Our posts on the perks or fringe benefits of law firm life continue to generate interest and good comments. Here is today’s topic:
Why don’t you guys do an open thread on working abroad? I know of several firms that send their associates for some period of time to work [overseas].
For example, Allen & Overy has a program in which they send their senior associates to London to work for something around six months. A friend of mind who worked for Shearman went to Asia, and some others from Baker McKenzie have been sent to other offices around the world.
One advantage of working abroad: a generous cost-of-living allowance. Last month, Cravath raised its London COLA:
Cravath Swaine & Moore has raised the cost of its living allowance (Cola) for London office associates from $85,000 (£41,000) to $110,000 (£53,000), The Lawyer can reveal. The 30 per cent hike at the elite firm takes remuneration for the most junior lawyers in Cravath’s City office to potentially in excess of £150,000.
At current exchange rates, that works out to a starting salary of $300,000. Not bad. And a Cravath source tells us that the firm is eager for people to head over there: “[T]hey are super busy and trying to get more people to go and stay longer…. [T]hree hundred grand is a lot of dough, no matter how expensive London is!”
Your thoughts on overseas Biglaw gigs are welcome, in the comments.
Cravath hikes London cost of living allowance [TheLawyer.com]
Earlier: Biglaw Pay Raise Watch: Weil and Cleary to 180, Latham to 190!