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Originally Posted by Unregistered
You guys are really missing the point...
15k/month for a junior B4 salaried partner here doesn't seem high when you're talking about MC/WS salaries, but they're more than happy with it because the goal for a local salaried partner is equity partnership. I know many B4 corporate partners who are more than good enough to immediately jump to offshore firms and triple their salaries, but they know that due to many factors their chances of making equity partnership if they do so become basically non-existent. They will stay because eventually, if they make EP, their salary will beat anything you can make in MC/WS bar EP there.
Of course, the above only applies for corporate teams. For litigation, they have no exit options, but the point remains that equity partnership is the goal. Remember when a local B4 liti HOD's salary was mentioned in parliament - it was in the millions annually.
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I think liti is now the outlier when it comes to modern day developments in law firm partner remuneration. There's a reason why far more litigators leave big firms to set up their boutique firms than corp lawyers...its really eat what you kill and less dependent on the client's institutional relationship with the law firm. Case in point, DSC.
Talented litigators can make a lot even if they set up a shop in Chinatown, if they're known in the market as being good advocates (and with the benefit of not paying thru the nose for rental in some prime office space)
But liti is a more level playing field. The cream of the crop will be doing Senior Counsel work and commanding SC salaries, and the average ones maybe can barely get by comfortably after paying overheads and staff salaries.