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  #3671 (permalink)  
Old 23-10-2018, 11:30 PM
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Lame. This is nowhere remotely applicable to Singapore. Btw you don't even need an LLB to qualify as a solicitor or barrister in the UK. So much easier to get a first in some other Mickey Mouse degree then convert to law so long as you come from oxbridge or the top Russell group unis

Lets talk about how pathetic local law firm salaries are
Letís talk about big four. UK NQ is a third yearer associate by SG standards. A third yearer in a big four will take home $8k/month.
Called in Aug 20xx : $6k
Jan 20xx+1: $7k
Jan 20xx+2: $8k

Average performer gets 2-3 months bonus.

So effectively $8k x 14= $112k
Which is the equivalent of 62k pounds
Which is equivalent to what the silver circle is paying
And considering SG has low tax rate as compared to London 40% tax.
Make a lot of difference.

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  #3672 (permalink)  
Old 23-10-2018, 11:50 PM
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Letís talk about big four. UK NQ is a third yearer associate by SG standards. A third yearer in a big four will take home $8k/month.
Called in Aug 20xx : $6k
Jan 20xx+1: $7k
Jan 20xx+2: $8k

Average performer gets 2-3 months bonus.

So effectively $8k x 14= $112k
Which is the equivalent of 62k pounds
Which is equivalent to what the silver circle is paying
And considering SG has low tax rate as compared to London 40% tax.
Make a lot of difference.
3rd yearer won't take home 8k after CPF.

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  #3673 (permalink)  
Old 23-10-2018, 11:52 PM
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Originally Posted by Unregistered View Post
Letís talk about big four. UK NQ is a third yearer associate by SG standards. A third yearer in a big four will take home $8k/month.
Called in Aug 20xx : $6k
Jan 20xx+1: $7k
Jan 20xx+2: $8k

Average performer gets 2-3 months bonus.

So effectively $8k x 14= $112k
Which is the equivalent of 62k pounds
Which is equivalent to what the silver circle is paying
And considering SG has low tax rate as compared to London 40% tax.
Make a lot of difference.
Sorry for double post. The pay structure is also no longer 6k - 7k - 8k... it hasn't been for a few years. In fact, only 1 of the big 4 currently offers starting salary of 6k. You must be fairly senior in the industry/no longer with the Big 4

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  #3674 (permalink)  
Old 24-10-2018, 03:41 AM
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Hi! I'm currently preparing for the Part B exams, and applying for TCs at the same time.

I've spammed applications and I would say that its near impossible for me to get something decent at this juncture (for January 2019).

I'm wondering if anyone has gone the route of working as a paralegal first in a mid-size/ big four firm, before applying for TCs in the next cycle?

I'm from a 2nd tier UK uni and I think this might be the only way for me to get a decent TC in this market. Thoughts?
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  #3675 (permalink)  
Old 24-10-2018, 09:28 AM
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Sorry for double post. The pay structure is also no longer 6k - 7k - 8k... it hasn't been for a few years. In fact, only 1 of the big 4 currently offers starting salary of 6k. You must be fairly senior in the industry/no longer with the Big 4
hi, are you able to share what's the pay (annual comp) progression like at the other three big 4 firms?

thank you.
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  #3676 (permalink)  
Old 24-10-2018, 10:10 AM
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hi, are you able to share what's the pay (annual comp) progression like at the other three big 4 firms?

thank you.
From what Iíve heard, big 4s these days start at 5.6k or 5.8k or so (August - Dec of year is being called). After that, for one and a half years it remains the same at 6.6k or 6.8k or so (jan to June the next year). So progression is much slower these days
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  #3677 (permalink)  
Old 24-10-2018, 10:14 AM
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From what Iíve heard, big 4s these days start at 5.6k or 5.8k or so (August - Dec of year is being called). After that, for one and a half years it remains the same at 6.6k or 6.8k or so (jan to June the next year). So progression is much slower these days
If what youíre saying is true, then in Sg (considering all Sg law firms),
BM pays the best
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  #3678 (permalink)  
Old 24-10-2018, 11:31 AM
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Originally Posted by Unregistered View Post
Letís talk about big four. UK NQ is a third yearer associate by SG standards. A third yearer in a big four will take home $8k/month.
Called in Aug 20xx : $6k
Jan 20xx+1: $7k
Jan 20xx+2: $8k

Average performer gets 2-3 months bonus.

So effectively $8k x 14= $112k
Which is the equivalent of 62k pounds
Which is equivalent to what the silver circle is paying
And considering SG has low tax rate as compared to London 40% tax.
Make a lot of difference.
Please don't mislead people.

(1) Forget the tax rate. Comparing apples with apples, we are looking at international firms' SG offices against Big 4, because that's really what Big 4 associates are considering (whether or not to move to an international firm within Singapore). Forget also the pound exchange rate and focus on comparisons in SGD. The more variables you throw in, the more easy it is to obscure the true state of affairs.

(2) Silver circle associates at SG Year 3 level are being paid approx $11,000. Magic circle pays approx $12,600. This is what they refer to as the "NQ rate" on the UK scale.

(3) Silver Circle and Magic circle bonuses also tend to be approx 2 months. Factor those in, and you get $154,000 for Silver circle and $176,400 for Magic Circle. Hows that look, against a measly $112,000 paycheck?

(4) International firms salary jumps are approx $1,500 to $2,000 a year. That's way above local firms' $800 to $1,000.

(5) There is no front load scam in international firms. What you see is what you get. An honest to God basic salary and bonus with a clear demarcation between the two. And this matters a hell lot when you are serving your 3 months notice at a Big 4 and getting paid absolute peanuts during that time.

(6) Exit opportunities: International firm associates are much, much more mobile than Big 4 associates, and get poached into far more lucrative roles if/when they leave private practice. I was approached by a bank with a $10,000 offer when I was with A&G. Two years after I made the jump to an MC, that same bank came back with a more senior role, offering $20,500. Difference much?

I'm one of those who made the jump, and I can see the hugeass gulf between the two. The difference is nowhere as negligible as you make it out to be. Don't mislead readers please. I feel strongly about this because I got smoked by people like you before, and missed out two years of international experience because I got conned into staying with A&G. It's a complete scam.
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  #3679 (permalink)  
Old 24-10-2018, 01:03 PM
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Thanks. Yes SG qualified only. 25 days annual leave.
The vacation benefits sound decent too. Considering the probability of getting a similar Cravath scale offer in Singapore, if you are independent and can be away from home, I would say go for it, even if you intend to only be there for 2 years, and get NY called or English called while you are there. Your international exposure with this US (likely well known) firm will put you in good stead when it's time for you to come home, speaking from experience. Alternatively, you could also try to ask for a transfer back to Asia a few years later.
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  #3680 (permalink)  
Old 24-10-2018, 06:26 PM
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From what Iíve heard, big 4s these days start at 5.6k or 5.8k or so (August - Dec of year is being called). After that, for one and a half years it remains the same at 6.6k or 6.8k or so (jan to June the next year). So progression is much slower these days
3674 and 3675 here. This isn't entirely accurate.

If you got called Aug 2018, 3 of the 4 firms will increase your salary come Jan 2019. The remaining 1 particular firm has a very lousy remuneration package, and keeps your salary stagnant until Dec 2019 (if I recall correctly).

As for starting salaries amongst the 4 of them, 1 starts at $6k, 2 start at $5.6k, 1 starts at $5.8k. Or it could be 2 start at $5.8k and 1 starts at $5.6k, I forget.

The progressions for 2, 3 PQE onwards in the 4 firms are also a bit weird. They're no longer linear. Basically, they're trying to trap you there to reach SA level (which is where the shortage is most severe across the industry), increasing your increments at the 3-year mark thereabout. Don't fall for it. Poster of 3680 speaks the truth.
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