Photo: Boat International
Corporate law partners in New York City rake in anywhere from $1 million to $2 million annually.Sounds pretty ritzy to us.
And with those salaries, New York partners can afford just about any kind of apartment they want.
Too bad things aren’t so posh across the pond.
Above The Law blogger Mark Hermann recently moved to London and found out, much to his shock, that partners at major London firms can’t afford to actually live in the city unless they’re rolling in family money or bought their house some time in the previous century.
London partners at top firms made an average salary of $843,000 in 2010, according to British legal recruiter Edwards Gibson. That’s less than New Yorkers make, and the London housing market is even more brutal than the one in the Big Apple.
Case in point: A London apartment similar to Hermann’s “perfectly nice (but small) two-bedroom, two-bath apartment (or “flat,” as the locals say) in a perfectly nice building in a perfectly nice part of town,” sold in the past year for around $4 million.
Basically, a medium-quality London flat costs “10 times what you’ll pay for great space in Chicago and something like three times what you’ll pay for nice space in New York.”
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