Lawyer Salary

Originally Posted by Unregistered

Thanks for this too!

Aside from the above (progressing up the tiers as high as possible as a lateral hire), I'm considering 2 routes:
1. Find a niche I'm interested/good in > find a firm with said niche that will accept me > leveraging on niche to greener pastures
2. Continue on in tier (1), tier (2) type firms, and set up my own firm around 5-8 PQE.

Any thoughts?

Am particularly interested in the feasibility of the latter. The goal is to set up the firm with a few friends so it's a more rounded practice. I understand that the fees collected is generally lower, but my concern is whether it is enough to survive. Personally, I am willing to earn less for the ability to select cases and the caseload and the pride of having my own place. Is 5-8 PQE premature? Anything I should be taking into account?

Thanks!

No worries! Glad to help. Yes if you want to open your own firms eventually, then of course staying in tier 1/2 practices will help cos you do everything already. Bread and butter work.
Needed for start up law firms.

If you are in tier 5, and you want to set up your own firm in 4-5 years, chances are you will flop cos the skills sets don’t allow for that.

In firms like CC and Baker it’s about survival of the fittest, eliminate competition and rise the ranks. Most people when they leave these firms through elimination, they don’t usually go to small firms or big four. They either go in house or leave the profession to do other things. That’s the brutality of big firms, after a while if you don’t make it, you aren’t very mobile within the local firms scene.

Im poster of the above (#3041), wanted to add this in.

By way of context, I genuinely enjoy small-medium firm type work (doing a bit of everything, more ownership of work). Reading the forum and hearing horror stories is making me concerned I will obsess about chasing my way up before realising I am not cut out for that type of work. I can only hope that is a realistic self-assessment and not just self-comfort since it appears it's near impossible to get there in the first place..

Magic Circle senior associate here. Qualified in 2011. Salary approx S$320,000 per annum inclusive of bonus.

I've heard that this is about 50-60% of Cravath, which sounds correct based on published figures.

You people discuss your progression like some battle plan

Never thought about how simple things like illness or economy downturn can actually derail everything?

my point is that life is not that smooth sailing n for every successful case there are 9’who left.

why do you think there’s a hallowing now

so how? don't need to eat since tomorrow will be hungry is it?

sounds like 9 ppl successful, you are the lone failure

Originally Posted by Unregistered

You people discuss your progression like some battle plan

Never thought about how simple things like illness or economy downturn can actually derail everything?

my point is that life is not that smooth sailing n for every successful case there are 9’who left.

why do you think there’s a hallowing now

I agree fully. What makes you think you won’t have setbacks?
What makes you think you go into a firm, boss must like you
What makes you think you won’t have a breakup

This is so true - maybe most posters are students / fresh grads but hey'll understand when they have more life experience.

Originally Posted by Unregistered

You people discuss your progression like some battle plan

Never thought about how simple things like illness or economy downturn can actually derail everything?

my point is that life is not that smooth sailing n for every successful case there are 9’who left.

why do you think there’s a hallowing now

Originally Posted by Unregistered

No worries! Glad to help. Yes if you want to open your own firms eventually, then of course staying in tier 1/2 practices will help cos you do everything already. Bread and butter work.
Needed for start up law firms.

If you are in tier 5, and you want to set up your own firm in 4-5 years, chances are you will flop cos the skills sets don’t allow for that.

In firms like CC and Baker it’s about survival of the fittest, eliminate competition and rise the ranks. Most people when they leave these firms through elimination, they don’t usually go to small firms or big four. They either go in house or leave the profession to do other things. That’s the brutality of big firms, after a while if you don’t make it, you aren’t very mobile within the local firms scene.

I'm #3041, just saw this! Thanks again, much appreciated

hey #3041 just wondering which law school did u graduate from!

#3041 here, i’m from a delisted school