Lawyer Salary - Page 494 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Lawyer Salary

Reply
 
Thread Tools
  #4931 (permalink)  
Old 26-03-2020, 03:37 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Had planned to move inhouse this year at 3PQE, but recruiters I've spoken to said the inhouse market is and will continue to be awful. Sigh.
Well. people are still hiring..... it's just that pay is pretty shitty now.

Reply With Quote
  #4932 (permalink)  
Old 26-03-2020, 05:51 PM
Unregistered
Guest
 
Posts: n/a
Default

The insolvency market is saturated in Singapore.
Even if the no of insolvency cases go up, thereís a finite no of lawyers the market can absorb or support. In the 2008 GFC, lawyers from magic circles were let off in large troves.

Things like debt collection, the paralegals can already handle.

Letís just confine the discussion to prospect for NQ-3 PQE associates.
This group do not have a book of business and are extremely susceptible to market fluctuations.

Reply With Quote
  #4933 (permalink)  
Old 26-03-2020, 06:33 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
The insolvency market is saturated in Singapore.
Even if the no of insolvency cases go up, thereís a finite no of lawyers the market can absorb or support. In the 2008 GFC, lawyers from magic circles were let off in large troves.

Things like debt collection, the paralegals can already handle.

Letís just confine the discussion to prospect for NQ-3 PQE associates.
This group do not have a book of business and are extremely susceptible to market fluctuations.
OP here again. I agree with your sentiment on big firms. I do not have experience working in a big firm and my friends that are have mentioned the 2008 retrenchment to me as well in our recent conversations. I do not doubt the voracity of your claims.

I think the small/med firm perspective is slightly different. While i agree that the insolvency market is saturated, i also feel that a lot of that saturation comes from high-priced lawyers (whether still in big firms or those who have broken off from bigger firms and now fall under the small/med category). The point being, they are high-priced.

Small/med firms have the benefit of being able to offer lower fees and we usually see an influx of cases during times like these. We get these cases because companies simply can't afford to pay these lawyers their high-fees.

As for debt collection... paralegals ask for a lot of money these days. The cost of an experience paralegal is about the same as the cost of an NQ-1 yr PQE lawyer, maybe even more. All things being equal, my preference would still be to have someone who can do the weekly court runs.

My position remains unchanged. No files - no work - no jobs. But if junior assocs are willing to bite the bullet (take a lot lower pay and handle cases they generally wouldn't handle), i think there may still be space for them in the industry.

Reply With Quote
  #4934 (permalink)  
Old 27-03-2020, 01:02 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
OP here again. I agree with your sentiment on big firms. I do not have experience working in a big firm and my friends that are have mentioned the 2008 retrenchment to me as well in our recent conversations. I do not doubt the voracity of your claims.

I think the small/med firm perspective is slightly different. While i agree that the insolvency market is saturated, i also feel that a lot of that saturation comes from high-priced lawyers (whether still in big firms or those who have broken off from bigger firms and now fall under the small/med category). The point being, they are high-priced.

Small/med firms have the benefit of being able to offer lower fees and we usually see an influx of cases during times like these. We get these cases because companies simply can't afford to pay these lawyers their high-fees.

As for debt collection... paralegals ask for a lot of money these days. The cost of an experience paralegal is about the same as the cost of an NQ-1 yr PQE lawyer, maybe even more. All things being equal, my preference would still be to have someone who can do the weekly court runs.

My position remains unchanged. No files - no work - no jobs. But if junior assocs are willing to bite the bullet (take a lot lower pay and handle cases they generally wouldn't handle), i think there may still be space for them in the industry.
Hi OP - can you share more about what you have heard about the 2008 retrenchments, in particular the big 4 local firms?


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #4935 (permalink)  
Old 27-03-2020, 09:16 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Well. people are still hiring..... it's just that pay is pretty shitty now.
Is 100k pa all-in too much to ask to exit at 3PQE?
Reply With Quote
  #4936 (permalink)  
Old 27-03-2020, 09:52 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Is 100k pa all-in too much to ask to exit at 3PQE?
Nothing is too much. Just ask. Can get is another thing. Aim high because increments will be much lower in house. Push for 120k at least I feel.
Reply With Quote

  #4937 (permalink)  
Old 27-03-2020, 10:27 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Hi OP - can you share more about what you have heard about the 2008 retrenchments, in particular the big 4 local firms?
A lot of the junior associates were retrenched. Most who were retrenched became too disillusioned to restart a career in law again. They did other things, and never mentioned that they were lawyers.
Reply With Quote
  #4938 (permalink)  
Old 27-03-2020, 10:31 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Is 100k pa all-in too much to ask to exit at 3PQE?
In this economic climate, the higher the pay, the quicker youíll be let go.
If youíre 3pqe and draw $6k compared to a NQ drawing $10k-$14k in the magic circle, who will be asked to go first?

Simple logic. If even govt ministers are not taking any salary for an entire financial quarter, why is the 3pqe lawyer so special?
Reply With Quote
  #4939 (permalink)  
Old 27-03-2020, 11:25 AM
Unregistered
Guest
 
Posts: n/a
Default

The disputes folks are safe. They had so much disputes/rni work in my firm during the GFC that they had to start conscripting the corp folks (who had no work).
Reply With Quote
  #4940 (permalink)  
Old 27-03-2020, 11:58 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
The disputes folks are safe. They had so much disputes/rni work in my firm during the GFC that they had to start conscripting the corp folks (who had no work).
This is unprecedented. Itíll be worse than GFC in magnitude.
As an employment lawyer, I can tell you that firms will use the probationary period to let newly hired associates go.
Thereís also standard clauses in employment contracts to say that the firm is not required to provide you any work.
Reply With Quote
Reply

Bookmarks

Tags
advocate, law, lawyer, legal, solicitor

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
From Lawyer Insider: Life is Glamorous but Unsatisfying Salary.sg Income and Jobs 31 15-01-2018 12:40 PM

» 30 Recent Threads
HTX (Home Team Science and... ( 1 2 3... Last Page)
639 Replies, 322,724 Views
GovTech ( 1 2 3... Last Page)
4,978 Replies, 2,099,114 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,085 Replies, 2,248,056 Views
Rio tinto ( 1 2 3... Last Page)
79 Replies, 55,137 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,268 Replies, 742,226 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
14,695 Replies, 4,863,343 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,028 Replies, 425,787 Views
Work culture in IHiS ( 1 2 3... Last Page)
707 Replies, 524,576 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,753 Replies, 1,358,046 Views
Compare civil service salary ( 1 2 3... Last Page)
16,260 Replies, 12,301,348 Views
Maritime and Port Authority of... ( 1 2)
13 Replies, 17,192 Views
DBS ACE Programme ( 1 2 3... Last Page)
109 Replies, 73,480 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,760 Replies, 1,014,207 Views
Career as Teacher ( 1 2 3... Last Page)
10,259 Replies, 6,395,357 Views
ST Electronics ( 1 2 3... Last Page)
3,649 Replies, 1,496,428 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,397 Replies, 1,343,931 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,203 Replies, 3,331,984 Views
NUS (National University of... ( 1 2 3... Last Page)
314 Replies, 309,986 Views
Micron starting pay ( 1 2 3... Last Page)
702 Replies, 387,519 Views
Standard Chartered International... ( 1 2 3... Last Page)
460 Replies, 258,421 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
1,263 Replies, 700,126 Views
DBS Graduate Associate Program ( 1 2 3... Last Page)
2,297 Replies, 985,818 Views
Visa Internship
3 Replies, 4,314 Views
GIC (Government of Singapore... ( 1 2 3... Last Page)
419 Replies, 712,258 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
885 Replies, 485,157 Views
Company deduct air ticket from...
0 Replies, 206 Views
Anyone work in JPM/GS/Morgan... ( 1 2 3... Last Page)
415 Replies, 156,722 Views
Lawyer Salary ( 1 2 3... Last Page)
20,885 Replies, 10,198,834 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,756 Replies, 1,476,024 Views
For those with 2-5 YOE, what is... ( 1 2 3... Last Page)
1,197 Replies, 446,248 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 04:57 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2