The Asia Chronicles: Champagne Wishes and Caviar Dreams
For the second installment of the Asia Chronicles, we're going interactive. Please click on this Youtube link, minimize, and read on.
Come with us, won't you, to a world of your imagination. Imagine that you're an associate at a major U.S. law firm in Asia, paid the same salary and bonus as your colleagues back home. Imagine further that $87,500 of your salary is excluded from federal income tax. Imagine that your firm pays your rent, and, even though this would normally be considered taxable income, it is excluded from taxation as well.
One of the ACLs who lived in this "world that defies explanation" paid off his entire $120K+ law school debt in one year and is on track to put away over a quarter million during the next two years. How? With extra salary and a much lower tax burden, he takes home approximately 15% more cash than he would in the U.S. He has no car or other transportation expenses (walks 10 minutes from home to office), usually works late enough to expense his dinners, and pays no rent. He takes so many business trips that frequent flier miles and hotel points take care of most of his vacation expenses. At least 80% of his paycheck goes straight into his 401K and other investments. The rest goes to magnums of Cristal (he admits he could do better).
Before we jump into the details, let's set out some assumptions:
Assumption #1: There are tons of U.S. firms in Asia; some pay less, some pay more. A sizable group of firms pays competitive packages (yes, we said "packages") at or near the top of the market. This entire discussion focuses on that group because, let's be honest, for most of us "the law" isn't our calling. We don't sit up at night thinking about Section 4(2) of the U.S. Securities Act or wonder about the components of a conversion formula in a share purchase agreement (wait, maybe someti... ok, no ... never). So, for the purposes of this discussion, let's just assume that it's mostly (almost entirely) about the Benjamins. (Or Maos? Lees?)
Assumption #2: There are U.S. lawyers in Vietnam, Indonesia, Thailand, etc. But, to borrow from XOXO/Greedy Associates lingo, this discussion focuses on "BIGLAW" in the major Asian markets (i.e., Tokyo, Singapore and the greater China region) at "Vault"-listed firms. HTH.
On to the main event. Salaries. Three words: New York levels. Bonuses. Three words: New York levels. That's right. When you guys over in New York rejoice over the raises, so do we. But, there's more. A few years ago, there was this evil little SOB of a concept called "tax equalization" whereby firms, for whatever reason (well, we know the reason; you do the math), decided to pay their overseas U.S. associates an amount in salary that was equal, after tax, to what an associate in New York would be paid. Yes, that means poor little Billy in Asia was "theoretically" paying New York city and state tax. Firms have since moved away from this model. In a low-tax region like Singapore or Hong Kong, this means associates can take advantage of the low tax rates. What's that, you say? The U.S. taxes on worldwide income? Fear not. Certain provisions in the tax code are geared towards providing tax breaks for U.S. citizens working worldwide. Bottom line, associates in Asia at U.S. law firms also pay less in taxes each year.
Ohhh, and it doesn't stop there. Remember the reference we made to "packages" above? Firms in Asia (except in, only God knows why, Singapore ) foot the bill for their associates' housing expenses. Many firms pay this housing allowance in cash each month, some pay the rent directly to the landlord. Many firms then let associates keep the difference between the rent and the allowance. The word on the street is that a certain Wall Street law firm whose name begins with an S and ends with a T pays top of the market at about $80,000 a year. So, if you're an associate at this unnamed Wall Street firm that rhymes with Pimpson Cratcher and your rent is $40,000 each year, you're pocketing an extra $40,000. It's the "special bonus" that never stops giving.
According to Evan Jowers of Kinney Recruiting (who has eyeballed perhaps more offer letters from the major US and British firms in Hong Kong / China than any other person in the industry), "The housing / expat packages at the top U.S. and British firms in Asia are likely to go higher in the next year or two. Many of these firms have substantially raised their packages in only the past 6 months, with there now being many more firms in the what I consider to be competitive housing allowance range in Hong Kong, $65,000 to $80,000, than a year ago. In fact, the number of firms with housing packages over $70,000 in Hong Kong has more than doubled in the past six months."
More delicious details, after the jump.
"Also, a number of firms that have up until now offered their expat / housing packages on a case by case basis are currently in the process to adopt standardized packages for all their associates," said Evan Jowers of Kinney. "Robert Kinney, Kinney Recruiting's founder and president, and myself have been asked by a number of firms in HK / China to assist them with either creating new expat / cola / housing package policies for associates or providing confirmation that their packages are competitive in the HK / China market. The number of firms asking for such assistance has been rising lately. There seems to be more urgency now than ever for the majority of the top U.S. and British firms to know that they are offering a very competitive compensation package for their associates in the Hong Kong / China market, which is of course great news for laterals."
Also, according to Evan, many US and British firms in Asia pay for the private school costs for associates' children (which can be over $25,000 per year) and also add substantially to the housing allowance for each child, whether school-aged or not, with usually a $10,000 to $20,000 extra housing allowance per child.
Then there are other perks. One free ticket "home" to the US each year (usually a business class ticket), free tax preparation services, free language tutors, technology allowances... Evan says that one major firm in town even offers the use of the firm junk to associates on a rotational basis. To anyone who thinks the junk may be "junk", think again: it's a nice, full-sized yacht. We would go on but it would hurt too much.
As the saying goes, there's no such thing as a free lunch. All of this comes with tradeoffs, which we'll discuss next week. Until then, we're always available at, yes, asiacorporatelawyers at gmail dot com.
*****************
Kinney Recruiting has made more placements of U.S. associates and partners in Asia than any other firm in the past two years.
[Disclosure: Kinney is the sponsor of this post.]
(103) Comments
This post reads like B-grade Asian job porn.
Best. Post. Ever.
Hmmm, but what would Michelle Houellebecq say?
5:53: generous grade scale
Call Kinney Recruiting now and Evan will throw in the rotisserie cooker and a h@ndj0b for free! No, seriously! He'll do anything... just ask!
I'm glad there's a note at the bottom that says Kinney sponsored the post, because I would otherwise have had NO IDEA such a thing was going on.
worst. post. ever.
gross
Wall Street? I thought Pimpson Cratcher was on Lex...
Tax policy is not the highlight of Mr. Recruiter Porn.
Section 911 of the Tax Code and Senator Chuck Grassley have done the assufcuking with the tax breaks over the last 3 years. Google it homeskillet.
God only knows why the housing???
UMMMMM because Treasury made a carve out to let that not count as income for American expats. Because otherwise the tax assfucking would have sent every GE Engineer and AGC home ASAP.
b.s post!
Great post.
a sad attempt by a sad recruiter to place people
perks: work so late you can comp your dinner; travel so much you will hardly know you are living in asia; increase your self-esteem when you find you are taller than 90% of the local population; free language tutor will show you asian languages are easy to master
drawbacks: spending 45% of your take home on a therapist you can't understand, biglaw + asian country = maddening isolation
so weird, I read that whole post with Khan Souphanousinphone's voice from "King of the Hill" in my head.
I didn't know that in Asia Simpson Thacher ends with a T.
Trade offs? Mais oui!
Transparent racism and no career progression pour les GWEILO white devils...
Smog that makes Century City smell like Geneva...
Firm mandated bar girl alcohol expat culture guarantees mon ami Hepatitis B or Cirrhosis (pour mes copines, le celibicy bien sur)...
Billable hour targets that would make Wachtell feel like Troutman Sanders...
A third of your work equivalent to being a 3rd grade English teacher...
Vous aussi peut etre FILTH (Fail In London, Try Hongkong)
Other perks: One free ticket "home", free tax preparation services, free language tutors, technology allowances. Perks? You're kidding, right? Aside from free tix, I consider them to be necessities if ever persuaded to work in any of my firm's Asia offices. Maybe I could pick up some phrases in French or Spanish on my own but Mandarin or Cantonese? Not a chance and truth be told, no amount of tutoring could help me now. Let's call a spade a spade - firms have to offer lucrative packages in order to attract legal talent to Asia. At least you acknowledged that there's no free lunch, despite "champagne wishes and caviar dreams" (seriously, you've been watching asian TV too long - that's too '80s).
6:28
Seriously, people I know that went to TTT law schools that couldn't get jobs here are working in V100 firms in China. Although getting different local ass every night is appealing, I'd like to not have my dick fall off because Asian STDs anytime soon.
Michel: Smog that makes Century City smell like Geneva... priceless!
Mais, qu'est-ce que c'est "firm mandated bar girl alcohol expat culture"?
Are any of these posts going to get region specific? There have to be some pretty significant differences between HK, PRC, Singapore, and Japan -- not just in benefit packages, but also in work and work culture. Future posts would benefit from being more specific.
Asian STBs?
I'm not moving to Asia, but I still think this is really interesting.
A third of your work equivalent to being a 3rd grade English teacher... Hmm, always wanted to teach after practicing law but never thought that I could do both at the same time.
perks: Evan will tell you how great you are. Evan will tell you how great Asia is. Evan will tell you how much $$$ you will make in Asia.
drawbacks: You're not that great. Asia is not that great. You will not make that much $$$.
6:34
First, excuse my poor conjugation of pouvoir above. I'm drunk.
Second, living in the sad sad Asian metropolis leads the bored and the boring to be completement bourre on Orchard or Hollywood Road with bitter partners drowning their sorrows who need the company of les anglophones underlings until matched up with even sadder locals oppressed not by Western sexual morality but by corrupt capitalism and crony communism into an exchange of money and fluids.
Vivre sa vie!
6:35: HK: terrible smog, decent nightlife, work all the hours god sends, plenty of girls (and lots of Brits and Aussies if you don't like local girls) and if you have the stamina to go out at midnight, you'll meet them. PRC: worst pollution you have ever, ever seen, you won't get to see any nightlife since you're working all the time, ditto with girls. Singapore: if you're working there, your firm is shit (at least in the US), so good luck, you're never coming home. Japan: beautiful city, fabulous nightlife, you won't work that hard compared to the rest of the region, plenty of girls, but you will never be sent to Tokyo unless you already speak Japanese, so sorry goodbye.
NB: the above applies only to men. If you are an Asian woman (as in, a woman born in Asia), come back, you will advance far more in Asia than in the US. If not, do not come. You will hate it and no one will want to sleep with you.
I have no problems landing ladies or getting a job in the US, but do you guys think a Hofstra degree would carry a lot of weight with the ladies and top firms in Hong Kong? When I drop the Double H on the ladies in Manhattan, they melt from the prestige, but would the Double H translate into Mandarin, too?
http://abovethelaw.com/2007/12/mark_bronson_rip.php#comments
Sign me up today!
"There have to be some pretty significant differences between HK, PRC, Singapore, and Japan"
Yes, HK and Shanghai, bargirls are OK looking and will fuck you at a decent price, just like the girls who don't work in bars. Singapore, girls are better looking but will generally not fuck you. Japan, girls who work in bars are good looking but will not fuck you for any price. Fortunately, the girls who don't work in bars are very good looking and will wear school girl outfit and giggle while you fuck them in a love hotel in exchange for a quick "english lesson." After blowing load on her stomach, let her clean up while you go back to hostess bar to meet up with drunken colleagues. If you feel like it, get her phone number, but don't call ever call her. Run into her at Australian pub two weeks later, repeat process.
Im sort of new to the site, for the past 3 weeks and I have been reading it sort of seriously.
Should I be reading every article here as though it is a joke?
What the heck - not only has ATL sold its soul to Lateral Link, but now they're letting Kinsey Recruiting have editorial control? And the "post of the week" on Lateral Link opportunities is BS as well.
Lat - when did you decide to sell out? Is becoming a recruiter's money really better than working at Wachtell?
There are tons of interesting things to talk about re Asia, and this is the best they can come up with? Lat, get rid of these guys already!
Sounds great.
But you all have small penises.
Agree - PLEASE DO NOT LET GO OF EDITORIAL CONTROL OR ELSE THIS LITTLE GEM OF A SITE WILL BECOME OBSOLETE.
How about having a jump SOMEWHERE in the post?
I expect to see the first two paragraphs or so, and have a jump we can click on if interested in the rest.
Too.... long...
This site used to be so informative and now it is turning into garbage. I am finding this less and less useful.
Where's Roger Luo to weigh in on this topic?
Eeeooow - feel like I should take a shower.
This sucks. If I'm getting an infomercial, at least you could hire Ron Popeil.
The blog should be renamed "Above the Law by Ronco."
I for one thought it was a good start (this is the first substantive post, remember?)
I want to see some real work tho, none of this "friend of a friend at X firm says this, but if want to know talk to my recruiter buddy" bull
let's see a table comparing packages for top firms in various locations. Sounds like Kinney's got all the info already anyway
This is straight up xoxohth quality.
Between the new ghetto layout and these BS posts from recruiters, this ship is sinking fast. Lat needs to step up and fix this place ASAP.
I do like Kash, though.
Are you KIDDING me? There are many interesting things to say about practicing in Asia, and this sounds like some crappy recruiter's brochure (come to think of it, that's EXACTLY what it is)! Lat, seriously..... you can do better than this garbage. I agree with the comment that called it an infomercial. Useless, xoxohth kind of rubbish.
Reading this post was only marginally more interesting than reading the ingredient list on a shampoo bottle, as I'm sometimes forced to do when there's no magazines by the toilet at home.
I for one can't see any reason to work in Asia.
With this post, ATL has jumped the shark!
I visit ATL (or any blog for that matter) for its candid and independant perspective. This is a one sided pitch by/for a recruiting firm. You are losing credibility...
holy shit. great if true. And think of all the asian girls around to say "me love you long time!"
LAT- THIS SUCKS. NOTHING BUT SHAMELESS RECRUITER PORN.
YOU LOSE CREDIBILITY WITH THIS CRAP.
KASH-
as latty boy's new minion, your task is to restore some credibility to this rapidly-declining blog
OK, I didn't hate this post as much as everyone else, but I do agree with the slow death that is ATL.
Back to Asia, I'm interested in learning about the mobility b/t US and Asian markets. I speak no applicable languages and have no interest living in Asia long term but I could see myself spending a couple years there.
SIGN ME UP, Kinney. I'll take a two year contract.
Sincerely,
L2L
This post is recruiting slime. I look forward to the list of "drawbacks."
6:27: I dont know if you know this, but the full name of Simpson Thacher is "Simpson Thacher and Bartlett" which ends in a "T." Of course, the way it's worded up there, you would think it was just one word that starts with an S and ends in T which confused the hell out of me at first.
Stupid people once again just don't believe this. Dumbass, live in New York, live your horrible life. Compared to Hong Kong, New York is a shithole
This is ridiculous. Besides pandering to, or promoting, this glorified recruiting firm, the prose of this post makes you wonder whether things are sensationalized just a bit too much. I don't doubt that the pay is a little bit better, whatever it may be; I'm just skeptical about the romanticized aspects of this post. Who wouldn't be? It all comes off as being "cheesy," if you will (and judging by this post, I know you will).
WHICH ONE OF THE FOLLOWING BEST COMPLETES THE ANALOGY?
Kinney is to credible Asian recruiting firm as Sutherland Asbill & Brennan is to ___________
(a) Spreading Herpes
(b) Laying off Associates
(c) 190k
(d) Thomas A. Cooley School of Law
(e) WGWAG
happy ending.
10:48. Kinney is NOT credible so we are looking for something that does NOT describe SAB
(a) is not the answer, because herpes pervades that firm;
(b) is not the answer, because SAB lays off associates;
(c) is not the answer, because SAB ain't a market leader;
(e) is not the answer, because SAB ain't too diverse
(d) MUST BE THE ANSWER, BECAUSE SAB COULD NEVER RECRUIT FROM A SCHOOL AS HIGH-RANKED AS THOMAS COOLEY --- IT MUST SINK DOWN TO THE TTT SCHOOLS, LIKE LOYOLA, AMERICAN, JOHN MARSHAL, ST. JOHNS, AND UNIVERSITY OF PHEONIX !!!
Am I late to the Simpson Thatcher doesn't end with "T" party?
Oh for Christ's sake, it's clearly disclosed every time that this post is sponsered by a recruiting firm and they clearly are trying to drum up business, but that doesn't mean that the whole post is a load of crap. People really do make more money and keep more money after taxes than they would in New York. Significantly more. Does anyone seriously dispute that or are all these comments going to be about Asian STDs?
There is much truth in this post, but it is horribly written. Why not get an actual attorney practicing in Asia to sign on as a correspondent?
Simpson Thacher BartleTTT, dumbass!
12:02: Me rikey practice in Asia. That do it for you?
1. the sheer amount of racist stuff in these comments are a bit shocking
2. kinney's website looks totally ghetto
http://www.kinneyasia.kinneyrecruiting.com/index.php?option=com_comprofiler&Itemid=&task=viewjobs&limitstart=0
in the "testimonials" section, they have only ONE guy (probably the only person they managed to place in Asia)
I call misrepresentation on the testimonialSSSS
WHITE GIRLS WITH ASIAN GUYS!!!!
4-EVA!!!
signed,
WGWAG fan
ACL is all about models and bottles!
http://www.hulu.com/watch/17080/reallife-investment-banker-goes-wild-with-models-and-bottles
"The word on the street is that a certain Wall Street law firm whose name begins with an S and ends with a T pays top of the market at about $80,000 a year."
What firm would that be? Wouldn't appear to be any of the following.
# Sherman Sterling
# Simpson Thatcher
# Sidley Austin
# Skadden Arps
# Sullivan Cromwell
$80,000 is very good, but SullCrom is $110k, Skadden is $90k, Paul Hastings $60k... $80k is excellent, but not as high as it gets.
Not sure why there's so much disbelief and negativity. This is how we live in Asia and there are a lot of us professional women that have nothing to do with porn. A lot of international firms and expatriates from all over the world are here, not just US ones and the non US lawyers, bankers, etc don't even have to pay ANY taxes to their home country, like England, for example. I also don't know why the posters assume Asia = isolationism. A lot of expats in Asia have family roots or ties here and have travelled extensively, considering themselves world citizens. Frankly, I feel more at home in Asia than in a place like New York city or middle America even having been born and raised in the US, which in itself is a mix of cultures. It's a wonderful international culture in Hong Kong with great benefits and I'm not a recruiter. I just work in a place that was my original dream job in a lot of ways. The hours can be bad, the pollution is getting worse, and the post exxagerated a little bit about some things, but not many at all. Overall, when I am back in the US to visit, I just think how lucky I am to be living and working in Hong Kong.
For the person listing the allowance figures by each firm, can you specify if they are in cash or by rental reimbursement or a mix/option? If they are in cash, I understand a lot more gets taken out in taxes both in the US and in Hong Kong than if it were fully a reimbursement of housing expenses, for example.
How many times do people have to say this? Read the previous posts!
Its Simpson Thacher & "BartleTT"!
中文很难，喜欢纽约。。。
This is a very tacky post. It's the worst since SEN.
8:34,
Me am very inersted in writign about Asia markets and big laws. Me name is General Tso and me is a hiring partner at big law firm in southeast Asia. You not no nothing by calling this post "ridiculous on so many levels." You would like to try me fried rice?
Thank you for attention.
Five to Chinese Athletes to Watch at the Olympics
Po-kin-I
6’3” Mandarin muscle man who’s hotly tipped to beat the opposition soundly at break-neck speed in the Tibetan protest race
Pun-chin-face
This Samson from Szeuchuan is the current holder of a Tibetan protestor’s testicles
Ki-kin-groin
20-stone Cantonese colossus who’s been known to throw Tibetan protestors huge distances
Sna-pee-neck
The Hercules from Hong Kong is no pushover-unlike his competitors
Ba-shu-up
The terracotta terror, widely tipped to smash all records, ipods and personal belongings of any opponent.
Wow, from the sound of things I'd be crazy NOT to move to Asia! Where do I sign up?
Why are people calling this a post? It's an ad.
I reary rike rut I'm hearing on ris post.
Having recently done a stint in Asia, I can say that 6:59 is dead wrong. Ladies, if you are a western woman the dating/hooking up scene- whatever you want- is top notch. There are far more ex-pat men than women and while some of them have yellow fever, a lot don't and the numbers totally play in your favor. Best. Placement. Ever. Still trying to get back.
People complain in the comments. Kinney decides to pull the 2nd thread on "drawbacks." Readers are left to remember only the positive article. At least 10% of readers will remember Kinney's name later on, but not remember why. Kinney Wins.
I feel like I just accidentally read the 3 pages towards the back of a mens health magazine with "Advertisement" in small black block letters at the top.
Do these firms offer parental leave and IVF benefits? This really needs its own post!!
So, according to 10:05's post, men basically have zero chance of relationships unless they are into sleazy Asian bar hookup culture?
"the dating/hooking up scene- whatever you want"
If you want the hook up scene, go for it. If you want a relationship, there's plenty of that too. I think more hooking up for the younger crowd (pre-30), more dating/relationship for the older crowd (post-30).
I am dumbfounded at the number of morons that don't know that it's STB, not ST. Just goes to show you that the arrogant posters on this website are comprised of morons.
I think this is a very interesting post -- the first one since the redesign.
I would be interested in knowing more about practice in Asia. What kind of law are firms looking for in Asia? Commercial? Real estate, securities, etc? What is high demand? What is not? What about federal taxation, i.e. crossborder transactions and all that crap.
Also, on a more personal level, is it required to know the Asian language? I'm tone-deaf and would be at a disadvantage in learning, for instance, Chinese.
I believe what 10:23 is referring to is the economic impossibility of it being both a seller's market for men and women.
I felt that the numbers were in my favor. A lot of women want relationships, so while I think the market allows them a lot of selection, there are also a lot who want to buy..... It doesn't mean that men have to resign themselves to being relationshipless. It means that women have more options than they might have in other cities.
if this is the slow death of ATL, why are you all still here to comment on it? if you don't like it, don't visit. it may be a recruiter sponsored post, but , surely, it's better than the pseudo-porn posts. i'm sure lat is laughing at you all the way to the bank...
12:32/8:41am, it's a-holes like you who prevent us from having no-strings sex whenever we want.
Giggles good...STDs not good...oh what to do, what to do...
Does anyone have any information about working in Tokyo (that doesn't involve misogynist or racist comments)? How are the hours? Good work?
Thanks.
"In English there is this idiom: dogged persistence. I ask for you what is the persistence for the dog? I am think of the dog which is chase the cat for the short space of time. First it is make the big racket. Next it is to dash like crazed beast through bush and street to try for catch the cat. Then it is to forget what it is to do and to lick itself in the place which I am not here for mention. This is the persistence for the dog: the big noise, followed by the big failure. When I decide to go for law school, I made the big noise. The noise that I am make is to be heard by all my friends and family. I say to them I am to go to HLS, for the great reason that HLS is best in Asia. The first year I was to decide this I am apply to HLS with certainty I am to be accepted. It was with greatest shock I was to receive the letter for the rejection. The second year I was to make the bigger noise. I rewrote personal statement, found better recommender. I researched much of the informations on HLS. I went over application to HLS, as you are to say in the other idiom for English, with the fine-toothed comb. I say for you if you are to attempt to groom the dog with fine-toothed comb for certain you are to realize inherent lack of dignity in the mix of the metaphor. Also the mix of the metaphor was soon to turn to the mix of the drink, when with relief I am receive the important news: accept for 2006 HLS class. It was with greatest shock I was to discover lack of eligibility for educational visa for the next two year. This is the third year in which I am apply for HLS. Because of problem with the visa, I am at this time apply for HLS class for 2008. Possible you are to think that apply the three times for HLS is to demonstrate the dogged persistence. For this reason I am ask that you are to accept me and also to allow for defer the additional year. Even dog need time off to lick the crotch before once again yelp, bark, and chase after the crimson cat." - Roger Luo
FYI, in case next week's post re: trade offs doesn't mention it:
Recent travel alert issued by US embassy/Beijing:
There is a heightened risk that extremist groups will conduct terrorist acts within China in the near future. In light of these security concerns, citizens traveling in China are advised to use caution and to be alert to their surroundings at all times, including at hotels, in restaurants, on public transportation and where there are demonstrations and other large-scale public gatherings. Consistent with our standard advice, American citizens are urged to avoid the areas of demonstrations.
Nice.
Roger Luo to 190k !!!
Expat packages I've seen are all higher than 80K. That's some bullshit, there, 80K isn't close to top of the market.
10:03 -- you've seen "expat packages". Me love you long time.
Suk Luo Wang (girlfriend to HLS's Roger Luo).
Gawd I loved all of your posts. Thanks to you all for making my day. You almost made me forget the woes of being a well-paid, not worked too death, highly-sought-after for more than my nether regions, lawyer in Japan. By the way, I would have said no to so little as $80K, but that's just me.
How much do contract attorneys get paid in Asia? Also, why is there no information about the Indian legal market?
In HK / China 80k for the expat package (which is the housing allowance / cola) is absolutely top market. STB pays this amount and a handful of other firms are in the 70s. Maybe the posters that are claiming the expat packages are much higher are thinking of the Tokyo market. I have worked in both markets... Or maybe the posters are so moronic that they think the expat package is the total comp package, including base and bonus.
Great post. I've been looking into practicing in Asia and your posts are very useful. Keep up the good work, and don't listen to the haters.
Regarding the poster of this article, I have a few comments to make, as an attorney practicing in Asia (specifically the PRC).
(1) Even if you could afford to pay off your student loans in one year (which yes, out here in Asia its pretty easy given the ability to save so much) why would you - I mean look at the rates you locked in (if you were smart enough to lock them in when they were around 2.7% or so). Hell I'm content with paying them off over the next 40 years at those rates.
(2) Since when do you have to pay for your own drinks when you go out to - you're buying your own 'magnums of cristal?' I may not be too familiar with what goes on in HK, but if you're going out and buying your own bottles at clubs as an attorney there, there's something wrong - I think the last time I had to pay for my own bottle when going out with my friends was when I was a student here.
(3) Oh yeah, Cristal? It's called Chivas and green tea my friend.
(4) Working late to expense your dinners - if you knew where to eat good and cheap (which is what the locals do), you wouldn't even have to worry about 'expensing your dinners.' $2 (or less) goes a long way for a nice meal of whatever you want. Same goes for paying rent - I understand that HK is more expensive than the mainland but for those of us that aren't given such nice benefits, it still doesn't cost more than $300 US to rent a one bedroom, fully furnished, that's a 20 minute walk away from the office.
I hope that in future posts the focus will not always be on "Hong Kong." That city is so internationalized that I don't see how one could consider it to be an actual Asian market (apart from the fact that its in Asia, fine, fine, try working in 'less developed' areas such as the mainland, vietnam, etc...) when it's been developed for umpteen years.
My gripe is over....
After I read half of the comments here, I understand why US is falling behind.
Ditto to the former post (1:05 PM). Good Gawd. I;m so very glad I'm no onger in the States ... and glad I never have been interested in the law profession. Or investment banker profession. Or upper management profession. Or any such profession with a high number of egotistical, greedy, power hungry, narrow-minded expat bigots being placed in Asia. STFO (Stay the *uck Out)
Ditto to the former post (1:05 PM). Good Gawd. I;m so very glad I'm no longer in the States ... and glad I never have been interested in the law profession. Or investment banker profession. Or upper management profession. Or any such profession with a high number of egotistical, greedy, power hungry, narrow-minded expat bigots being placed in Asia. STFO (Stay the *uck Out)