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Old 10-09-2021, 07:30 PM
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Originally Posted by Unregistered View Post
That is not true at all.
Law school and practice is different things.
You can be **** at academics, get a 2.2 overall, but e.g Davinder Singh , u can be a brilliant star litigator.

A small law firm cannot compete with the internationals in the scale and value of the work, nor the pay. It’s simple market economics.

OMG like some firms don’t use the traineeships scheme to make the government pay for their practice trainees? Did you see the ads?

The pay jumps are bad because it is artificial and imposed. If there is no lockstep after the early years and the pay start out high, local firms will not be as cheap in their ways and focus more on BD. mid level Lawyers won’t worry that much about getting replaced by cheaper lawyers a few PQE below them.
A small firm need not compete with the internationals. Internationals don't want to do the kind of work that Chinatown firms do. There's legal services for different price points. Rolls Royce and Toyota are both automobile companies but are not competing in the same market space.

Chinatown lawyers will never reach the heights of a big law partner salary, but most who are willing to stay on actually can find a very comfortable positions. By 5th or 6th year, the average small law firm associate may be offered profit sharing. A Chinatown firm partner who doesn't sit on his a ss all day, can comfortably takehome $20k or more a month, after overheads. Think of it like a GP running a neighborhood clinic.

That's what I mean by having optimal career outcomes. Law is a profession and is skill based. Your experience and your skill, and to an extent reputation, will contribute to your earning capacity. Its a hybrid between a true profession, and being an SME boss.
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