Lawyer Salary

[LegalBeagle]

Originally Posted by Unregistered

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.

Originally Posted by LegalBeagle

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.

Originally Posted by Unregistered

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.

That’s 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.

Originally Posted by Unregistered

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.

Originally Posted by Unregistered

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.

Originally Posted by Unregistered

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.

[LegalBeagle]

Originally Posted by Unregistered

That’s 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 “normal” 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 you’re not a founding head honcho in a local firm, you’re earning less than a US firm partner.

Originally Posted by LegalBeagle

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.

How do you guys cope with the brutal hours?

Adderall? Caffeine pills?

Originally Posted by Unregistered

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.

Are you guys talking about the US firms’ offices in Singapore or elsewhere? I can’t tell whether you’re comparing apples with apples or apples with oranges.