Lawyer Salary

Originally Posted by Unregistered

What is retention rate for big 4
and starting salary ?

60-70% and $5.5-5.8k

Originally Posted by Unregistered

Anyone know anything about Baker's retention rates + NQ salary?

Usually close to 100%, 7500 from completion of TC, annual salary review and bonus in July.

Lawyers are generally rich. 1-2 years in, and I hear my peers buying condominium as their first property in the region of $1.5M onwards.
Most own a car after 1-3 years in practice although they don’t drive to work as CBD parking is ex.
Rarely lawyers buy HDB in particular due to both spouses breaching the HDB limits.

Originally Posted by Unregistered

Usually close to 100%, 7500 from completion of TC, annual salary review and bonus in July.

Thanks for the info. May I ask what is your source? Do you / have you work(ed) there?

Originally Posted by Unregistered

Thanks for the info. May I ask what is your source? Do you / have you work(ed) there?

Yes, have you been offered a TC?

Originally Posted by Unregistered

Lawyers are generally rich. 1-2 years in, and I hear my peers buying condominium as their first property in the region of $1.5M onwards.
Most own a car after 1-3 years in practice although they don’t drive to work as CBD parking is ex.
Rarely lawyers buy HDB in particular due to both spouses breaching the HDB limits.

That's true. My ex-classmates who became doctors are still taking public transport on their 4-5k salaries at 2-3 PQE equivalent. And their hours are insane. Doesn't seem much happier in life when I invited them to my housewarming party.

Originally Posted by Unregistered

That's true. My ex-classmates who became doctors are still taking public transport on their 4-5k salaries at 2-3 PQE equivalent. And their hours are insane. Doesn't seem much happier in life when I invited them to my housewarming party.

Are you daft? Their salaries skyrocket after their residency when they become associate consultant. that's 7-8 years, about the same time as a junior partner. if they jump to private practice, their earning potential is even higher. granted some specialties are more lucrative than others.

Originally Posted by Unregistered

Are you daft? Their salaries skyrocket after their residency when they become associate consultant. that's 7-8 years, about the same time as a junior partner. if they jump to private practice, their earning potential is even higher. granted some specialties are more lucrative than others.

this might be true 10 years ago.

unfortunately, other than junior lawyer glut that is very well reported, there is a middle level doctors glut that nobody talks about.

If you ask your jc friends who are doing residency right now, you will realise in this era after residency, AC positions are difficult to get. if an existing consultants doesnt move to pte sector, this mean that the hosp will have no headcount. so even after residency, you may exit but still continue as senior registrar or drop back to medical officer pool which pay is pretty average. more like PQY 2-3..

they do not expect the doctor glut to clear before 2030.

i think law and medicine are not the way to go. Ambitious young people probably should study computer sci instead and do a tech start up.

9-18 months bonus aren’t unheard of in law.
For a junior 1PQE lawyer, that’s an additional 54-108k a year.
Go figure when I said that a lawyer has no problem buying car or a condominium after a few years in practice.
It’s the best profession but one that you only know when you’re in it.
True people may whine and all, that’s human after all.
Complain this and that but at the end of the day it’s the size of the bank account that matters

Originally Posted by Unregistered

this might be true 10 years ago.

unfortunately, other than junior lawyer glut that is very well reported, there is a middle level doctors glut that nobody talks about.

If you ask your jc friends who are doing residency right now, you will realise in this era after residency, AC positions are difficult to get. if an existing consultants doesnt move to pte sector, this mean that the hosp will have no headcount. so even after residency, you may exit but still continue as senior registrar or drop back to medical officer pool which pay is pretty average. more like PQY 2-3..

they do not expect the doctor glut to clear before 2030.

i think law and medicine are not the way to go. Ambitious young people probably should study computer sci instead and do a tech start up.

Yeah that’s why 2 doctors shouldn’t marry.
Should be a doctor-lawyer pair.
Junior lawyer has a glut right now but that’s not the case for junior doctors. The doctor can look after the lawyer.
When the junior doctor progresses to the middle category and experiences the glut, the junior lawyer moves up to the middle category which faces a shortage.
The lawyer can then look after the doctor.
Oversimplistic but that’s why a lawyer-doctor pairing is always the best because then you’re shielded from the problems of one particular industry at any given point in time.