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Originally Posted by ivy lawyer
This is mostly true. Even if you get into an international law firm, it is not a sustainable lifestyle in the long run, esp the long hours and abuse. Usually, higher pay means more billable hours, more stress and abuse. The law firms like to tangle a carrot of partnership in front of young associates, but if you look at the statistics, very few will make it (less than 5%). Partnership probably takes about 10 years in an international law firm and there is no guarantee.
I do not think that switching to being an in-house counsel is the best option. Sure, you will likely get less stress and good working hours, but your earning ability is greatly reduced. you are just a salary man and you can't get rich from it. So no bentley or GCB for you!
A better option will be to slave it out in the law firms until you are capable of standing on your own feet, aka sole practitioner or start your own boutique law firm. I see many young lawyers doing this in HK after PQE 7 to 10 years. You are your own boss and you call the shots. I think that the mindset in SG and HK is very different, and most SG lawyers just want to be a salaryman, which is quite sad. Too many followers and not enough rain makers.
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So which area of law do you do? I’m really curious because magic circle firms typically do transactional work which requires manpower, and perhaps more importantly a big base of claimable partnership assets and huge professional indemnity insurance limits. Unless you’re a really seasoned veteran, the institutional clients who loved you when you were in an MC won’t feel quite the same towards you when you become the sole proprietor of ABC Partnership. I just don’t see how you can port the work over.
I used to be in an MC too, but i’ve since left for greener pastures.