Lawyer Salary - Page 3 - 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
  #21 (permalink)  
Old 01-09-2010, 11:15 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
hi, just curious what is the general consensus of definition of "rich"? how much $ a month, then will u be considered rich? (monetary sense im not talking about work-life balance etc here)

it seems to me that most of you do not consider lawyers and doctors to be rich. only comfortable. but the average lawyer/ doctor would rake in $10-$15k per month after 6 or 7 years of work. Plus their spouse who may/ may not be in the same profession, it adds up to quite a bit.

Is that not rich enough?
Say you earn $15K/pm, thats $225K per year and you are thrifty and save 40% of your income = $90K/year, which you put in the bank. After 10 years, you have $1m saved. That's only enough for a 2-bedroom apartment in the suburbs.

A rich guy should have at least a fairly new sports car, another luxury family mover and a bungalow in Sentosa. Let's see how much to need to earn to afford that the basics for the rich? Since you are rich, you buy cars with cash, but we can look at the depreciation. A new mid-range sports car like a Porsche 911 C4S would halve in value in the first 3 years or a depreciation of around $80K/yr. Get a slightly cheaper BMW X5 for the tai tai wife, which would depreciate at around $60K/yr for the first 3 years so total $140k/yr depreciation. That is around $12K/mo just for the cars. Bungalows in Sentosa start at $15m, so say you put down $5m (new govt rules) and take a $10m loan. Even with todays low interest rates, we're talking a mortgage payment of $70K/mo. So far, we have $82K per month for the basics. Say miscellaneous expenses are $30K a month (2 maids, 1 gardener, 1 driver etc etc), we are up to $112K/month so you would need to earn maybe $1.2-1.5m per year to live the rich life without any savings. However, most rich people save around 80% of their earnings, so for the typical guy with supercars and a sentosa bungalow, the $112K expenditure per month is just 20% of his earnings so he would be earning around $500K per month.

Reply With Quote
  #22 (permalink)  
Old 01-09-2010, 12:33 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Say you earn $15K/pm, thats $225K per year and you are thrifty and save 40% of your income = $90K/year, which you put in the bank. After 10 years, you have $1m saved. That's only enough for a 2-bedroom apartment in the suburbs.

A rich guy should have at least a fairly new sports car, another luxury family mover and a bungalow in Sentosa. Let's see how much to need to earn to afford that the basics for the rich? Since you are rich, you buy cars with cash, but we can look at the depreciation. A new mid-range sports car like a Porsche 911 C4S would halve in value in the first 3 years or a depreciation of around $80K/yr. Get a slightly cheaper BMW X5 for the tai tai wife, which would depreciate at around $60K/yr for the first 3 years so total $140k/yr depreciation. That is around $12K/mo just for the cars. Bungalows in Sentosa start at $15m, so say you put down $5m (new govt rules) and take a $10m loan. Even with todays low interest rates, we're talking a mortgage payment of $70K/mo. So far, we have $82K per month for the basics. Say miscellaneous expenses are $30K a month (2 maids, 1 gardener, 1 driver etc etc), we are up to $112K/month so you would need to earn maybe $1.2-1.5m per year to live the rich life without any savings. However, most rich people save around 80% of their earnings, so for the typical guy with supercars and a sentosa bungalow, the $112K expenditure per month is just 20% of his earnings so he would be earning around $500K per month.
How many people earn $500K a month!? That's $6M a year!

According to Iras annual report, only 3799 + 39 people had an income of more than $1M/yr. At $6M, maybe only 100 people?

That said, I think many ultra-rich got a lot of money from investments. For example $100M invested in Starhub gives you about $8M a year in dividends (non-taxable).

Reply With Quote
  #23 (permalink)  
Old 01-09-2010, 10:09 PM
Junior Member
 
Join Date: Jul 2010
Posts: 4
lalacower90 is on a distinguished road
Default

what kind of lawyers earn the most in singapore? My guess would be corporate lawyers, although i cant be sure though. And most criminal lawyers dont earn as much, unless you're talking about the best few.

Reply With Quote
  #24 (permalink)  
Old 02-09-2010, 09:12 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
How many people earn $500K a month!? That's $6M a year!

According to Iras annual report, only 3799 + 39 people had an income of more than $1M/yr. At $6M, maybe only 100 people?

That said, I think many ultra-rich got a lot of money from investments. For example $100M invested in Starhub gives you about $8M a year in dividends (non-taxable).
Those 3799 people earned S$8.1bn so the average is $2.1m. I doubt its 100 people, but more like 500-1000. Most Sentosa bungalows are owned by foreigners, but some of those 500-1000 are truly rich.

You may think the $8M in Starhub dividends is non-taxable, but in reality, the changes to the dividend franking rules mean that everyone is paying the corporate tax rate on dividends instead of their marginal tax rate. For high earners, their marginal tax rate is probably similar to the corporate tax rate though (could even be slightly higher)
Reply With Quote
  #25 (permalink)  
Old 02-09-2010, 09:29 AM
Unregistered
Guest
 
Posts: n/a
Default

in that case i doubt any of us in this forum would fall under the catergory of "rich" hahaha. not even ministers with their $1-$2m salary, thats only considered "well-off".


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #26 (permalink)  
Old 02-09-2010, 11:03 AM
Unregistered
Guest
 
Posts: n/a
Default

I am guessing most of the folks asking these questions are JC boys or girls wondering about which course to take in university.

I can't speak for doctors as I am not one, but the starting pay for a lawyer, as well as for young lawyers (1-3 PQE) varies with the times.

Just 3 years ago, lawyers in big local firms started out at an average of about $4,000-$4,500. When the global financial crisis struck, the starting pay got depressed to around $3,800-$4,200 with retention rates falling drastically (especially for corp lawyers). Now, with business picking up and the law firms switching to a different pay scheme (paying more monthly wages and reducing lump sum bonuses), the starting pay is above $5,000.

In this short example, you can see how various events beyond our control affect our salaries. There will be more of such events to come.

What will happen if the property bubble in China bursts? Or if US enters double dip recession? And combined with the additional intake from SMU and foreign grads?

Whatever figures we give you now are at best a tentative guide. Up or down, and by how much? No one can say.

In any case, perhaps you guys may be slightly presumptuous in thinking that you will even have a choice between med and law. Apply to both; it isn't a given that you get offers from both faculties (even if you do extremely well). Worry about which to go to when you actually get both offers.
Reply With Quote

  #27 (permalink)  
Old 02-09-2010, 11:37 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
in that case i doubt any of us in this forum would fall under the catergory of "rich" hahaha. not even ministers with their $1-$2m salary, thats only considered "well-off".
Not true. Crude trader at Glencore $4m

https://forums.salary.sg/income-jobs/....html#post5588
Reply With Quote
  #28 (permalink)  
Old 02-09-2010, 03:11 PM
Junior Member
 
Join Date: Jul 2010
Posts: 4
lalacower90 is on a distinguished road
Default just saying

Well, we are comparing between the careers based on the assumption that we can get into both faculties and therefore, we try to balance between both careers; whether we can get in or not is inconsequential.
I dare say that opinions of the medical sector might change too, given that there is the new and upcoming third medical school in singapore.



Quote:
Originally Posted by Unregistered View Post
I am guessing most of the folks asking these questions are JC boys or girls wondering about which course to take in university.

I can't speak for doctors as I am not one, but the starting pay for a lawyer, as well as for young lawyers (1-3 PQE) varies with the times.

Just 3 years ago, lawyers in big local firms started out at an average of about $4,000-$4,500. When the global financial crisis struck, the starting pay got depressed to around $3,800-$4,200 with retention rates falling drastically (especially for corp lawyers). Now, with business picking up and the law firms switching to a different pay scheme (paying more monthly wages and reducing lump sum bonuses), the starting pay is above $5,000.

In this short example, you can see how various events beyond our control affect our salaries. There will be more of such events to come.

What will happen if the property bubble in China bursts? Or if US enters double dip recession? And combined with the additional intake from SMU and foreign grads?

Whatever figures we give you now are at best a tentative guide. Up or down, and by how much? No one can say.

In any case, perhaps you guys may be slightly presumptuous in thinking that you will even have a choice between med and law. Apply to both; it isn't a given that you get offers from both faculties (even if you do extremely well). Worry about which to go to when you actually get both offers.
Reply With Quote
  #29 (permalink)  
Old 02-09-2010, 10:08 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by lalacower90 View Post
Well, we are comparing between the careers based on the assumption that we can get into both faculties and therefore, we try to balance between both careers; whether we can get in or not is inconsequential.
I dare say that opinions of the medical sector might change too, given that there is the new and upcoming third medical school in singapore.
I am just saying that you are jumping the gun slightly.

It is good that you are thinking far ahead, but in this case, I don't think it is of much use.

In any case, please note that for lawyers, the pay comes with a high price - long working hours. The hourly rate isn't all that impressive. Tuition teachers probably make more.

Just another thing you might want to consider. Do you prefer a high pay (in total) or a high pay per hour of work?
Reply With Quote
  #30 (permalink)  
Old 07-09-2010, 09:25 AM
anotherjcstudent
Guest
 
Posts: n/a
Default

Hi there, I got a question after reading this thread! What is the lowest paid Singapore-qualified lawyer v lowest paid doctor (polyclinic GP), assuming both are working full-time?

This thread has been very useful, thanks
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
Civil Service Performance Bonus ( 1 2 3... Last Page)
5,290 Replies, 4,702,305 Views
GovTech ( 1 2 3... Last Page)
5,064 Replies, 2,135,174 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,804 Replies, 4,625,837 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,047 Replies, 4,937,450 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,263 Replies, 2,291,126 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,773 Replies, 1,030,310 Views
ST Electronics ( 1 2 3... Last Page)
3,732 Replies, 1,527,721 Views
NUS (National University of... ( 1 2 3... Last Page)
315 Replies, 315,022 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
681 Replies, 342,604 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
302 Replies, 362,146 Views
Local bank BO pay
0 Replies, 44 Views
Aon Centre for Innovation and...
9 Replies, 6,033 Views
Lawyer Salary ( 1 2 3... Last Page)
20,968 Replies, 10,281,315 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,386 Replies, 768,705 Views
Career as Teacher ( 1 2 3... Last Page)
10,569 Replies, 6,552,299 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
904 Replies, 500,215 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,254 Replies, 605,314 Views
Compare civil service salary ( 1 2 3... Last Page)
16,314 Replies, 12,396,972 Views
Standard Chartered International... ( 1 2 3... Last Page)
476 Replies, 262,742 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,435 Replies, 1,362,704 Views
Ex-MOE Teachers ( 1 2 3... Last Page)
403 Replies, 485,836 Views
Engineer Pay ( 1 2 3... Last Page)
664 Replies, 454,331 Views
Cybersecurity/Info security career ( 1 2 3... Last Page)
501 Replies, 264,180 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
651 Replies, 376,813 Views
OCBC Graduate Talent Programme... ( 1 2 3... Last Page)
1,165 Replies, 640,859 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,100 Replies, 3,713,775 Views
DBS ACE Programme ( 1 2 3... Last Page)
119 Replies, 76,931 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,233 Replies, 3,376,152 Views
Work culture in IHiS ( 1 2 3... Last Page)
717 Replies, 535,449 Views
SIA AO grades ( 1 2 3... Last Page)
127 Replies, 101,708 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 12:52 PM.


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