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Old 10-06-2022, 09:08 AM
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Originally Posted by Unregistered View Post
I would disagree, I think A&G still has some very profitable departments with long term clients (namely SG government linked companies).

It's also inconceivable that MC would match or undercut A&G, given their salaries / overheads are much higher. A&G maintains its profitability by combining high deal value / volume from SG government linked companies, with low paid and high billing associates.
What about other B4 leh? The squeeze is real, especially with international firms coming in.

Frankly speaking Singapore's financial and services sector is simply not big enough to support a large amount of corporate lawyers or big players in the market. In terms of volume of work and fees.

As compared to more mature jurisdictions, there's also not yet a culture of corporate management seeking external legal advice pre-emptively for corporate and regulatory issues, especially in companies with less established process and governance. Management always tries to DIY and call lawyers in only when sh_t hits the fan. Hence further reducing the types of work.

Which explains why local law firms' profitability is so low and associates are so poorly paid.

I think the future of the legal sector here is for a substantial no. of midtier firms to be absorbed or fold & at least 1 B4 will merge with an international player in the next 5 years.

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