Lawyer Salary

Originally Posted by Unregistered

Wow. If their trainees are paid more than NQs, its a freaking good deal.

I agree. I hope the person knowledgeable can be more precise but I respect if he doesn't want to say the specifics. And yes, I was inquiring for CC. People I know mostly from CC.

For Singapore, how does the compensation for a typical law grad increase over the years?

Obviously it starts somewhere between 4-6k and let's assume the guy is like an above average grad so like he's at the big 4 or something...how's the career progression like?

Like at age 26 he starts work,
how's he earning at 28, 30, 32 so and so forth?

in both cases where he makes partner and doesn't?

The usual increments after graduation and working in a big four firm is about ~$500-$1000 increments annually.

Wow that's actually pretty good, means you can be earning 10k by 28 or 30 depending on whether you are male or female...

What happens to the people who don't make partner though? Like senior associates? Does their pay keep rising?

Cont'd from above

Actually will the senior associates eventually get fired? How often do lawyers get fired

Originally Posted by Unregistered

Cont'd from above

Actually will the senior associates eventually get fired? How often do lawyers get fired

As often as when lawyers do stupid things.

No point looking so far ahead if you haven't even started practice.

You may wish to fire yourself after the first day or love your job so much you don't mind taking less than 10k after 30?

Originally Posted by Unregistered

As often as when lawyers do stupid things.

No point looking so far ahead if you haven't even started practice.

You may wish to fire yourself after the first day or love your job so much you don't mind taking less than 10k after 30?

If what you mean by being fired includes retrenchments, the reality of it is that law firms do retrench. During the 2008 crisis, the international firms were retrenching lawyers although some more discreetly than others.

I fear that law firms may do the same if the global economy plunges into recession again.

What is noteworthy though is that they may hire for certain roles and retrench for other roles at the same time.

So it's not true that law firms don't "fire".

Also just to add, despite what the general public perceptions are on how lucrative it is to be a lawyer, the sad reality is that fee compression is very real in law firms and as a result, practice is no longer what it used to be.

Originally Posted by Unregistered

Lol. Why so secretive? Huh huh? Okay lah, just kidding. I'm really curious. Though you make it sound like your firm delibrately ask their employees to not disclose their salaries.

I actually not in the industry. Hehe. I now work in Hong Kong and got to know my lawyer friend, from Magic Circle, paying about S$3.5k rent! And I believe it's coming out from his salary. Makes me wonder how much he's making but I can guess maybe S$12,000?

One of those days you just know you'll forever lag behind your peers. LL then suck thumb.

Future HK MC trainee here. Current first year trainee pay is around 50k HKD (appx 9k SGD), newly qualified (ie after two years) is around 80k HKD (appx 14k SGD). All pre-tax and not inclusive of bonus.

The US firms can go as high as 100k HKD for NQs I think.

I should also add that accommodation in Hong Kong can be way lower than $3.5k SGD, depending on quality and location. My friends are currently paying 7-15k HKD.

Originally Posted by Unregistered

Future HK MC trainee here. Current first year trainee pay is around 50k HKD (appx 9k SGD), newly qualified (ie after two years) is around 80k HKD (appx 14k SGD). All pre-tax and not inclusive of bonus.

The US firms can go as high as 100k HKD for NQs I think.

I should also add that accommodation in Hong Kong can be way lower than $3.5k SGD, depending on quality and location. My friends are currently paying 7-15k HKD.

Hi, care to share your path of progression? did you study in singapore or at a UK law school? Also did you get hired by the MC in London or applied directly to their HK office.

I suppose you're looking to qualify as an English solicitor? Any views on whether SG qualified, SG law degree holder is disadvantaged when applying to MC in HK? Im called to the bar here, looking to get English qualified too and moving to HK for a while at least. Do many singaporeans do this?

Car dealers report surge in sales after COE prices drop

By Olivia Siong, Channel NewsAsia
07 Feb 2016

In particular, some have seen bookings for larger Category B cars triple as premiums in the category dipped to a six-year low.

SINGAPORE: Car dealers say they have seen a surge in sales since Certificate of Entitlement (COE) prices fell in the last bidding exercise on Wednesday (Feb 3). In particular, some have seen bookings for larger Category B cars triple as premiums in the category dipped to a six-year low.

Toyota agent Borneo Motors had planned to close for Chinese New Year on Saturday, but decided against it amid strong demand from customers. Many were also seen shopping for a good deal when Channel NewsAsia visited the Hyundai and Nissan showrooms.

"I wanted to buy another five years of COE for my car which expires in March," said one Kim Yeo. "But when I heard about the drop, I decided to come down and see if I could get a new car."

Another, Mr Peter Scully said: "The car that we own is reaching its 10-year mark. When you have to buy a car and it's cheaper, it's a bigger motivation. It maybe forces us to want to make a decision faster because it's cheaper."

All three dealerships said they have seen an increase in sales. Hyundai agent Komoco Motors saw overall bookings go up by 50 per cent, while Nissan dealer Tan Chong Motors said overall sales have tripled. Both also recorded three times the number of bookings for larger Category B cars.

In the last exercise, premiums in Category B dipped by 22.9 per cent, falling by more than S$11,000 to S$38,600 - its lowest since July 2010.

That is even lower than Category A premiums for smaller cars, which fell by 9 per cent to S$46,700.

The last COE bidding exercise on Wednesday was the first for the February to April quarter which has more COEs on offer compared to the previous three months. But while COE premiums may be down across the board, industry experts have said that such prices are unsustainable and may see a rebound in subsequent exercises.

That is also why car prices have not fallen in tandem with COEs. Category B car prices have been adjusted downwards by between S$5,000 and $10,000 among dealers we checked with.

"I'm looking at an MPV because we have a growing family," said Ms Eileen Fu. "Now we can get a Cat B car, which has a bigger capacity and engine plus more power. It's a lot better than what we could afford half a year ago, which was a smaller car."

Another buyer, Sharong Ng said: "Cat B has dropped so much, so unless Cat A drops then I will consider Cat A. But for now it seems Cat B is a better deal."

However, there are some car-buyers who are not rushing in just yet.

"For me it's not necessary a Cat B, a small cc is good enough," said a Woo Keng Fie. "If you buy a two-litre car, the consumption is definitely higher and you have to pay more road tax."

Ms Elaine Samboo said she would "wait and see": "I'm keeping my fingers crossed that the COE prices will dip like before, when I only had to pay S$200 for COE. (If that happens,) I might just get my car."

The next COE bidding exercise will be in the third week of February.