Lawyer Salary - Page 1639 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Lawyer Salary

Reply
 
Thread Tools
  #16381 (permalink)  
Old 31-03-2022, 03:44 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Anyone identified the NUS law student who dissed SUSS?
suspect it's a SMU student pretending to be NUS lol

Reply With Quote
  #16382 (permalink)  
Old 31-03-2022, 05:38 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Anyone identified the NUS law student who dissed SUSS?
What's this about. What saga

Reply With Quote
  #16383 (permalink)  
Old 31-03-2022, 09:33 PM
Unregistered
Guest
 
Posts: n/a
Default

What is rodyk’s latest salary for NQ to 3pqe?

Reply With Quote
  #16384 (permalink)  
Old 31-03-2022, 09:50 PM
Unregistered
Guest
 
Posts: n/a
Default

://businessinsider.com/big-law-partner-pay-gibson-dunn-10-million-kirkland-effect-2022-3?r=US&IR=T
Big Law partners are getting paid like star athletes, with top earners now making $10 million or more. Call it the Kirkland effect.

In some upper-echelon circles of the legal industry, lawyers have long thought of themselves as service providers to clients, with the amount of money they are paid treated as almost an afterthought.

The work comes first, and the money follows, or so it's been preached at firms like Wachtell, Cravath, and white-shoe establishments that favor the institution over individuality.

But now, more and more law firms are willing to shell out eight figures to their biggest rainmakers. And those pay packages are luring away younger stars from traditional firms.

The leader of the pack, Kirkland & Ellis, pays top earners more than $20 million a year, according to people familiar with the matter. More than any other firm, Kirkland's willingness to pay increasingly large sums to top partners has driven other firms to do the same, law-firm partners, recruiters, and consultants told Insider.

The latest law firm to feel the squeeze is Gibson, Dunn & Crutcher. The Los Angeles litigation firm recently tweaked its pay model to pay top partners up to $12 or $13 million, according to two partners with direct knowledge of the matter and one former firm partner.

"We were paying top rainmakers well below market," said one firm partner, who added that the country's top 20 law firms are all competing for the same client work and talent. "If you are trying to attract top talent, you have to bust open your compensation structure."

A second Gibson Dunn partner referred to the new policy as "more of a Kirkland model."
A third lawyer who is a former firm partner said the change in compensation was a significant shift for the firm and that he was unaware of any time in recent memory when the firm went through such a restructuring of partner pay. Historically, the firm paid its top partners four times as much as its most junior partners, this person said. Now, top partners will make at least five times as much.

A spokesperson for Gibson Dunn declined to comment.

Lawyers are making 'ballplayer money'
Decades ago, many elite law firms paid their partners using a so-called lockstep model, where pay increased with seniority. Now, lawyers act like free agents, and the clients they bring in determine their value.

Several firms have the ability to pay a handful of partners on par with the fund managers and bankers they turn to for business.

At Kirkland, Latham & Watkins, and elsewhere, an elite group of rainmakers with books of business worth in the range of $100 million is increasingly commanding eight-figure compensation packages, particularly in corporate, finance, and deals groups, recruiters and law-firm partners told Insider.

Top partners at Paul Weiss, Willkie Farr, Weil Gotshal, and others are also commanding eight-figure pay, recruiters said.

"It's ballplayer money," said Sarah Morris, a recruiter at the search firm Macrae.
Matthew Bersani, a legal consultant at Cliff Group who spent decades as a partner at a large law firm, estimated that there were now "30 to 40 firms where there's a partner making more than $10 million."

Rising partner pay comes as Big Law firms post record profits
The sky-high pay numbers come at a time when law firms are reporting extraordinary growth. Propelled by transactions work and fast-rising hourly rates, law-firm revenues went up 14% last year, according to a Wells Fargo survey of 130 firms.

As revenue and profits soar at the top firms, partner compensation has "gone through the roof," Jon Truster, who specializes in partner recruiting at Macrae, said. Equity-partner classes have also gotten smaller, allowing firms to share more profits with top rainmakers, according to Truster.

Another recruiter, Mark Jungers, said firms were attentive to pay for top partners because they were wary of them being poached by Kirkland.

"The Kirkland effect is that there are people out there with businesses that justify basically almost any amount of compensation," Jungers said. "And so if Kirkland always wants these people, and is willing to pay them, if you want these people, you also have to be willing to join the pay party."

A representative for Kirkland declined to comment for this story.

Gary Miles, a recruiter, said many firms were evaluating whether to change their compensation systems in light of the new environment in which partners earn more.
The key, he said, is staying competitive "so they don't lose their partners to the Kirklands of the world."

It's unclear how the news of Gibson Dunn's pay change is being received across the partnership. Its partners usually make the most money toward the end of the year, when client bills come in and their performance is evaluated, according to one of the firm partners.

This person believes that bigger pay for top-earners will enable the law firm to expand its corporate department in order to compete with firms like Kirkland and Paul Weiss. The changes may also allow partners with big books of business to climb the compensation ladder more quickly, the partner said.

Top lawyer pay is rising as other industries struggle
The Big Law changes come as many businesses have struggled in the wake of the pandemic, particularly in the retail, hospitality, and energy sectors.

Large law firms, by contrast, have seen their profits soar as attorneys have been summoned to advise on the bankruptcies, mergers and acquisitions, and litigations that have marked the tumultuous period.

David Walden, a legal recruiter, said the pay of top rainmakers was already rising before the pandemic but had recently taken off even further. He said he was struck by the fact that some lawyers earned more than many investment bankers.

"Most workers — blue collar or white collar — barely increase their compensation year to year to keep up with inflation," Walden said.

"It used to be unheard of to have partners make 8, 10, 15, and some of them $20 million a year," he said.

Alisa Levin, a legal recruiter who has encouraged lawyers to donate to the UJA-Federation of New York, said she'd noticed a shift at fundraising events.

"The big bucks came from the Wall Street division, and the lawyers were giving nice little gifts, but nothing like it," Levin said. "I said, 'This does not reflect reality anymore. Lawyers are really accumulating wealth now.'"
Reply With Quote
  #16385 (permalink)  
Old 01-04-2022, 12:21 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
://businessinsider.com/big-law-partner-pay-gibson-dunn-10-million-kirkland-effect-2022-3?r=US&IR=T
Big Law partners are getting paid like star athletes, with top earners now making $10 million or more. Call it the Kirkland effect.

In some upper-echelon circles of the legal industry, lawyers have long thought of themselves as service providers to clients, with the amount of money they are paid treated as almost an afterthought.

The work comes first, and the money follows, or so it's been preached at firms like Wachtell, Cravath, and white-shoe establishments that favor the institution over individuality.

But now, more and more law firms are willing to shell out eight figures to their biggest rainmakers. And those pay packages are luring away younger stars from traditional firms.

The leader of the pack, Kirkland & Ellis, pays top earners more than $20 million a year, according to people familiar with the matter. More than any other firm, Kirkland's willingness to pay increasingly large sums to top partners has driven other firms to do the same, law-firm partners, recruiters, and consultants told Insider.

The latest law firm to feel the squeeze is Gibson, Dunn & Crutcher. The Los Angeles litigation firm recently tweaked its pay model to pay top partners up to $12 or $13 million, according to two partners with direct knowledge of the matter and one former firm partner.

"We were paying top rainmakers well below market," said one firm partner, who added that the country's top 20 law firms are all competing for the same client work and talent. "If you are trying to attract top talent, you have to bust open your compensation structure."

A second Gibson Dunn partner referred to the new policy as "more of a Kirkland model."
A third lawyer who is a former firm partner said the change in compensation was a significant shift for the firm and that he was unaware of any time in recent memory when the firm went through such a restructuring of partner pay. Historically, the firm paid its top partners four times as much as its most junior partners, this person said. Now, top partners will make at least five times as much.

A spokesperson for Gibson Dunn declined to comment.

Lawyers are making 'ballplayer money'
Decades ago, many elite law firms paid their partners using a so-called lockstep model, where pay increased with seniority. Now, lawyers act like free agents, and the clients they bring in determine their value.

Several firms have the ability to pay a handful of partners on par with the fund managers and bankers they turn to for business.

At Kirkland, Latham & Watkins, and elsewhere, an elite group of rainmakers with books of business worth in the range of $100 million is increasingly commanding eight-figure compensation packages, particularly in corporate, finance, and deals groups, recruiters and law-firm partners told Insider.

Top partners at Paul Weiss, Willkie Farr, Weil Gotshal, and others are also commanding eight-figure pay, recruiters said.

"It's ballplayer money," said Sarah Morris, a recruiter at the search firm Macrae.
Matthew Bersani, a legal consultant at Cliff Group who spent decades as a partner at a large law firm, estimated that there were now "30 to 40 firms where there's a partner making more than $10 million."

Rising partner pay comes as Big Law firms post record profits
The sky-high pay numbers come at a time when law firms are reporting extraordinary growth. Propelled by transactions work and fast-rising hourly rates, law-firm revenues went up 14% last year, according to a Wells Fargo survey of 130 firms.

As revenue and profits soar at the top firms, partner compensation has "gone through the roof," Jon Truster, who specializes in partner recruiting at Macrae, said. Equity-partner classes have also gotten smaller, allowing firms to share more profits with top rainmakers, according to Truster.

Another recruiter, Mark Jungers, said firms were attentive to pay for top partners because they were wary of them being poached by Kirkland.

"The Kirkland effect is that there are people out there with businesses that justify basically almost any amount of compensation," Jungers said. "And so if Kirkland always wants these people, and is willing to pay them, if you want these people, you also have to be willing to join the pay party."

A representative for Kirkland declined to comment for this story.

Gary Miles, a recruiter, said many firms were evaluating whether to change their compensation systems in light of the new environment in which partners earn more.
The key, he said, is staying competitive "so they don't lose their partners to the Kirklands of the world."

It's unclear how the news of Gibson Dunn's pay change is being received across the partnership. Its partners usually make the most money toward the end of the year, when client bills come in and their performance is evaluated, according to one of the firm partners.

This person believes that bigger pay for top-earners will enable the law firm to expand its corporate department in order to compete with firms like Kirkland and Paul Weiss. The changes may also allow partners with big books of business to climb the compensation ladder more quickly, the partner said.

Top lawyer pay is rising as other industries struggle
The Big Law changes come as many businesses have struggled in the wake of the pandemic, particularly in the retail, hospitality, and energy sectors.

Large law firms, by contrast, have seen their profits soar as attorneys have been summoned to advise on the bankruptcies, mergers and acquisitions, and litigations that have marked the tumultuous period.

David Walden, a legal recruiter, said the pay of top rainmakers was already rising before the pandemic but had recently taken off even further. He said he was struck by the fact that some lawyers earned more than many investment bankers.

"Most workers — blue collar or white collar — barely increase their compensation year to year to keep up with inflation," Walden said.

"It used to be unheard of to have partners make 8, 10, 15, and some of them $20 million a year," he said.

Alisa Levin, a legal recruiter who has encouraged lawyers to donate to the UJA-Federation of New York, said she'd noticed a shift at fundraising events.

"The big bucks came from the Wall Street division, and the lawyers were giving nice little gifts, but nothing like it," Levin said. "I said, 'This does not reflect reality anymore. Lawyers are really accumulating wealth now.'"
Different markets. US legal market supports a population of 300 million. The lawyers here support a market of 5 million. US has many strong MNCs. How many real MNCs does Singapore have?

Impossible for compensation to reach such heights here.
Reply With Quote
  #16386 (permalink)  
Old 01-04-2022, 12:25 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by unregistered View Post
what is rodyk’s latest salary for nq to 3pqe?
pqe3 - 8800-9800
pqe2 - 7800-8400
pqe1 - 6600-7000
nq - 6000
Reply With Quote

  #16387 (permalink)  
Old 01-04-2022, 03:16 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
pqe3 - 8800-9800
pqe2 - 7800-8400
pqe1 - 6600-7000
nq - 6000
I thought Dentons is international firm? Why not NQ above 10k
Reply With Quote
  #16388 (permalink)  
Old 01-04-2022, 09:06 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
I thought Dentons is international firm? Why not NQ above 10k
Dentons is a swiss verein meaning each country's office is a separate firm and profit pool, under the Dentons branding and network.

It functions more like an accounting network than a law firm with worldwide offices.

Dentons Rodyk in Singapore is, for all intents and purposes, Rodyk. A local firm.

But branding does work on clients and the public. As evidenced by your query.
Reply With Quote
  #16389 (permalink)  
Old 01-04-2022, 10:07 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
pqe3 - 8800-9800
pqe2 - 7800-8400
pqe1 - 6600-7000
nq - 6000
Can explain what the range means? Is it the variable component after accounting for frontload?
Reply With Quote
  #16390 (permalink)  
Old 01-04-2022, 12:22 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Dentons is a swiss verein meaning each country's office is a separate firm and profit pool, under the Dentons branding and network.

It functions more like an accounting network than a law firm with worldwide offices.

Dentons Rodyk in Singapore is, for all intents and purposes, Rodyk. A local firm.

But branding does work on clients and the public. As evidenced by your query.
A good understanding of the verein structure. Impressive.
Reply With Quote
Reply

Bookmarks

Tags
advocate, law, lawyer, legal, solicitor

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
From Lawyer Insider: Life is Glamorous but Unsatisfying Salary.sg Income and Jobs 31 15-01-2018 12:40 PM

» 30 Recent Threads
LTA (Land Transport Authority) ( 1 2 3... Last Page)
738 Replies, 412,372 Views
Compare civil service salary ( 1 2 3... Last Page)
16,434 Replies, 12,590,002 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
16,004 Replies, 5,097,026 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,488 Replies, 805,331 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
2,020 Replies, 1,084,441 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,662 Replies, 2,384,590 Views
GovTech ( 1 2 3... Last Page)
5,739 Replies, 2,288,768 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,155 Replies, 3,796,225 Views
Lawyer Salary ( 1 2 3... Last Page)
21,148 Replies, 10,459,868 Views
Career as Teacher ( 1 2 3... Last Page)
11,185 Replies, 6,836,374 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,900 Replies, 4,722,853 Views
ST Electronics ( 1 2 3... Last Page)
3,809 Replies, 1,576,070 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,346 Replies, 1,164,412 Views
Maritime and Port Authority of... ( 1 2 3)
20 Replies, 19,985 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,341 Replies, 3,460,275 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
825 Replies, 387,623 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,815 Replies, 1,444,023 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,282 Replies, 636,831 Views
NUS (National University of... ( 1 2 3... Last Page)
323 Replies, 327,415 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,766 Replies, 1,517,016 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,503 Replies, 1,401,110 Views
DBS ACE Programme ( 1 2 3... Last Page)
163 Replies, 82,963 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,057 Replies, 451,314 Views
ITE (lecturer) ( 1 2 3... Last Page)
279 Replies, 392,827 Views
Any Ministry or Statboard still... ( 1 2)
12 Replies, 12,497 Views
Work culture in CPF board ( 1 2 3... Last Page)
34 Replies, 77,802 Views
Work culture in IHiS ( 1 2 3... Last Page)
722 Replies, 553,418 Views
Private Banking Salaries ( 1 2 3... Last Page)
83 Replies, 139,004 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
761 Replies, 424,840 Views
Ex-MOE Teachers ( 1 2 3... Last Page)
415 Replies, 501,083 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 05:39 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2