salaray wise london me to koi prince ki tarah nahi jee paega but overall lifestyle upgrade hee hoga... just existing in London is kinda slightly better than enjoying T1 Indian money plus
you shouldnt measure TC just in terms of the money.. tu jo seekhega na in terms of communication and soft skills - vo tere Indian t1 counterparts nahi seekh paenge
koi kuch bhi bole.. always remember.. top 100 law firms in the world me ek bhi indian t1 nahi aati - toh tc ka chance mile to chodio mat -
TC pay may not be comparable, because u are quite literally doing a "training" and will be paid max to max 60k pounds in a US Biglaw Office
But the super jump once you're selected (almost certain at most places, though not in this recession) to associateship is incomparable, also the partner pay in equity is in millions always in biglaw and magic circle
Also the learning outcomes in a TC and the work experience is very rich and nothing like in Indian Firms
Don't forget the general cost of living in London though, which will quickly eat up your training contract salary (which is a good solid salary but not exorbitant for London, all things considered). Once newly qualified in a big firm though, you'll live comfortably, as Chichi Ban rightly says.
Regarding partnership, the vast majority of UK law firm lawyers don't actually make it to equity partnership and leave firms or even the profession before, and even then, to get into the millions take-home-pay range, you'll need to make equity at one of the big firms and stick around for a while - junior equity partners might not make as much...
Kirkland lets people enter equity partnership at year 9, non equity at year 6, about a year more at skadden, Jones Day, Wachtell, Its some more years at Clifford C and A&O
And I never claimed everyone beggining a TC ends up in equity partnership, its the same thing as in India, the work hours are ghastly and will eat up your life, added to that the toxic culture etc. which has no difference there and here.
An first year equity partner at Kirkland makes 2.5 mill Dollars pre tax in 2021-2022 (you can check reddit, Above the Law threads) [It matches at the UK Office as well in pounds, u can check Kirklands website]
Its nearly 2 mil in other US Biglaw firms, and maybe 1-1.5 mill in UK Magic circle
Non equity is also a guaranteed fixed >500k in US biglaw at least as they make public their scales, it can be verified,
Wachtell is an exception, it starts at 400k and at year 6 will be at a mill even in non equity/ associateship because they have billable targets of about 3000 hours and more and have a unique method of billing clients i.e. contingency fees, something similar in Susan Godfrey but a bit lesser
True, good points Chichi Ban - wasn't disputing the substance of your point, just that this won't happen for everyone and there aren't that many BigLaw firms that will make young equity partners who earn more than $1m, and, as you point out, that it can be a pretty long and steep ladder. So if you're only out to make millions, there might be shorter paths than a UK law firm (though even as an associate, if you're halfway competent, the salaries are good enough to let you perhaps save $1m in a couple of years (or a decade)).
Also don’t forget you have to cook on your own. You may outsource the cleaning though. Crowded tubes, cooking, the school run if you have a kid.. these never seem to appear in LI comments!
You can hire good quality tiffin/ DIY cooking services at good rates. Crowded tubes? most firms let you get uber subscriptions with pre tax dollars and reimburse a bit. If you work past certain hours you get free rides home(car).
Yes tubes can be crowded these days, but can you even begin to compare indian metros and the London tubes in terms of safety or customer service?
you shouldnt measure TC just in terms of the money.. tu jo seekhega na in terms of communication and soft skills - vo tere Indian t1 counterparts nahi seekh paenge
koi kuch bhi bole.. always remember.. top 100 law firms in the world me ek bhi indian t1 nahi aati - toh tc ka chance mile to chodio mat -
But the super jump once you're selected (almost certain at most places, though not in this recession) to associateship is incomparable, also the partner pay in equity is in millions always in biglaw and magic circle
Also the learning outcomes in a TC and the work experience is very rich and nothing like in Indian Firms
Regarding partnership, the vast majority of UK law firm lawyers don't actually make it to equity partnership and leave firms or even the profession before, and even then, to get into the millions take-home-pay range, you'll need to make equity at one of the big firms and stick around for a while - junior equity partners might not make as much...
And I never claimed everyone beggining a TC ends up in equity partnership, its the same thing as in India, the work hours are ghastly and will eat up your life, added to that the toxic culture etc. which has no difference there and here.
An first year equity partner at Kirkland makes 2.5 mill Dollars pre tax in 2021-2022 (you can check reddit, Above the Law threads) [It matches at the UK Office as well in pounds, u can check Kirklands website]
Its nearly 2 mil in other US Biglaw firms, and maybe 1-1.5 mill in UK Magic circle
Non equity is also a guaranteed fixed >500k in US biglaw at least as they make public their scales, it can be verified,
Wachtell is an exception, it starts at 400k and at year 6 will be at a mill even in non equity/ associateship because they have billable targets of about 3000 hours and more and have a unique method of billing clients i.e. contingency fees, something similar in Susan Godfrey but a bit lesser
Yes tubes can be crowded these days, but can you even begin to compare indian metros and the London tubes in terms of safety or customer service?