Lawyer Salary

[mburg]

HI all

helping out a friend to find out about starting lawyer salary nowadays, and what sort of progression she can expect once she gets in.

thanks!!

1. junior lawyers: average $4000/ mth (HK ones are paid double)

2. average salary amongst Singapore lawyers $8775/ mth

3. Ranks 11th among professions in Singapore

info from an article found on the net, dated Mar 2008

"Singapore Chief Justice Chan Sek Keong attributes the lack of lawyers to the low salaries and suggests an upward review. Local media reported last year that junior lawyers are paid more than double in Hong Kong, about S$11,650 a month compared to about S$4,000 in Singapore. According to the Singapore Department of Statistics, the average monthly income among employed residents was S$6,830.

A doctorate in law in Singapore takes anywhere from two to five years, according to the National University of Singapore. At an average salary of S$8,775 a month, the legal profession ranks 11th among professions in Singapore, according to the Ministry of Manpower, well behind such occupations as financial futures dealer, at S$13,449 a month (although far above journalists, a profession relatively despised by the Singapore government, and ranked 104th at S$3,711 per month)."

[lalacower90]

is it true that the average lawyer doesn't make much in Singapore anymore? I'm considering between the legal and medical profession, with monetary incentives being one of the influencing factors. So, is it true that doctors make considerably more than the average lawyer, esp. considering that specialists make at least 20-30 K per month?

Bump! Interested in finding out too. What about prospects of a law/medicine double degree (if possible)?

[lazyplane]

What is your motivation here ? $ or knowledge ?

Originally Posted by Unregistered

Bump! Interested in finding out too. What about prospects of a law/medicine double degree (if possible)?

Originally Posted by lalacower90

is it true that the average lawyer doesn't make much in Singapore anymore? I'm considering between the legal and medical profession, with monetary incentives being one of the influencing factors. So, is it true that doctors make considerably more than the average lawyer, esp. considering that specialists make at least 20-30 K per month?

Historically, it had always been the case that the average doctor makes more than he average lawyer.

However, top lawyers typically make more than top doctors.

Hence whether the medical or legal profession is more suitable for you depends on whether you are "average" or "top".

Originally Posted by lazyplane

What is your motivation here ? $ or knowledge ?

JC student here. What is the average pay of doctor (GP) v average pay of lawyer (small firm partner/inhouse)? Yesh I am money-minded, but pls don't tell me IB 'cause thats all connection (I mean, you don't need 10 As for IB if your daddy is head of Goldman Sachs).

Originally Posted by elitejc

JC student here. What is the average pay of doctor (GP) v average pay of lawyer (small firm partner/inhouse)? Yesh I am money-minded, but pls don't tell me IB 'cause thats all connection (I mean, you don't need 10 As for IB if your daddy is head of Goldman Sachs).

Your daddy doesn't need to be the head of Goldman Sachs for you to get into IB. Richard Li also managed to become an investment banker with just a Stanford computer engineering degree which he later admitted was fake.

Sometimes they also take in some straight As students to give themselves some respectability. You can be one of them.

Anyway you cannot compare an average GP with the average lawyer because GP is the lower-half of the medical profession. You should compare a top GP with an average lawyer.

I don't have the exact figures with me, but gut feel it should be $25k per month versus $15k per month, respectively.

Top lawyers earn more than top doctors, because law is about how much business you can bring in. For the average professional I'm not sure but my gut feel is that doctors earn a bit more, but anyway one must consider that it takes more years of study both undergrad and specialist training to move up as a doctor, lawyers start earlier and at higher pay (currently 5k or so at big firms, more at foreign firms), and no need to study further.

@eliteJC

Lawyers make money the hard way. We slog and earn peanuts (literally) compared to other professions. What we currently have though is stability. If you slog away long enough, you are able to progress to a certain stage/income which is not shabby but will never make you rich.

I suspect that it is the same for doctors.

The simple reason is that our professions are not scalable. How can it be when we bill an hourly rate or a per patient rate? Every ounce of effort brings in the commensurate amount of cash.

If you want to strike it rich, you need a scalable profession. Where exerting an ounce of effort may be met with a disproportionate return. Examples include traders, private equity guys and businessmen. A few big successes may sometimes be enough for them to retire. Note, the downside is that they take on greater risks in that they have lower job security.

My classmates who want to strike it rich did not practice law (despite their law degree). They became traders.

My advice in short? Consider neither, if money is the be all and end all. Unless of course you don't think you are good enough to make it as a trader (my case, sadly).

Sam