Lawyer Salary

ask friends for hand me down notes duh

Originally Posted by Unregistered

Does anyone have tips on how to prepare for part b? Where can I get study materials before it starts?

Increasingly only oxford and cambridge are topping the bar exams so ask them for their notes

It is shocking how the industry is not painting the full picture of how bad the glut of lawyers is. A good number of graduates during the peak of the glut in 2014 never managed to secure a TC and switched careers. Those who managed to secure a TC struggle to get retained. The fortunate few who managed to get a NQ position end up in general litigation such as personal injury and are paid pittance. To top it all off, the liberalisation of the legal sector in the last decade has basically opened the floodgates for foreign firms to freely compete for high-value work and left local firms scrapping the barrel.

tldr; get out of law while you still can.

Originally Posted by Unregistered

It is shocking how the industry is not painting the full picture of how bad the glut of lawyers is. A good number of graduates during the peak of the glut in 2014 never managed to secure a TC and switched careers. Those who managed to secure a TC struggle to get retained. The fortunate few who managed to get a NQ position end up in general litigation such as personal injury and are paid pittance. To top it all off, the liberalisation of the legal sector in the last decade has basically opened the floodgates for foreign firms to freely compete for high-value work and left local firms scrapping the barrel.

tldr; get out of law while you still can.

Saw that there is/expected to be a significant increase in retrenchment and pay cuts in our economy. How is it for law firms? Are associates facing this or think this will happen soon?

Originally Posted by Unregistered

Saw that there is/expected to be a significant increase in retrenchment and pay cuts in our economy. How is it for law firms? Are associates facing this or think this will happen soon?

Anecdotal evidence from my friends in practice on what's happening on the ground:
1. Pay cuts
2. Mandatory no-pay-leave for a couple of days
3. Retrenchment in corp departments or redeployment to do dispute work
4. Trainees not getting retained
5. New birds on probation getting extended probation or not confirmed.

Take at look at law society careers portal and get a feel of the dismal number of openings available. Even without COVID-19, the legal industry was already in the decline in the past years (save for niche practices like international arbitration).

Baby boomer partners who reaped riches in the golden days of practice are more interested in exploiting young lawyers to protect their rice bowls (i.e. funding their bungalows and Mercedes) than imparting their skills and knowledge to the future generation of legal professionals.

Is it true that Rodyk is cutting salaries and R&T is cutting the front-loaded portion of comp?

Originally Posted by Unregistered

Is it true that Rodyk is cutting salaries and R&T is cutting the front-loaded portion of comp?

What about the other big firms?

Originally Posted by Unregistered

Is it true that Rodyk is cutting salaries and R&T is cutting the front-loaded portion of comp?

R&T doesn’t even have a front-loaded portion of comp

Originally Posted by Unregistered

Is it true that Rodyk is cutting salaries and R&T is cutting the front-loaded portion of comp?

Rodyk is cutting the front-loaded portion of compensation.

R&T has no front-load. Maybe the reference is to RHT instead?

oh R&T has no front load component? does anyone know what is their pay for NQE 1PQE - 3PQE?