Quote:
Originally Posted by Unregistered
://rollonfriday.com/TheNews/EuropeNews/tabid/58/Id/4235/fromTab/36/currentIndex/5/Default.aspx
"Exclusive: Singapore firm slaps down lawyer for spilling on slashed bonus"
Singapore firms are reducing their lawyers' bonuses and salaries, and one firm has disciplined one of its own lawyers for revealing details of the cuts.
Sources report that three of the so-called 'big four' firms in the country, Allen & Gledhill, Drew & Napier, Rajah & Tann, and Wong Partnership, have cut bonuses and, in some cases, reduced salaries. The country's biggest firm by headcount, Rodyk & Davidson, confirmed to RollOnFriday that the low end of its bonus had been dropped. A spokeswoman blamed "the regional ecomonic slowdown", saying that the last two years had been "exceptionally strong".
However that went down badly with at least one Rodyk & Davidson lawyer, who sent a photo of the email informing staff of the cuts to his friends. An insider says that the firm has now "taken action" against him, although its spokeswoman declined to clarify what the action was, telling RollOnFriday. "we cannot comment publicly about our internal employee management process".
Singapore's homegrown firms may be feeling the pinch in an increasingly competitive market, with White & Case, Allen & Overy, Clifford Chance and Latham & Watkins all having won extensions this year to practice local law in Singapore until 2019.
A spokesman for Drew & Napier denied that the firm had made cuts, while Rajah & Tann and Wong Partnership did not respond to requests for comment.
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What we can confirm so far is:
(I) A&G, WongP, R&T, Rodyk have all cut their employees' salaries or bonuses (i.e. front loaded salaries). It is logical to assume that most other mid or small firms have followed, or would follow suit.
(II) Drew & Napier has not cut the salaries or bonuses of their employees.
(III) The disparity in remuneration between local and international firms is getting more and more significant. Some of the top international firms (e.g. magic circle firms) pay a 5-digit starting salary. Local firms are comparatively paying peanuts now.
(IV) With the economic downturn, and possibly economic crisis within the next 3-4 years, the situation will only become worse. Lawyers should prepare themselves for a career BEYOND their domestic Singapore capabilities, because the Singapore market alone is not big enough. Regional/international legal work will be important.