Quote:
Originally Posted by Unregistered
PEP in the big5 has been on a steady decline ever since the international firms have been permitted to prsctice local law. The firms have been struggling to maintain PEP in the face of rising staff costs. This means existing asssocs have to work much harder and longer. It is simply unsustainable and there will be high turnover (just check out the career pages of the big5) because nobody wants to do the long hours for low pay thing slogging for the EPs.
There will be big changes in the local legal scene in the years to come.
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To a certain extent, these echo the observations here:
:/.singaporelawwatch.sg/Headlines/making-the-case-for-singapore-law-opinion
Liberalization is the way to go to broaden the sector, create more competitive legal market for both clients and lawyers. Not protectionism.
If the way forward is the absorption or collapse of some unprofitable local firms, even large ones, then so be it.
I predict that at least half of the top 10 largest local firms will either merge with an international, or fold, in the next 5 years. And I mean full financial and partnership merger, not a JLV or FLA arrangement.