London Compensation

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redsox
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Re: London Compensation

Postby redsox » Wed Aug 31, 2011 9:18 pm

Still confused about OP's notion that $160k will only equal $95k in London.

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Re: London Compensation

Postby Anonymous User » Wed Aug 31, 2011 9:35 pm

redsox wrote:Still confused about OP's notion that $160k will only equal $95k in London.


$160k is approximately 95k pounds, and because of the increased cost of living, living on 95k pounds in london is pretty much equivalent to living on $95k in NYC.

Pretty sure thats what he's saying.

albanach
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Re: London Compensation

Postby albanach » Wed Aug 31, 2011 9:39 pm

Anonymous User wrote:
redsox wrote:Still confused about OP's notion that $160k will only equal $95k in London.


$160k is approximately 95k pounds, and because of the increased cost of living, living on 95k pounds in london is pretty much equivalent to living on $95k in NYC.

Pretty sure thats what he's saying.


Perhaps he's talking about taxation? Presumably you'll be taxed in the UK on UK earnings, paying about $60k in tax?

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descartesb4thehorse
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Re: London Compensation

Postby descartesb4thehorse » Wed Aug 31, 2011 9:47 pm

Giving him the benefit of the doubt, he may mean after taxes. Although 160k GBP, even after their higher taxes, would in no way be 95k USD, which would have to be less than 59k GBP. That's a bit ridic.

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descartesb4thehorse
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Re: London Compensation

Postby descartesb4thehorse » Wed Aug 31, 2011 9:49 pm

Anonymous User wrote:
redsox wrote:Still confused about OP's notion that $160k will only equal $95k in London.


$160k is approximately 95k pounds, and because of the increased cost of living, living on 95k pounds in london is pretty much equivalent to living on $95k in NYC.

Pretty sure thats what he's saying.


I wish we'd all collectively be able to give up the notion that London is far and away worse than NYC in terms of expenses. If you're able to cook at all, I find it way, way cheaper since the grocery stores are much cheaper in the UK. Everything else is roughly even, assuming you know where to live.

Also, free healthcare.

kahechsof
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Re: London Compensation

Postby kahechsof » Wed Aug 31, 2011 9:50 pm

descartesb4thehorse wrote:
Also, free healthcare.


How does that work for foreign citizens?

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descartesb4thehorse
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Re: London Compensation

Postby descartesb4thehorse » Wed Aug 31, 2011 9:55 pm

kahechsof wrote:
descartesb4thehorse wrote:
Also, free healthcare.


How does that work for foreign citizens?


The ER is just a show-up basis. Always free. (Sort of how US emergency rooms have to treat all emergencies regardless of insurance status, except the UK actually enforces it.)

If you need to see a GP, I think you have to prove that you're a longterm resident, i.e. not just visiting for less than 3 months or so. Up to the discretion of the GP. You'll probably be able to hook up with other Americans in the UK to find out who is the best to go to, but I doubt you'll encounter any problems.

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TaipeiMort
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Re: London Compensation

Postby TaipeiMort » Wed Aug 31, 2011 9:57 pm

.
Last edited by TaipeiMort on Thu Sep 01, 2011 1:10 am, edited 1 time in total.

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redsox
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Re: London Compensation

Postby redsox » Wed Aug 31, 2011 11:13 pm

Anonymous User wrote:
redsox wrote:Still confused about OP's notion that $160k will only equal $95k in London.


$160k is approximately 95k pounds, and because of the increased cost of living, living on 95k pounds in london is pretty much equivalent to living on $95k in NYC.

Pretty sure thats what he's saying.


I guess. But that's insane. London is maybe 10% more expensive than NYC. I'm more under the impression that OP feels that living on 160k USD in the United States is the same as living on 160k GBP in the United Kingdom is the same as living on 160k KRW in South Korea...so living on 160k USD in London would be like living on 95k USD in the United States, and living on 160k USD in South Korea would be like living on 170mm USD in the United States.

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Re: London Compensation

Postby Anonymous User » Wed Aug 31, 2011 11:26 pm

Also re: healthcare any law firm is going to provide private health insurance in the UK.

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Re: London Compensation

Postby Anonymous User » Wed Aug 31, 2011 11:33 pm

I'm not sure if people in this thread are talking about interviewing to split the summer or just to spend the entire summer there but a word of warning. Anecdotally, working as US associate in the UK at the entry level is hard. Deals are far more leanly staffed because there are, obviously, far fewer US associates there. The learning curve is a lot steeper, there is way less training and there are far fewer midlevels to go to for advice/with dumb questions. As a result of these factors, US associates in London I know work a LOT more than their NY counterparts, especially for the first few years. Also be SURE you're cool with capital markets. Just because firms like freshfields or herbert smith have good arbitration practices does not mean you can start doing that kind of work if you decide you don't like capital markets. Those areas are going to be staffed by UK associates(for one thing, they're a lot cheaper, except at a select few US firms that also hire local UK lawyers, and thus pay their UK lawyers roughly on par with the US associates).




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