London Compensation Forum

[Anonymous User]

Do London firms typically pay 160,000 in dollars or pounds? There is a huge difference.

[Anonymous User]

LMAO........ in pounds?

[Shammis]

that cant be serious...and the real question is, do you actually think you can get a job in London?

[Anonymous User]

Thanks for your helpful reply. Does anyone who is not a jackass happen to know whether compensation is adjusted overseas?

[kalvano]

Yes it is. I don't know to what, but you won't get paid more for working London.

[Anonymous User]

M

that cant be serious...and the real question is, do you actually think you can get a job in London?

Got a callback to London office .. International flight to see me in their office? Think I have a shot, hoss.

[TTH]

Yes it is. I don't know to what, but you won't get paid more for working London.

I've heard somewhere that, factoring in the exchange rate, London pays a little less than NYC. Don't know how much.

Also LOL @ getting a jerb in London. Pip Pip! Cheerio!

[Anonymous User]

Thanks

Yes it is. I don't know to what, but you won't get paid more for working London.

[Anonymous User]

My understanding is that London firms with US offices tend to roughly pay US market. If the firm does not have any US office then it can vary.

I am also doing callbacks with London firms, does anyone have any insight on the interview process? Are they conducted like US CBs? Is there anything that one should be on guard for? Any anecdotal insight would be appreciated.

[kalvano]

You also end up getting paid less simply because London is so extraordinarily expensive. And by expensive, I mean be glad you have a spare kidney to sell, it might come in handy.

Regardless, it's probably my favorite city in the world, and good luck to those with CB's there.

[Anonymous User]

I am also doing CBs with London firms. London pays NYC market. Some firms will pay you in USD to a US bank account, and others will pay you USD and then convert it. The problem is that they will say in the contract that they will "evaluate" the conversion rate something like 4 times a year, but that doesn't necessarily mean they will change the conversion rate in your contract. So they might just screw you over and only change it when it's favorable to them (this happened to one associate I spoke with). The other alternative is that they pay in you in British sterling. This might be favorable because you don't have to worry about exchange rates.

Also, most 1st year associates (or they call them trainees), will get 30-40 pounds per year, which is like 50-60 USD. So they are VERY jealous about US associates' pay. This was a problem when the market was bad and firms were freesing US associate's pay and telling them to quit whining.

Also, the BEST part of working in London as a US associate is that you get cost of living adjustments. This is at the lowest end 30K pounds per year (like 50K USD EXTRA), and up to 60K pounds per year at some firms (think over 100K USD). I think Latham's office has the highest cost of living adjustment. This last part I'm not certain about, so please correct me if I'm wrong. But if I'm right, you are getting around 200K USD or more per year for working in London.

[Anonymous User]

And forgive the spelling/grammar in the post above... I was in the library writing fast. Most of what I explained is what I learned from calling London associates asking about how to get jobs over there and what it's like.

[kahechsof]

Do London firms typically pay 160,000 in dollars or pounds? There is a huge difference.

They typically pay 160,000 pounds. And in China they pay 160,000 Yuan. And in Japan they pay 160,000 Yen.
I don't understand it either. I would expect them to just use the exchange rate, but that's what they do.

Some firms pay in US dollars and just give you a suitcase of unmarked bills. Especially in countries where it is illegal to own dollars.

(By which I mean, what are you asking exactly? Do you want to know how often they calculate the rates like some posters above were talking about?)

[alirod12]

First off London isn't vastly more expensive than any other desirable big city; maybe you're from some bumble cornfield-heavy locale. Most people who work there aren't fucking living in downtown London. The vast majority of professionals live in one of the beautiful, trendy suburbs outside of London and commute by train in.

LOL at people being clueless about jobs in London. G'day mates!

[UCLAtransfer]

Do London firms typically pay 160,000 in dollars or pounds? There is a huge difference.

They typically pay 160,000 pounds. And in China they pay 160,000 Yuan. And in Japan they pay 160,000 Yen.

+1 this is exactly what I was thinking when I read OP, haha.

I hear it really sucks being an associate in Tokyo, since the exchange rate means your 160,000 Yen translates to a little less than $3k per year in salary. Blast!

But my friends practicing in Kuwait are pretty stoked, since 1 dinar is worth about $3.6 USD. $576,000 as a first year, holler!

[redsox]

Do London firms typically pay 160,000 in dollars or pounds? There is a huge difference.

They typically pay 160,000 pounds. And in China they pay 160,000 Yuan. And in Japan they pay 160,000 Yen.

+1 this is exactly what I was thinking when I read OP, haha.

I hear it really sucks being an associate in Tokyo, since the exchange rate means your 160,000 Yen translates to a little less than $3k per year in salary. Blast!

But my friends practicing in Kuwait are pretty stoked, since 1 dinar is worth about $3.6 USD. $576,000 as a first year, holler!

Hey, at least he won't be one of the guys getting $150 in Korea...

[Shammis]

Got a callback to London office .. International flight to see me in their office? Think I have a shot, hoss.

Dude that's awesome for you. I still cannot believe you asked if they pay 160K pounds though. If you were applying for jobs I would assume you would know the general pay structure in the UK. That being said, did you intern over yonder? How did you land that? All of the research I've done has said its a lonnnnng ass shot at getting anything even if you are from a T-10 (though I know Columbia has an exchange program where you are licensed to practice in the UK). Good luck to you...hope you're flying business

[Anonymous User]

I'm the OP .. you guys are rough. I realize that there are alternatives to paying 160 in pounds or dollars .. but getting paid the exact same salary as someone in New York so that you can live in a more expensive city with an economy where that pay only (I know .. "only") equals $95k a year doesn't seem to make a lot of sense, if the firms are hoping to attract top-notch students. I was hoping someone could shed light on how the pay works and whether there is a cost of living adjustment. It appears that there is, and that there isn't a standard "market" adjustment rate. Good to know.

Sincere thanks to everyone who attempted to provide helpful responses, and to those of you who didn't, I'm glad I was able to provide an opportunity for you to make some really funny jokes about currency exchange rates on an internet message board: you guys seem like some really awesome, outgoing people.

[redsox]

I'm the OP .. you guys are rough. I realize that there are alternatives to paying 160 in pounds or dollars .. but getting paid the exact same salary as someone in New York so that you can live in a more expensive city with an economy where that pay only (I know .. "only") equals $95k a year doesn't seem to make a lot of sense, if the firms are hoping to attract top-notch students. I was hoping someone could shed light on how the pay works and whether there is a cost of living adjustment. It appears that there is, and that there isn't a standard "market" adjustment rate. Good to know.

Sincere thanks to everyone who attempted to provide helpful responses, and to those of you who didn't, I'm glad I was able to provide an opportunity for you to make some really funny jokes about currency exchange rates on an internet message board: you guys seem like some really awesome, outgoing people.

What do you mean by "that pay only...equals $95k"?

[CanuckObserver]

I'm the OP .. you guys are rough. I realize that there are alternatives to paying 160 in pounds or dollars .. but getting paid the exact same salary as someone in New York so that you can live in a more expensive city with an economy where that pay only (I know .. "only") equals $95k a year doesn't seem to make a lot of sense, if the firms are hoping to attract top-notch students. I was hoping someone could shed light on how the pay works and whether there is a cost of living adjustment. It appears that there is, and that there isn't a standard "market" adjustment rate. Good to know.

Sincere thanks to everyone who attempted to provide helpful responses, and to those of you who didn't, I'm glad I was able to provide an opportunity for you to make some really funny jokes about currency exchange rates on an internet message board: you guys seem like some really awesome, outgoing people.

You are assuming that they cannot find "top-notch" students closer to home. It is great they are flying you over for an interview, but keep that c0ckiness in check.

There is no need for other countries to pay US market when 1) they are not the US, and 2) they can attract plenty of great candidates at what they do pay. There are plenty of talented candidates in the Commonwealth as is. BigLaw associate salaries in the US have gotten grossly inflated over the years, not always with positive results (like the inflated expectations of some students) and not everyone felt the need to follow suit.

Good luck in your interview.

[Anonymous User]

To the poster above:

They give you US salary because they NEED US qualified associates for what they do. Most of these associates will be doing 144A and secondary securities offerings, high yield bonds, and M&A, which clients prefer a US associate with knowledge of US law when doing the over seas transactions. They ask you to qualify in NY before heading over. They pay 160K because they need to compete with US Firms paying market, or these associates are already with a US firm and just going over seas because they want to or the firm asked them to. So no, he will not be competing with UK qualified attorneys -- he will be competing with other potential US qualified associates.

[Anonymous User]

I split my summer between London and NY. There was no cost of living adjustment for US associates in the London office. Don't assume you will get a COL adjustment, it definitely varies. However, the firm I was at fixes the exchange rate for a variable percentage of the salary(increasing each year) at a very favourable rate so it does not fluctuate with the market. The rest is either exchanged at market or you can choose just to keep it in a US savings account and never transfer it over(which one you chose would depend on your long term plans I imagine). I think if you are permanently in the UK you would probably just be paid in pounds rather than $$ though, as this was for people on temporary(altho still 3+ years) stints in the UK.

[Anonymous User]

I split my summer between London and NY. There was no cost of living adjustment for US associates in the London office. Don't assume you will get a COL adjustment, it definitely varies. However, the firm I was at fixes the exchange rate for a variable percentage of the salary(increasing each year) at a very favourable rate so it does not fluctuate with the market. The rest is either exchanged at market or you can choose just to keep it in a US savings account and never transfer it over(which one you chose would depend on your long term plans I imagine). I think if you are permanently in the UK you would probably just be paid in pounds rather than $$ though, as this was for people on temporary(altho still 3+ years) stints in the UK.

What type of work did you do in the London office? How would you compare your experience there to your experience in New York?

[Anonymous User]

I split my summer between London and NY. There was no cost of living adjustment for US associates in the London office. Don't assume you will get a COL adjustment, it definitely varies. However, the firm I was at fixes the exchange rate for a variable percentage of the salary(increasing each year) at a very favourable rate so it does not fluctuate with the market. The rest is either exchanged at market or you can choose just to keep it in a US savings account and never transfer it over(which one you chose would depend on your long term plans I imagine). I think if you are permanently in the UK you would probably just be paid in pounds rather than $$ though, as this was for people on temporary(altho still 3+ years) stints in the UK.

What type of work did you do in the London office? How would you compare your experience there to your experience in New York?

Capital markets. Almost all of what you would do as a US associate in London is capital markets work(with a few exceptions but for the most part thats it).

EDIT: Sorry that was dumb. Post non anon and I am happy to PM you with more info.

[minnbills]

Would love to hear op's credentials.

Could you give us a rough picture?