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  #1702 (permalink)  
Old 12-10-2017, 08:30 AM
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Originally Posted by Unregistered View Post
I'm the one who posted those figures.

Agree with you that the chances of your generic NUS and SMU fresh grad entering an international firm is next to nil since most don't hire straight out of our usual 4 year LLB prog. They give a 2 year discount for non US JD.

But very few doesn't mean none. The stats are what they are. 99% of business grads don't make it to bulge bracket investment banking or private equity either but the salaries for these are available in the local market.

NUS alone has a fair few who have made the jump after slogging it out 2-3 years at big 5-6. Being a small community we like to keep tabs on who is working at where and earning what

You'll be surprised how many US and UK firms have small offices here that hire 1 to 2 local qualified lawyers and pay them according to what they pay their people back home. These are not your usual high profile magic circle giants but they're quietly under the radar doing substantial transactions here.

I don't think anybody will disagree with you that the market is bad for fresh grads. I'm sure most will know to temper their expectations accordingly given the spate of lawyers leaving the law and oversupply newspaper articles running ad naseum
Sure, but being well versed in behavioural economics Iíd like to point you to the famous work by Kahneman and Tversky in 1979 where it was found that people consistently overweight small probabilities while narrow framing their expected outcomes.

Itís a well studied and empirically verified phenomenon which explains why so many people buy the lottery in the hopes of winning a big jackpot when statistically their chances of striking it big are one in the next thousand generations or so of their family bloodline.

The chances are so infinitesimally small that it is all but irrelevant for the NUS/SMU grad, even if they graduated at the top of their class. Even the Latham partner someone posted elsewhere in the thread did his LLM at Harvard straight after his nus undergrad did he not? And even so, letís be honest, Latham is no Cravath, Sullivan or Wachtell is it?

Far too often people point to these stats and say someone went to CC, why canít I? And these would be highly ambitious undergraduates who have probably graduated at the top of their JCs and feel the world is their oyster. Yet, realise that everyone in law school is thinking exactly as you are, and is equally accomplished to have got in. The one percent of the one percent is a frighteningly small figure that is well in the range of the small probabilities that people overestimate in the study I have cited above.

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