American Firms Abroad at OCI -Corporate Transactional

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bobbyflayed
Posts: 122
Joined: Wed Oct 26, 2011 2:41 am

American Firms Abroad at OCI -Corporate Transactional

Postby bobbyflayed » Tue Sep 25, 2012 2:29 pm

Which schools have the largest amount of international American offices coming to OCI?

Specifically I'm targeting Hong Kong and Shanghai. I'm fluent in Cantonese, semi fluent in Mandarin (hoping to take classes this year), and have permanent resident status (right to work, no visa needed).

My goal is to work corporate law overseas for a bit. Hong Kong is particularly attractive because earnings would put me in a 15% tax bracket effectively increasing associate salary by 35% (if NYC market rate is paid) + many firms allot a living stipend.

I also just like the city.

de5igual
Posts: 1463
Joined: Mon Dec 08, 2008 11:52 pm

Re: American Firms Abroad at OCI -Corporate Transactional

Postby de5igual » Wed Sep 26, 2012 10:58 pm

bobbyflayed wrote:Which schools have the largest amount of international American offices coming to OCI?

Specifically I'm targeting Hong Kong and Shanghai. I'm fluent in Cantonese, semi fluent in Mandarin (hoping to take classes this year), and have permanent resident status (right to work, no visa needed).

My goal is to work corporate law overseas for a bit. Hong Kong is particularly attractive because earnings would put me in a 15% tax bracket effectively increasing associate salary by 35% (if NYC market rate is paid) + many firms allot a living stipend.

I also just like the city.


Even if you earn the money in Hong Kong, you are still subject to all US taxes.

bobbyflayed
Posts: 122
Joined: Wed Oct 26, 2011 2:41 am

Re: American Firms Abroad at OCI -Corporate Transactional

Postby bobbyflayed » Sun Sep 30, 2012 9:17 pm

"A foreign tax credit is the principal instrument used by U.S. individuals to avoid being taxed twice on foreign-source income—once by a foreign government and again by the United States. In general, the foreign tax credit permits a taxpayer to reduce U.S. tax by the amount of income tax paid to a foreign government, subject to certain limitations."

-Ernest and Young --LinkRemoved--

Even if this only results in a reduction (rather than a exemption from fed tax) not living in California would mean a 9.55% + 15% (HK Tax) + municipal tax reduction in my overall US tax payments. Furthermore, the IRS doesn't have a carte blanche to look into overseas investment accounts (which is why they require you to disclose overseas holdings) this means a little bit of accounting will lead to a reduction in capital gains tax.

This is not to mention overall decrease in COL due to a complete lack of a sales tax as well. All this added together would still be a significant amount of money.
Last edited by bobbyflayed on Sun Sep 30, 2012 9:42 pm, edited 1 time in total.

bhan87
Posts: 850
Joined: Mon Mar 12, 2007 8:08 pm

Re: American Firms Abroad at OCI -Corporate Transactional

Postby bhan87 » Sun Sep 30, 2012 9:42 pm

A few notes:

1. Just because the foreign office itself isn't at OCI doesn't mean that the firm isn't interviewing for those offices. Some incorporate the foreign office interviews into the home office set.
2. Be careful how you spin your desire to work in an overseas market. For some firms it's a huge plus, but for others it's instant bait to no-call back.

That said, Columbia had a very healthy number of firms interviewing for their China offices (mostly Hong Kong), including quite a few interviewing for their Asia outposts specifically, but do note that these firms tend to be pretty hard to get generally (S&C, Skadden, PW, etc.)




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