literal price-tag we put on their worth.
A recent study (the BarkerGilmore 2018 In-House Counsel Compensation Report) informs us that female in-house counsel in 2018 experienced an equivalent-to-males 3.8% base pay increase. But this same study tell us that female in-house counsel, on average, earn 84% of what male in-house counsel earn, with the gap varying by level, with the greatest disparity at the upper echelons of power and prestige (General Counsel 78%; Managing Counsel 90%; and Senior Counsel 89%).
Economic home truths: We pay more for better stuff; we pay less for worse stuff. Something is a little better? Ok, I will pay a little more. Something is not as good? Enh, I’m going to need 16% off.
By not paying as much employers are communicating at the most basic level: I respect you less, I do not include you, I do not appreciate you. You are something different; you are something less valuable; I need a discount for you because your services are not as good. Your brain is not as good. Your advice is not as good. You are not as good.
More economics: When we do find something that is just as good, but we are able to pay 10-22% off, we get very excited and rush to the register. So until that magical equal pay day, if you want a GC at a bargain price, my advice is: Hire female.
The views expressed herein are my own, and only my own, although I like to tell myself that I could probably find between 3 to 5 people at any given time to agree with me.
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