Quote:
Originally Posted by Unregistered
The primary reason why legal pay in SG has been stagnating in a stunted rate/increasing negligibly is because of the restrictions of foreign firms that can fully develop in the market. That’s why they have FLAs set up. Look at other common law jurisdictions (HK/AUS/UK), they have a liberalisation of foreign firms and hence local firms have to follow a certain pay grade as the salary market moves as a whole. There is nothing to entice SG local firms, which mainly dominate the SG legal market, to increase pay.
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Which is why there should be full liberalisation here. More than half of the unprofitable local firms will collapse or merge in an instant, and salaries will be pushed up across the board.
Law is one of the few sectors that would benefit from more liberalisation, not less. Due to the high barriers to entry in terms of language and cultural fit, there's little threat of low wage ceca or other cheap third world lawyers coming in to replace locals. Conversely, the entry of angmoh firms will create more jobs for locals