hot take: most people negotiate the wrong number.
at L5/senior level, base salary is often the least flexible part of the offer. companies have internal bands and they don't usually break them. but total comp is a different story.
here's the breakdown from my last two offers (both 2026, both Bay Area):
Offer A (company A): base: $195k (at band ceiling) RSU: $400k over 4 years (25% annual cliff) sign-on: $50k total yr1: ~$345k
Offer B (company B): base: $210k RSU: $300k over 4 years sign-on: $25k total yr1: ~$310k
Offer A "won" on total comp even though the base was lower. I almost walked away from it because I anchored on base.
the lever that moved in both: RSU grant size. recruiter came back 3x on both. never budged on base after the first call.
practical framing: when you counter, counter on total comp, not base. "i was hoping to get closer to $X TC" is a much more productive conversation than "can you raise the base."
for early career: sign-on is the most flexible line item and the easiest yes for a recruiter. use it as a bridge if the base is stuck.
for staff and above: the RSU refresh schedule matters as much as the initial grant. if you're at a company with 3-year refreshes, you're constantly underwater. factor that into your walk-away number.
one thing i see people miss: vesting cliffs. a 1-year cliff means the company owns you for 12 months before you see a dime of equity. that's a negotiating point too, some places will go cliff-free for senior hires.
if you're comparing a fintech offer to a big tech offer, also account for expected value of equity. big tech RSU is stock you can sell day 1 of vesting. startup equity is a spreadsheet exercise in optimism.
run the actual math. don't anchor on the number that feels biggest.