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  #3791 (permalink)  
Old 16-11-2018, 01:07 PM
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I agree that it will largely affect the small-mid firms. The fees are still no where near high enough for "high value" litigation work. Fees in a big firm for a 10mn file can range from 600k to 1m. The difference is that clients who require "high value" work are far more likely to agree to exclude scaled fees.

What I think will be the end result would be further stratification of the legal profession. As fees for the small to mid firms go down, these firms will push down their juniors salaries. Coupled with the new rules on qualification, the legal profession will become less and less of an attractive proposition. This will eventually lead to a lack of juniors. We'd become more and more like the HK legal market. Probably not the intended result.
This seems to be the end result of the legal industry in a lot of developed markets - the US legal profession is also highly stratified with two humps.

https://www.biglawinvestor.com/bimod...ibution-curve/

i.e get good or get out before its too late - other industries are more forgiving

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  #3792 (permalink)  
Old 16-11-2018, 04:11 PM
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I think Shen Yi's article on law watch today sums it up well. Either go to international firms and do arbitration, or leave the litigation bar entirely. Seriously planning to move before the reforms kick in.
No need to scaremonger. The reforms won't be passed as is; the backlash from the private sector is too strong. Wait until the actual terms of the reform are finalised before making any decision.



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  #3793 (permalink)  
Old 16-11-2018, 04:15 PM
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This seems to be the end result of the legal industry in a lot of developed markets - the US legal profession is also highly stratified with two humps.

https://www.biglawinvestor.com/bimod...ibution-curve/

i.e get good or get out before its too late - other industries are more forgiving
LOL. All these new regulations are implemented by ex-big 4 lawyers (Indranee & Shanmugam) who milked the system in the golden years and are now screwing everyone else.

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  #3794 (permalink)  
Old 16-11-2018, 10:18 PM
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Hi does any one know if it is the norm for NQs to be paid prorated bonus this coming December?
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  #3795 (permalink)  
Old 17-11-2018, 01:02 AM
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corp lawyers are smarter. Either they're smart enough to keep their mouth shut and quietly bill their rich clients, or they look at banks and realise they're in fact charging peanuts compared to bankers

It's the litigators who always go looking for trouble and have the loudest mouths. These cjc people have this strange and warped misconception that lawyers are always overcharging the poor man in the street. This scale costs reform is a prime example of trying to fix a non existent problem.

The truth is, legal services on the whole is bloody cheap in Singapore. If you can't afford to shop at fairprice finest, go to sheng siong! It's really that simple!

Actually if you look at the loonies from the bar, the vast majority of them are litigators. I suppose having delusions of grandeur is a self selective trait in litigation
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  #3796 (permalink)  
Old 17-11-2018, 12:03 PM
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corp lawyers are smarter. Either they're smart enough to keep their mouth shut and quietly bill their rich clients, or they look at banks and realise they're in fact charging peanuts compared to bankers

It's the litigators who always go looking for trouble and have the loudest mouths. These cjc people have this strange and warped misconception that lawyers are always overcharging the poor man in the street. This scale costs reform is a prime example of trying to fix a non existent problem.

The truth is, legal services on the whole is bloody cheap in Singapore. If you can't afford to shop at fairprice finest, go to sheng siong! It's really that simple!

Actually if you look at the loonies from the bar, the vast majority of them are litigators. I suppose having delusions of grandeur is a self selective trait in litigation
Litigators overcharging clients? I am reminded of the Susan Wong case run by Alvin Yeo. Anyone who has seen Alvin yeo in court would agree that someone of his calibre should be charging alot less.


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  #3797 (permalink)  
Old 17-11-2018, 03:17 PM
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Litigators overcharging clients? I am reminded of the Susan Wong case run by Alvin Yeo. Anyone who has seen Alvin yeo in court would agree that someone of his calibre should be charging alot less.
Susan Lim you mean? I think if she wins paying 1million is fine.

Instead of contingency fees, we are going on an opposite direction.
Anyway, ultimately what is fair charging is subjective and dependent on who you ask.

But pricing control can be a good tool to control cost. Surgeons already have fees benchmarks.
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  #3798 (permalink)  
Old 18-11-2018, 12:11 PM
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Susan Lim you mean? I think if she wins paying 1million is fine.

Instead of contingency fees, we are going on an opposite direction.
Anyway, ultimately what is fair charging is subjective and dependent on who you ask.

But pricing control can be a good tool to control cost. Surgeons already have fees benchmarks.
Shan said contingency fees is a no no as it will encourage a litigious society. Arguably fee caps will have the same unintended effect as litigants will try their luck knowing their exposure is limited.

Pricing control is a blunt tool and only effective if you are providing a commoditised service. Litigation isn't a commoditised service, except at the low level.

Anyone who wants to shift litigation to a commoditised model, I hope you get sued or charged sooner rather than later. Believe me when that happens, you'll be eating your words and demanding personalised 24 hour service even from your bargain-priced Chinatown litigator.
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  #3799 (permalink)  
Old 19-11-2018, 05:57 PM
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What are your thoughts on TSMP Corp?
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  #3800 (permalink)  
Old 20-11-2018, 12:19 AM
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what are your thoughts on tsmp corp?
cutting edge wall street work bro
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