In a recent interview with the Today show, Academy Award–winning actor Meryl Streep revealed how she doubled her salary for the original The Devil Wears Prada movie—and, in describing what happened, delivered an insightful lesson on salary negotiations. The video quickly went viral on social media, with viewers praising Streep’s bargaining skills.
How did she double the money? And could she have gotten even more?
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A Surprising Refusal
During the interview with Jenna Bush Hager, Streep recalled reading the script for the 2006 film. “I knew it was going to be a hit,” she said.
But rather than expressing enthusiasm and interest in the salary negotiations that followed, Streep took the opposite tack.
“They called me up and they made an offer, and I said, ‘No, not going to do it,’” Streep recounted. Why did she say no? “I wanted to see [what would happen] if I doubled my ask.”
Because she was certain the film would succeed, Streep was confident the producers could afford to pay her more—and so, she said, she demanded twice what they were offering to agree to do the movie.
“And they went right away and said, ‘Sure,’” she recalled.
Her negotiating strategy paid off. “I thought, I’m 50, 60 [years old]—it took me this long to understand that I could do that! They needed me, I felt. I was ready to retire. That was a lesson.”
The Power of a Strong BATNA in Salary Negotiations
What happened in this negotiation from an analytic point of view? Streep took two important steps in preparing for her Devil Wears Prada salary negotiations.
- Analyze your own BATNA. First, Streep recognized the value of her BATNA, or best alternative to a negotiated agreement, and she played it well. At the time, she was arguably the most acclaimed actor on the planet. If she had no part in the film and retired, she would retain her status as one of Hollywood’s great legends. Little would be lost, other than the pleasure of one more great performance.
In negotiation terms, Streep had an impeccable BATNA, as she did not need the engagement. With no hesitation, she could comfortably say no to the proposed salary—even if she were secretly hoping to trigger a better offer.
- Assess your counterpart’s BATNA. Second, Streep analyzed and took advantage of her counterpart’s BATNA—a key negotiation skill, one that’s just as important as leveraging your own alternative. As Streep well understood, the strength of your counterpart’s BATNA will determine how much they are willing to concede to you in salary negotiations.
Streep concluded that the producers “needed” her for the movie—much more than she needed the movie. The other side’s prospects of finding another actor for the role of Miranda Priestly who could deliver a comparable performance and draw fans to the box office were far less concrete; thus, their alternative, or BATNA, was weak. That allowed Streep to ask for—and close—a deal for twice as much as she was offered.
Learning from a Quick Acceptance
Clearly, Streep’s salary negotiation strategy resulted in a better deal than she would have gotten if she had simply accepted the offer on the table or asked for a bit more money. Most of us would be thrilled to secure double the amount offered in our own salary negotiations.
But it’s also worth considering whether she could have gotten an even better deal. And, in fact, the evidence suggests that she could have—that Streep did not, in fact, ask for enough.
It is striking that her counterparts in the salary negotiation appeared to have accepted her request for a doubled salary with an immediate “Sure.”
No pushback? No back-and-forth? No haggling?
Salary negotiations often last multiple rounds, with concessions made on both sides. The moviemakers’ immediate agreement to her counteroffer, which called the salary negotiations to a halt, suggests they may have been willing to pay her even more.
Although Streep was surely in a unique negotiation position, her experience offers lessons for us all. (In a related post, we consider the question of when to make the first offer in a negotiation.) To begin with, knowing your own BATNA and your counterpart’s BATNA must be key elements of systematic negotiation preparation.
Most importantly, it is always worth finding the courage to ask for what one truly wants in salary negotiations and beyond. Doing so paid off for Meryl Streep. Surely Miranda Priestly, the character she so vividly embodies in The Devil Wears Prada and its recent sequel, would not have hesitated to do the same.
What other lessons do you see emerging from Meryl Streep’s salary negotiations for The Devil Wears Prada?
Claim your FREE copy: Salary Negotiations
Discover how to refine your negotiation skills with this free special report, Salary Negotiations: How to Negotiate Salary: Learn the Best Techniques to Help You Manage the Most Difficult Salary Negotiations and What You Need to Know When Asking for a Raise, from Harvard Law School.
