Lawyer Salary - Page 53 - 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
  #521 (permalink)  
Old 27-12-2015, 10:01 PM
Unregistered
Guest
 
Posts: n/a
Default

Far too many students in this forum this days. Currently a 2 PQE, getting restless. What are my options?

Reply With Quote
  #522 (permalink)  
Old 27-12-2015, 10:04 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Far too many students in this forum this days. Currently a 2 PQE, getting restless. What are my options?
Thats obvious.

Inhouse or move to another law firm

Reply With Quote
  #523 (permalink)  
Old 27-12-2015, 10:09 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Thats obvious.

Inhouse or move to another law firm
That's a dumb question with a dumb response

Reply With Quote
  #524 (permalink)  
Old 27-12-2015, 10:18 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Thats quite extreme. Going at all costs have associated consequencs.
Instead of focusing on the branding, I think students now should focus on being hustlers just like the business students.

The investment banks traditionally favours the Ivy league/Oxbridge graduate. Typically for an SMU/NUS student to get in, they would have to hustle and build an insane CV to get an interview.

The same would be to the law guys now. A degree is simply not enough
Reply With Quote
  #525 (permalink)  
Old 27-12-2015, 10:20 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by skydiver View Post
I'm a 3rd year PQE in a Big 4 law firm. I'll be hitting Senior Associate within the next 3 months. I'd like to take this opportunity to clarify the salary structure within local firms. Here goes:

(1) Salary Culture Whilst local firms tend to set a low basic monthly salary, the annual remuneration is by no means unattractive. The annual remuneration mechanism is a very, very bonus-centric one, which involves a bonus component which pushes up the base wage by a minimum of 50%. A minimum 6 month bonus is given to flat-out average performers. Better performers typically get 7-8 months, while star performers (very rare) may get up to 9 or more. Anything less than a 6 month bonus is typically the firmís signal telling an associate to leave.

In order to bring monthly take-home paychecks more in line with those offered by offshore firms, part of the 6 month bonus is set aside, divided by 12 and "front-loaded" into monthly paychecks. These are set out below in Paragraph (3).

The easiest way to calculate your annual pay is to take the following formula: (12 + no. of months bonus) * Basic Salary. Typical annual packages based on a ballpark average performance are set out below in Paragrapsh (3).

(2) Basic Salary schedule for the first 4.5 years:
Year 1 (NQ, 1st 5 months) - $4,000
Year 2 - $5,000
Year 3 - $6,000
Year 4 (SA1) - $7,200
Year 5 (SA2) - $8,500

(3) Take-home Salary schedule for the first 4.5 years (pre-CPF):
Year 1 (NQ, 1st 5 months) - $5,800
Year 2 - $6,800
Year 3 - $7,800
Year 4 (SA1) - $9,000
Year 5 (SA2) - $10,500

(4) Aggregate Annual Salary schedule (based on 6-8 months bonus, ie 18-20 months basic salary)
Year 1 - $30,000 over 5 mths.
Year 2 - $90,000 to $100,000
Year 3 - $108,000 to $120,000
Year 4 - $129,600 to $144,000
Year 5 - $153,000 to $170,000

It is thus clear that the yearly increment in annual pay is not $12,000. Since local firms pay typically 18-20 months of the basic wage within a year, the true average annual increment ranges from $18,000 (years 1-3) to $24,000 (year 4-5 increase), often outstripping the annual increment offered by offshore firms. As a result, the income gap between a Big 4 associate and ann offshore associate shrinks every year, and by the time a local Big 4 associate hits Year 5, his annual pay really isn't too far below what his peers in the offshore firms are taking. Furthermore, the move to offshore firms starts looking less and less attractive, given the better prospects of making partner within the next 3 years.

Final Note: These figures exclude the monthly S$650 employer CPF contribution as these are useless funds that go into your Medisave and Special Account. They can't be used to pay for housing (or anything for that matter), and in most cases, you will only smell these funds when you're way too close to your deathbed... Nevertheless if you wish to include this, you can add about $12,000 to each of the annual income figures stated above.
Bump for being an informative post. Is this still relevant?
Reply With Quote
  #526 (permalink)  
Old 27-12-2015, 10:22 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Bump for being an informative post. Is this still relevant?
Does the inhouse route follow a typical structured wage banding?

Lynne
Reply With Quote

  #527 (permalink)  
Old 27-12-2015, 10:25 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Bump for being an informative post. Is this still relevant?
It is still fairly relevant as far as I'm aware. The banding hasn't really change, the only change in the foreseeable future is probably the way they structure the package, but I highly doubt that the absolute figure is going to change much. Either way it is a great compensation compared to other professions.
Reply With Quote
  #528 (permalink)  
Old 27-12-2015, 10:27 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
It is still fairly relevant as far as I'm aware. The banding hasn't really change, the only change in the foreseeable future is probably the way they structure the package, but I highly doubt that the absolute figure is going to change much. Either way it is a great compensation compared to other professions.
Definitely true, many of the good lawyer would leave for the international firms if the wage model is not competitive. Though this would be largely dependent on the economy next year.


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


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
  #529 (permalink)  
Old 27-12-2015, 10:33 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Definitely true, many of the good lawyer would leave for the international firms if the wage model is not competitive. Though this would be largely dependent on the economy next year.
Hey!

I think this would be sector dependent and would also depend on the area of competency one is in. I think in general there are still a lack of legal talents in Singapore, lawyers with a few years PQE are still in demand. A lot of fear at the moment is driven by grads not having enough places at the law firm, but this does not apply to the whole legal sector as a whole, as the bottleneck would weed out supply of newly-minted lawyers.

Regards,
Zach
Reply With Quote
  #530 (permalink)  
Old 27-12-2015, 10:35 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Does the inhouse route follow a typical structured wage banding?

Lynne
Hey Lynne,

Inhouse legal salaries are driven a lot by the industry that you are exiting into and at what levels you are exiting at. One thing for certain is that your salary progression would not be as quick as you would enjoy if you were in a sizable law firm.
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
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
5,033 Replies, 2,800,408 Views
Fresh grad programmer earning... ( 1 2 3... Last Page)
59 Replies, 34,589 Views
Comp Science Frsh Grad Salary ( 1 2 3... Last Page)
644 Replies, 205,164 Views
Roles in accenture singapore ( 1 2 3... Last Page)
5,676 Replies, 1,419,639 Views
Engineer Pay ( 1 2 3... Last Page)
529 Replies, 318,740 Views
DBS tech seed programme ( 1 2 3... Last Page)
2,829 Replies, 925,107 Views
GovTech ( 1 2 3... Last Page)
3,524 Replies, 1,207,336 Views
ITE Polytechnic Scheme ( 1 2 3... Last Page)
208 Replies, 237,237 Views
How much are you earning per annum? ( 1 2 3... Last Page)
13,566 Replies, 5,663,984 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,057 Replies, 540,134 Views
ST Electronics ( 1 2 3... Last Page)
3,253 Replies, 1,064,318 Views
Career as Teacher ( 1 2 3... Last Page)
7,053 Replies, 4,477,200 Views
Lawyer Salary ( 1 2 3... Last Page)
18,851 Replies, 7,989,524 Views
Working in NEA ( 1 2 3... Last Page)
94 Replies, 117,562 Views
MOH Holdings ( 1 2)
13 Replies, 13,988 Views
Digital Academy Program at ST...
2 Replies, 191 Views
ST engineering starting pay ( 1 2 3... Last Page)
118 Replies, 83,963 Views
Compare civil service salary ( 1 2 3... Last Page)
15,142 Replies, 10,311,921 Views
Compare Your Annual Income ( 1 2 3... Last Page)
35 Replies, 10,626 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,264 Replies, 1,027,813 Views
SIA AO grades ( 1 2 3... Last Page)
111 Replies, 54,362 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,038 Replies, 3,610,430 Views
DBS ACE Programme ( 1 2 3... Last Page)
79 Replies, 24,855 Views
Singtel Management Associate... ( 1 2 3... Last Page)
1,184 Replies, 410,136 Views
IMDA (under MCI) ( 1 2 3... Last Page)
475 Replies, 233,003 Views
BCA (Building and Construction...
1 Replies, 189 Views
MOH (Ministry of Health) ( 1 2 3... Last Page)
33 Replies, 43,914 Views
Micron starting pay ( 1 2 3... Last Page)
663 Replies, 273,217 Views
How much CPF do u have? ( 1 2 3... Last Page)
66 Replies, 37,850 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 04:56 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2023, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2