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  #3041 (permalink)  
Old 18-06-2018, 12:03 AM
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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 donít allow for that.

In firms like CC and Baker itís about survival of the fittest, eliminate competition and rise the ranks. Most people when they leave these firms through elimination, they donít usually go to small firms or big four. They either go in house or leave the profession to do other things. Thatís the brutality of big firms, after a while if you donít make it, you arenít very mobile within the local firms scene.

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  #3042 (permalink)  
Old 18-06-2018, 12:08 AM
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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..

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  #3043 (permalink)  
Old 18-06-2018, 11:34 AM
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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.

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  #3044 (permalink)  
Old 18-06-2018, 10:40 PM
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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 9íwho left.

why do you think thereís a hallowing now
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  #3045 (permalink)  
Old 18-06-2018, 10:55 PM
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so how? don't need to eat since tomorrow will be hungry is it?

sounds like 9 ppl successful, you are the lone failure
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  #3046 (permalink)  
Old 18-06-2018, 11:35 PM
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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 9íwho left.

why do you think thereís a hallowing now
I agree fully. What makes you think you wonít have setbacks?
What makes you think you go into a firm, boss must like you
What makes you think you wonít have a breakup
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  #3047 (permalink)  
Old 18-06-2018, 11:37 PM
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This is so true - maybe most posters are students / fresh grads but hey'll understand when they have more life experience.

Quote:
Originally Posted by Unregistered View Post
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 9íwho left.

why do you think thereís a hallowing now
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  #3048 (permalink)  
Old 19-06-2018, 12:30 AM
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Quote:
Originally Posted by Unregistered View Post
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 donít allow for that.

In firms like CC and Baker itís about survival of the fittest, eliminate competition and rise the ranks. Most people when they leave these firms through elimination, they donít usually go to small firms or big four. They either go in house or leave the profession to do other things. Thatís the brutality of big firms, after a while if you donít make it, you arenít very mobile within the local firms scene.
I'm #3041, just saw this! Thanks again, much appreciated
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