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So to summarise:
1. What would be the average salary for this position.
2. Any tips on how to negotiate my salary.
3. I have been doing my work very dilligently and have received praise from others as well.
Any tips and pointers would help. Thanks :)
So, you need to figure which role your fund has hired you for and, if it is for a compliance role, then maybe give it a little time and don't start-off negotiating after 2 months of joining since you will likely come across as greedy. I would work hard and gain some relevant work experience and then negotiate next year.
Ideally, try transitioning to a law firm after you've spent a year or so. You will learn a lot more in a law firm during the early part of your career, although the hours will be a lot worse.
It looks like they haven't hired you for transactions work and, by that I don't mean that you won't be involved in the deals, but rather that the decision makers in the fund will look to external advisors rather than to you when they take a decision. At your work experience, that is to be expected - most law firms won't let junior associates write emails of any significance at this stage of their career.
My advice remains the same - don't negotiate for an increase within a few months of joining a new work place - you will appear greedy and you don't have any skills to really be able to negotiate a great deal. Work for a year or two, gain some experience, then either ask for more money, or better, ask for a part of the carry. The best will be to work in a law firm, get fucked for a few years, but learn a ton in a relatively short period of time at the expense of pretty much everything in your life.
I will be surprised if you are able to draft the waterfall, even the simple 2/20 one.
I will be surprised if you will know what you can or cannot sell to LPs.
I will be surprised if you will understand the tax implications in this structure.
I will be surprised if you will know what your managing partner will be able to sell during fund raising.