It boggles my mind how out of touch some posts in this thread are. A law professor does not earn "peanuts", unless you are using the TT Durai scale. For example, an assistant professor (lowest professorial rank) would probably be earning 8-12k a month (I'm a law student estimating based on clues dropped by my own law professors). That's many times the median monthly income in Singapore, which was 2.7k in June 2010.
The definition of "rich" offered by an earlier poster which stipulates a salary of 500k/month simply beggars belief. It reminds me of people who say that a salary of 10k/month is only "average" or "middle-class" - when such an income would place you within the top 5% of the population! "Middle-class", by definition, would be those earning the median income of ~3k. If you are in the top 5%, you are rich, period. Benchmark yourself against objective statistics, not against your peers (who tend to be in the same economic class as you) or some unrealistic materialistic ideal.
Anyway, to any JC student reading this thread to decide whether to take up law, my advice is not to decide based on pay. Instead, go pick up a random law textbook and browse through it. Download some judicial decisions to read (you can find recent ones
here). This is what you will be doing for the next four years. If you don't have the requisite interest and aptitude, you will be miserable in law school, and will most likely end up doing something completely unrelated to law when you graduate (assuming you don't drop out before then).