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  #4061 (permalink)  
Old 15-02-2019, 06:43 PM
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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 firmsí offices in Singapore or elsewhere? I canít tell whether youíre comparing apples with apples or apples with oranges.

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  #4062 (permalink)  
Old 16-02-2019, 07:39 AM
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How do you guys cope with the brutal hours?

Adderall? Caffeine pills?
I have a stack of panadols at my desk, I make a point to work remotely as and when I can.

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  #4063 (permalink)  
Old 17-02-2019, 12:01 AM
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Are you guys talking about the US firmsí offices in Singapore or elsewhere? I canít tell whether youíre comparing apples with apples or apples with oranges.
Thatís because you donít understand how white shoe partners are paid.

Partnership in white shoe US firms is based on a lockstep grading system, and fixed at standard unified net rates globally (adjusted for taxes). Earnings are pooled and distributed based on the points allocated to partners in your grade. They donít adopt the eat-what-you-kill system. Consequently, SG white shoe partners make the same as NY white shoe partners, and location isnít relevant at all. What matters is your partnership grade.

The brutality of this system is that if your earnings consistently fall below the average partnerís earnings within your grade, you either get downgraded or asked to leave. They may carry deadweights for a year or so, but never more.

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  #4064 (permalink)  
Old 17-02-2019, 12:08 AM
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Originally Posted by Unregistered View Post
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.
But the context of the discussion above related to white shoe firms, not the mid tier US firms. The discussion was about firms which pay on the cravath scale.

Cravath partners will never take only 500k-1m, since cravath associates already pull USD440k per annum.

The above isnít really relevant to me though. Iím lucky enough to be in a white shoe form which pays cravath, but Iím also ultimately a yellow-skinned asian who will never make partner in my current firm. Iím exiting the ladder at year 8 like the rest, and partnership isnít my end game. Just thought Iíd share what I know.
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  #4065 (permalink)  
Old 17-02-2019, 07:27 AM
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Thatís because you donít understand how white shoe partners are paid.

Partnership in white shoe US firms is based on a lockstep grading system, and fixed at standard unified net rates globally (adjusted for taxes). Earnings are pooled and distributed based on the points allocated to partners in your grade. They donít adopt the eat-what-you-kill system. Consequently, SG white shoe partners make the same as NY white shoe partners, and location isnít relevant at all. What matters is your partnership grade.

The brutality of this system is that if your earnings consistently fall below the average partnerís earnings within your grade, you either get downgraded or asked to leave. They may carry deadweights for a year or so, but never more.
Forgive me if I'm mistaken but isn't it the case that white shoe compensation is based on a eat what you kill or modified lockstep, while the magic circle is lockstep. Which explains why many star MC rainmakers in London are decamping to the American firms because they can do much better in comp?
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  #4066 (permalink)  
Old 17-02-2019, 04:43 PM
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But the context of the discussion above related to white shoe firms, not the mid tier US firms. The discussion was about firms which pay on the cravath scale.

Cravath partners will never take only 500k-1m, since cravath associates already pull USD440k per annum.

The above isnít really relevant to me though. Iím lucky enough to be in a white shoe form which pays cravath, but Iím also ultimately a yellow-skinned asian who will never make partner in my current firm. Iím exiting the ladder at year 8 like the rest, and partnership isnít my end game. Just thought Iíd share what I know.
Isn't "who will never make partner" a bit too absolute? Don't you think the white shoes have shown they're willing to hire Singaporean partners (Farhana Sharmeen, Jac Chan etc.) for Singapore offices if need be
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  #4067 (permalink)  
Old 17-02-2019, 06:10 PM
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But the context of the discussion above related to white shoe firms, not the mid tier US firms. The discussion was about firms which pay on the cravath scale.

Cravath partners will never take only 500k-1m, since cravath associates already pull USD440k per annum.

The above isnít really relevant to me though. Iím lucky enough to be in a white shoe form which pays cravath, but Iím also ultimately a yellow-skinned asian who will never make partner in my current firm. Iím exiting the ladder at year 8 like the rest, and partnership isnít my end game. Just thought Iíd share what I know.
You do realize that pretty much the entire AmLaw100 pays Cravath scale right? (At least back when it was at 180k, I haven't followed the US market as closely since it changed to 190k)

In any case, like I said earlier, Cravath are one of the few firms where pulling in 2m in the first year of partnership is possible. But few firms have the sky-high PEP that Cravath/Wachtell does. White shoe firm's PEP ranges between Wachtell's 5.7m to Cleary's 3m. Unless Cleary's most senior partner is only making double of its most recent partner, theres no way the new partner is pulling in 2m.

Sidenote, I wouldn't rule out partnership at Cravath on the basis of skin colour, especially not when they have an ethnic managing partner.
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  #4068 (permalink)  
Old 18-02-2019, 02:31 PM
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How do you guys cope with the brutal hours?

Adderall? Caffeine pills?
I count my money and the pain goes away.
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  #4069 (permalink)  
Old 19-02-2019, 07:51 PM
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I count my money and the pain goes away.
Antidepressants.

Seriously though, I wouldn't be surprised if half of my colleagues were depressed.
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  #4070 (permalink)  
Old 20-02-2019, 10:48 PM
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Antidepressants.

Seriously though, I wouldn't be surprised if half of my colleagues were depressed.
Drugs. Loads of drugs. That's how they survive.


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