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  #4051 (permalink)  
Old 07-02-2019, 09:02 AM
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And I might add, most US firm associates donít make even of counsel. Of counsel is an honour accorded only to the technically oustanding associates without a book of business. Of counsel make in excess of USD700k per year or more (depending on seniority), and donít face billing pressure (though they still do BD, their butts arenít on the line at the end of the fiscal year. Those who donít make of counsel are either asked to take their last drawn pay (US$440k per year including bonuses) or leave.

That said, exit opportunities for US end of ladder associates are pretty good.

Life in US firms can be brutal, but all in all very rewarding. Iíd do it all over again though, given the superior risk reward profile it offers over local firms.
are of counsels in eversheds-harry E paid the abovementioned comp?

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  #4052 (permalink)  
Old 07-02-2019, 01:49 PM
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are of counsels in eversheds-harry E paid the abovementioned comp?
I doubt even partners get that sort of comp in Eversheds Harry E. I was talking about US white shoe firms - Skaddens, Milbank, Latham etc. And US$700k is the absolute peak of Of Counsel comp there, for very senior long time career Of Counsel. The norm is closer to US$360k for new Of counsel, which comes up to about US$480-500k after bonus.

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  #4053 (permalink)  
Old 08-02-2019, 11:59 AM
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I doubt even partners get that sort of comp in Eversheds Harry E. I was talking about US white shoe firms - Skaddens, Milbank, Latham etc. And US$700k is the absolute peak of Of Counsel comp there, for very senior long time career Of Counsel. The norm is closer to US$360k for new Of counsel, which comes up to about US$480-500k after bonus.
Given that our big 4 newly qualified lawyers have median salaries of SG$66k (i.e approx US$48k) vs the US$180k for new associates in US BigLaw firms, I would expect that even the big4 partners earn closer to a US Of counsel than a US firm partner.

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  #4054 (permalink)  
Old 10-02-2019, 07:13 PM
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Given that our big 4 newly qualified lawyers have median salaries of SG$66k (i.e approx US$48k) vs the US$180k for new associates in US BigLaw firms, I would expect that even the big4 partners earn closer to a US Of counsel than a US firm partner.
Thatís not true. Big 4 senior partners could earn more than their equivalent in MC and US firms. Why? Because equity share in local firms is hopelessly uneven and pyramidal. You would be surprised how resentful junior equity partners are of the fat cats who do much less work and still take home millions of dollars a year.
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Old 11-02-2019, 07:05 AM
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Given that our big 4 newly qualified lawyers have median salaries of SG$66k (i.e approx US$48k) vs the US$180k for new associates in US BigLaw firms, I would expect that even the big4 partners earn closer to a US Of counsel than a US firm partner.
You must be a student, and a clueless one at that lol.


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  #4056 (permalink)  
Old 11-02-2019, 11:02 PM
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You must be a student, and a clueless one at that lol.
not clueless. I just choose to believe in the egalitarian nature of law practice, and that partners will be kind to new associates and distribute the profits evenly.
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  #4057 (permalink)  
Old 12-02-2019, 07:29 AM
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not clueless. I just choose to believe in the egalitarian nature of law practice, and that partners will be kind to new associates and distribute the profits evenly.
Nothing like a little laughter to start the morning.
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  #4058 (permalink)  
Old 13-02-2019, 12:18 AM
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Thatís not true. Big 4 senior partners could earn more than their equivalent in MC and US firms. Why? Because equity share in local firms is hopelessly uneven and pyramidal. You would be surprised how resentful junior equity partners are of the fat cats who do much less work and still take home millions of dollars a year.
This is very misleading.

Yes in local firms, the founding head honchos like LW, CO, Darvinder etc earn more than apex partners in US firms, pulling in over US10mil per year.

But those absolute partners are few and far between. One tier below that, you have the HODs who earn between S$2mil and 3mil per year, which is significantly less than the true apex partners, and also significantly less than US firm plateau partners.

Below that, you have your ďnormalĒ equity partners, who take between S$600,000 and S$1.5mil per year depending on seniority and dept performance.

Conversely, US firm equity partners earn a lockstep scale which begins at USD2 mil.

As long as youíre not a founding head honcho in a local firm, youíre earning less than a US firm partner.
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  #4059 (permalink)  
Old 15-02-2019, 02:20 PM
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Conversely, US firm equity partners earn a lockstep scale which begins at USD2 mil.
This is very misleading.

Only the top few US law firms (e.g. Wachtell, Cravath) are on lockstep at that scale. Most other US firms pay according to an eat-what-you-kill basis where compensation is tied directly to origination. New partners at such firms are unlikely to get anywhere close to USD2 m in their first year, more like 500k-1m.

Nevertheless, a US partner will often outearn an SG partner at the same level of seniority.
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  #4060 (permalink)  
Old 15-02-2019, 05:49 PM
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How do you guys cope with the brutal hours?

Adderall? Caffeine pills?
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