Well, in this case the obvious clue was in fact a false positive, as I am sure the writer of #418 would concur. I wrote #414, and I have no idea who wrote #418. I'm a 5 PQE in a Big 4, not a junior associate in a Big 4/QFLP.

I bungled my way into a Big 4 five years ago, not quite knowing what I wanted to do. Back then, the legal market was far more favourable for graduates. The Big 4s were on a perpetual hiring spree, taking 30-40 pupils every year and retaining almost 95% of them. Mid sized firms struggled to take on pupils, and were sometimes forced to use the allure of higher starting salaries to entice pupils away from the Big 4 players. Smaller firms could only dream about taking on pupils.

Gone are those days. In a short span of four years, training contracts have pretty much dried up, and the NUS law career fairs are now thronging with worried applicants struggling to get in some face time, push resumees and secure internships on the spot. In the old days, we practically had to bribe students with freebies in order to come by our booth. The local students simply weren't interested in the event, as they knew that they were pretty much guaranteed a spot with a simple 2:1. Now, a generic 2:1 from NUS/SMU won't even cut it - candidates need a strong 2:1 just to get noticed and shortlisted for an interview. Firsts, top tier 2:1s, Oxcam grads and white horses are obviously not affected, but anyone outside these categories face a tough fight for the few coveted places. Things have changed dramatically, in just a short span of time, and prospects for current students and fresh grads are simply terrible.

The labour crunch has been further exacerbated by a general slowdown in the legal market, which has been maturing, consolidating and shrinking over the past few years. Squeezed on fees, less bespoke work, fewer glitzy transactions, more fee-conscious clients = fewer associates needed every year. Graduates are facing a painful, two-pronged squeeze from shrinking demand and exploding supply, and I would definitely NOT encourage anyone to embark on a law degree until we see some clarity as to how this squeeze is going to pan out.