Quote:
Originally Posted by Unregistered
Based on your logic, investment bankers and sales & traders should be getting depressed wages as well. They too fall into the tertiary services industry and face the same environmental constraints that you mentioned.
So why is it that they are earning New York benchmarked salaries (85k USD equivalent == 120k SGD, roughly 10k SGD per month base) in the lacklustre Asian market? What is the structural differential between banking and law that is prevalent here?
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Fee structure duh. I thought the answer would've been blindingly obvious.
IB charges fees on a combination of retainer and success fees, normally expressed as a % of the deal value.
Lawyers overwhelmingly charge on the billable hour. There's only so much you can bill because there's only so many hours you can work in a day.
You're comparing apples and oranges.