Salary.sg Forums - View Single Post - Lawyer Salary
Thread: Lawyer Salary
View Single Post
  #1232 (permalink)  
Old 13-01-2017, 08:48 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
I've also been trying to glean some wisdom from the KYC/Compliance threads. Care to share what made you wary of the switch to compliance?

Anyways, words out on the street that the big firms are really suffering from the market slowdown. Anybody in there care to comment/verify this?
I don't think it is fair to say that the big firms are suffering badly but i would say they face great challenges now and going ahead. Most of the big firms are well diversified in terms of practices areas and have the backing of a few big clients. Or you are thinking about retrenchment or insolvency in our big firms, that is quite unlikely.

On the other hand, big firms are staring at lower fee margins, increased competition and subdued economic conditions. The international firms are making their presence felt and pulling strings at the MNC HQ level to secure legal work. Local firms have been forced to act mostly as local counsels in deals, which is less profitable. Adoption of Singapore law in deals has been slow
Singapore companies are generally not doing so well and more cost conscious. The end result is a squeeze at the big firms. You may see some of the big and big mid firms turning to mergers and partnerships with international players to survive.

Reply With Quote