Lawyer Salary

so what is Lim Chong Kins annual income?

Originally Posted by Unregistered

hi

i wonder if those who are called after 2016 (the glut) salary will ever reach their peers, since we many have mentioned, the starting has gone down quite a bit..

also regarding our salaries, how low can it go before we say 'no'? i understand that there are alot of people who are having difficulty finding tc/jobs now but...more firms are expecting people to work day and night, even weekends now...

i find it sad that more and more people are planning to leave the industry even before getting called and yet local firms are taking advantage of the glut to lower salaries. few students i have spoke to have told me they intend to stay for the long haul and intends to get out as soon as they are able to...

If history is anything to go by, the time will come when these conditions drive so many practitioners out that the glut becomes a shortage of lawyers. This is the necessary consequence of having a supply/demand system that is so tightly controlled by policy. If you are able to wait it out, that is why you say no - pay me or else, and you will be paid. The problem is surviving until such a time comes about.

Originally Posted by Unregistered

If history is anything to go by, the time will come when these conditions drive so many practitioners out that the glut becomes a shortage of lawyers. This is the necessary consequence of having a supply/demand system that is so tightly controlled by policy. If you are able to wait it out, that is why you say no - pay me or else, and you will be paid. The problem is surviving until such a time comes about.

** when** That is when you say no - ...

2.5PQE in house 6k. MNC

times are bad but is it possible for an associate to be drawing 4.5 at big4 right now?

Originally Posted by Unregistered

If history is anything to go by, the time will come when these conditions drive so many practitioners out that the glut becomes a shortage of lawyers. This is the necessary consequence of having a supply/demand system that is so tightly controlled by policy. If you are able to wait it out, that is why you say no - pay me or else, and you will be paid. The problem is surviving until such a time comes about.

This is so shortsighted.

"Surviving" really depends on where you start out and where you establish yourself in the formative years.

If you go to some yahoo who doesn't know what he's doing and stay there until 3-4 PQE, you're screwed. You won't have received proper training and you'll doomed to be a yahoo yourself. If you want your lawyer career to last 40 years, pls keep in mind no lawyer with a good reputation is going to spend time mentoring you as a 4th yearer after you have picked up all sorts of bad habits which by then will be difficult to drop.

If you end up in that situation, good luck asking for a high pay since if you're honest with yourself, you would know the little actual value you give to your clients.

And that's not even considering the fact that firms will be looking at you, as a 4th yearer, to BILL BILL BILL. you would be expected to suck in clients by then. good luck doing that without any worthwhile skills.

Originally Posted by Unregistered

times are bad but is it possible for an associate to be drawing 4.5 at big4 right now?

If you are working in Big4 and not drawing at least $5.5K to $6K as a 0PQE associate, then you are in the wrong profession.

Did you get the wrong address and show up at the accounting Big 4 office instead? LOL.

Hi guys,

Are the big 4 still viewed as prestigious in today's industry? I.e. when a big 4 lawyer looks for jobs elsewhere, are they viewed as top-notch? Or are they gradually losing out to lawyers who are in international firms?

Originally Posted by Unregistered

times are bad but is it possible for an associate to be drawing 4.5 at big4 right now?

Yes. It's possible.

But if you stay on in a big 4 for a couple of months/years, you'd be able to market that experience when you later choose to leave for greener pastures. There are certain advantages of starting with a big 4, even with the low pay.

Originally Posted by Unregistered

Hi guys,

Are the big 4 still viewed as prestigious in today's industry? I.e. when a big 4 lawyer looks for jobs elsewhere, are they viewed as top-notch? Or are they gradually losing out to lawyers who are in international firms?

Big 4 is not considered prestigious anymore. Predict that Singapore market will eventually become like Hong Kong - international firms are the big ones making big money, while domestic firms are second class. We are not yet there, but are slowly moving there