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  #15591 (permalink)  
Old 25-01-2022, 02:57 PM
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Actually all the talks about pay and work hours. I would like to share that the legal industry is 1 of the very few industries that has little age discrimination (ageism) issue. In essence, old is gold in the legal industry and hence you are well-regarded esp when you have 15+, 20+ years old experience in certain areas of law. Not forgetting that the legal industry in relatively tardy when it comes to digital transformation and many other advancement. That means lawyers can stick to their old dog skills and no need much upgrade. PS: The founder of my previous law firm doesn't even know how to use Whatsapp and needs his staff to type for him - he's in his 60s btw. And my current partner has even templated her strategy, argument for liti used for the past 10 years

In legal --> old is gold
In many other industries, old is mold. You try to seek a job in your 50s and 99.99% chance you will have doors slammed in your face. You are old, useless, intractable and probably slow.

So yes, while the pay is low, the trajectory is longer than others. Graduates nowadays just wanna easy way out and think that money grows on trees.
Reading this post makes me ponder,

Should young law grads make short-term sacrifices for long term gain?

Short term sacrifices --> long hours, toxic culture, manager abuse, peanut pay

Long term gain --> can work longer (probably until retirement age if you are an employee, or until you walk into your grave if you have your own firm), build your prestige, get more young grads to be sai gang warrior

Actually i think this is what the partners and senior partners doing now. They are slowly seeing their long term gain, but had made short term sacrifices 10+ years back

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  #15592 (permalink)  
Old 25-01-2022, 03:12 PM
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Reading this post makes me ponder,

Should young law grads make short-term sacrifices for long term gain?

Short term sacrifices --> long hours, toxic culture, manager abuse, peanut pay

Long term gain --> can work longer (probably until retirement age if you are an employee, or until you walk into your grave if you have your own firm), build your prestige, get more young grads to be sai gang warrior

Actually i think this is what the partners and senior partners doing now. They are slowly seeing their long term gain, but had made short term sacrifices 10+ years back
The partners and senior partners may earn peanuts in the past, but things also cost peanuts in the past.

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  #15593 (permalink)  
Old 25-01-2022, 03:42 PM
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Actually all the talks about pay and work hours. I would like to share that the legal industry is 1 of the very few industries that has little age discrimination (ageism) issue. In essence, old is gold in the legal industry and hence you are well-regarded esp when you have 15+, 20+ years old experience in certain areas of law. Not forgetting that the legal industry in relatively tardy when it comes to digital transformation and many other advancement. That means lawyers can stick to their old dog skills and no need much upgrade. PS: The founder of my previous law firm doesn't even know how to use Whatsapp and needs his staff to type for him - he's in his 60s btw. And my current partner has even templated her strategy, argument for liti used for the past 10 years

In legal --> old is gold
In many other industries, old is mold. You try to seek a job in your 50s and 99.99% chance you will have doors slammed in your face. You are old, useless, intractable and probably slow.

So yes, while the pay is low, the trajectory is longer than others. Graduates nowadays just wanna easy way out and think that money grows on trees.
This type better set up old folks home la.

When digitalisation getting more and more prevalent, he will be forced to use his whatsap. Anyway he is in his 60s, considered semi retire liao. Such tech to him is not impt. So he can hire senior citizens into his firm and make it an old folks law firm. Old is gold ma. See whether his clients will choose a young and dynamic and fast thinking solicitor or an old rusty out dated lawyer.

His clients are recycled one ? Those old usual clients ?

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  #15594 (permalink)  
Old 25-01-2022, 05:06 PM
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Old is gold isit? These are dinosaurs that grew up in a time where a flat is a few thousand dollars, and a bowl of noodles are a few cents.

These are the same people that may be collecting millions as an EP, while you are moaning that don't wanna pay you for TC.

In a time where ppl on scholarship get paid while studying, get free uni and get a well paying civil service job,

you wonder why your parents pay $$ for your uni, for the privilege to do 1-2yr TC for free and then not get retained.

It's better to get a younger boss who understands inflation
Errr... to this OP, actually not just legal industry, your argument works for most if not all industries too.

If that's the case, I think might as well jump off the building since we cannot live and thrive like the dinosaurs. At least, these dinosaurs now are earning 6-7 digit yearly
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  #15595 (permalink)  
Old 25-01-2022, 05:24 PM
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The partners and senior partners may earn peanuts in the past, but things also cost peanuts in the past.
Actually, I am thinking, if we are generalizing that our pay should be pegged to inflation.....civil service (incl doctors) pays had been stagnant for the past x years. If you want to get a job with salary pegged to inflation, then perhaps should consider going for election?
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  #15596 (permalink)  
Old 25-01-2022, 06:37 PM
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Errr... to this OP, actually not just legal industry, your argument works for most if not all industries too.

If that's the case, I think might as well jump off the building since we cannot live and thrive like the dinosaurs. At least, these dinosaurs now are earning 6-7 digit yearly

Regarding the 'old is gold' argument, to certain extent, it is quite true. But do be mindful that when you get older, you tend to have lower stamina, your mind is probably not as acute as you might be, and you may talk and slur so slowly in court (if in liti) that the judge will probably be rolling his/her eyes, wishing that you end your argument faster. But this is fine, if you a bunch of minions doing the grunt work. Your role will just be consultative and your advice will be highly regarded coz old is gold mah. Can charge clients SGD 1.5k per hour of work.

When one is ageing, it's either you become like wine (the older, the better), Or you become like a bread (the older you are, the more mold you have). So even though these EPs are dinosaurs, eh at least the world sees dinosaurs (and its fossils) as something valuable. The archeologists will probably win some Nobel-prize level award sia
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  #15597 (permalink)  
Old 25-01-2022, 08:57 PM
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May I ask how the culture is like at Eldan Law? I am contemplating a move there as an associate.
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  #15598 (permalink)  
Old 25-01-2022, 09:02 PM
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Will Baker Singapore follow Baker US in matching the US$215k Milbank scale?
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  #15599 (permalink)  
Old 25-01-2022, 09:23 PM
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Heard some B4 partners are not allowing some assocs to progress in their PQE scale so that they don't have to give the "big" pay bump to all their Assocs.

With the pay bump, I am sure some JPs and Counsels will be asked to leave the firm end of next year since their billings cannot support the salary increment of their Assocs.
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  #15600 (permalink)  
Old 25-01-2022, 09:59 PM
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Heard some B4 partners are not allowing some assocs to progress in their PQE scale so that they don't have to give the "big" pay bump to all their Assocs.

With the pay bump, I am sure some JPs and Counsels will be asked to leave the firm end of next year since their billings cannot support the salary increment of their Assocs.
So it's another numbers game play all over.
Pay bump + reduce PQE, so that pay won't be bumped.
Same as the frontloading numbers game.

#whatsnew #cheapsinkiefirms
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