Quote:
Originally Posted by Unregistered
Please do not think that SME law firms are not profitable. A good example is CBT's firm. He only hires a couple of associates, but he can make enough money to stay landed and drive ferrari. It just means that the distribution of profits at SME law firms goes mainly to the owners. You may even be surprised that he make more money than some big firm partners. This is because he has much lower overhead and he can take most of the profits.
Having merely a law degree will not make you rich. The key factor is whether you have entrepreneurship to go along with your law degree.
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Property prices were dirt cheap in his era. For context, in the 1990s, it’s possible to get a CCR condo for under $500,000 and a reasonably sized landed property (semi-d) for just above a million dollars.
My father for example, was able to amass over 5 condo properties during the time period of 1980-2000. He’s not a lawyer.. just a civil servant at SingTel (Electrical Engineer).
During that era, ABSD were non-existent and cost of living is significantly lower.
These days, even if you are a lawyer, you will have trouble affording a mature estate 5 room
HDB flat, not to mention a private condo or landed property