Lawyer Salary

Originally Posted by Unregistered

hello, i am quite worried about my own retention seeing how there might be a lack of capacity at where i am. Can I please get some advice at how you dealt with your situation? Thank you!

Dont worry, you will definitely be able to find another firm to take you in. May be a smaller firm, but that's ok. Earning a decent 3.5-4k salary, maybe a few hundred dollars increment per year, which is good enough.

stop giving false hope

read ST today.

400 plus called to bar

200 only registered for practicing cert


the rest go where

Originally Posted by Unregistered

stop giving false hope

read ST today.

400 plus called to bar

200 only registered for practicing cert


the rest go where

I think that a lot of newly qualified lawyers don't want to take up low paying positions, and the low registration of PCs is a reflection of that rather than the available number of positions available.

Just a couple of days ago, a senior lawyer from a small firm posted on facebook looking to hire an Assoc (PQE 0-4). You can imagine how low pay will be... but the fact that he has to advertise on facebook tells me that he hasn't been successful in finding a suitable assoc at that price range.

Originally Posted by Unregistered

Dont worry, you will definitely be able to find another firm to take you in. May be a smaller firm, but that's ok. Earning a decent 3.5-4k salary, maybe a few hundred dollars increment per year, which is good enough.

I started out at 4k at a sole prop with a $500 increase after my first year and a cut of all the files i handled at the end of my second year.

I left anyway, but it wasn't because of the money.

My suggestion is not to be too particular about the firm or the money in this economy. Experience at a small firm (even if it's a shitty firm) is better than spending a year giving tuition/being a PA of a Big4 Partner - trust me.

When I was still working at the sole prop, we had an applicant from a well known school who had chosen to work for year as a PA of a Big4 Partner. She made it to the interview round, but did not get an offer. It was obvious that she had her eyes set on a Big4 firm and would not be happy at our humble establishment. That played a big part in our decision not to offer her the position.

PA is personal assistant?


How much is the salary now?

Big 4
International Firm
Mid Firm?
Small?

How low is low that people don’t want to practice?
Would it not get better?
And where do they go to?

Originally Posted by Unregistered

Okay enough with the comparisons Smu/Nus/UK, sounds rather lame.

I'd like to hear from the guys with PQE on this. For corporate lawyers, what are the good exit opportunities? I'm thinking of exiting from a reputable local firm and I'm not sure if in-house is a good exit (in terms of career progression). Wonder if exiting law entirely is better.

I left a local law firm and transitioned from litigation to a regional in-house position (disclaimer: Not in the banking industry). Pay is significantly higher than what i was earning in private practice (disclaimer, again: I don't expect this to be so in the long run).

Hours are good and my company is extremely family oriented. The work is interesting and challenging. More importantly, the skills you learn are extremely transferable. The travelling is pretty awesome too - I have a "go-bag" and am expected to travel to one of 17 countries at a moment's notice. The experience has been/still is worth it. Have not yet regretted the decision to leave practice. Will let you know if that changes. haha.

My advice would be to hunt for a regional in-house role as opposed to a country counsel position. A regional role will allow you a lot of flexibility in terms of future career development.

I am biased because it turned out pretty ok for me. Not sure if this is the general sentiment.

your job sounds cool

what is your company name? and Industry

Which year of your practice did u move?

What is your salary ?

Originally Posted by Unregistered

PA is personal assistant?


How much is the salary now?

Big 4
International Firm
Mid Firm?
Small?

How low is low that people don’t want to practice?
Would it not get better?
And where do they go to?

Monthly:

Big 4 (local): $6400 to $9200 (0-3 PQE); up to $11,500 (5 PQE); $12,500-$13,500 (junior partner) + bonus 1-3 months

International (Magic circle UK): $14,000-$18,000 (0-3 PQE); $20,000-$22,000 (4-5 PQE); $23,000-$24,500 (6-7 PQE)
+ bonus 5-10%

International (non-MC UK): $9,000-$17,000 (0-3 PQE); $13,000-$21,500 (4-5 PQE)
+ bonus 5-10%

International (US): USD $15,000-$17,500 (0-3 PQE if NYC scale); USD $21,600 (5 PQE)
Usually no bonus

Mid tier (local): $4,500-$6,000 (0-3 PQE): $6,500-$8,000 (3-5 PQE); $10,000-$12,000 (above 5 PQE to JP)

Small: anything goes, between $3,500-$5,500 (0-3 PQE)

Source: combination of anecdotal, peers and seniors, & headhunters' salary guides.

How low is low is really up to the individual. Most of my friends won't go below $4,000 unless they're desperate. Depends on your circle of peers.

"Once you start low you remain low" only works in very small firms/solos when you negotiate salary with the sole prop/partners directly. If you join a bigger firm, its based on lock step, with perhaps -1/-2 years discount if you come in from an entirely unrelated practice area.

the figures look good

so why aren’t people staying in the industry?

Originally Posted by Unregistered

Monthly:

Big 4 (local): $6400 to $9200 (0-3 PQE); up to $11,500 (5 PQE); $12,500-$13,500 (junior partner) + bonus 1-3 months

International (Magic circle UK): $14,000-$18,000 (0-3 PQE); $20,000-$22,000 (4-5 PQE); $23,000-$24,500 (6-7 PQE)
+ bonus 5-10%

International (non-MC UK): $9,000-$17,000 (0-3 PQE); $13,000-$21,500 (4-5 PQE)
+ bonus 5-10%

International (US): USD $15,000-$17,500 (0-3 PQE if NYC scale); USD $21,600 (5 PQE)
Usually no bonus

Correct me if I am wrong, but shouldn't International US firms who follow the Cravath NY pay scale be much higher? Following your figures above, it seems that the Magic Circle salary with bonuses added on will be higher than US firms.

Current rate is $180,000 USD per annum ($15,000 per month) in first years in NY, which should loosely convert to $20,500 SGD per month - how is it only $15,000 according to your figures?