Lawyer Salary

Originally Posted by Unregistered

Haha saw what you did there!

How many of you fall into the category of this:
You were working in another field. Before the delisting occurred, you/your parents decided that law is a specialised professional field and you decided to scrimp and save every cent from working the past 3-4 years, including contribution from your parents, siblings to go overseas to study (albeit a delisted university since at that point it wasn’t delisted) and the delisted universities tend to be more accommodating to mature candidates (though not really mature cos I’m not 35 and above/married w kids etc).

How many of you now then fall into this trap where you have no problem securing a tc with a small/mid size but that firm now doesn’t need you / have no inclination to retain?

And you’re now at risk of going back to your old profession cos law doesn’t seem lucrative after all?

Originally Posted by Unregistered

How many of you fall into the category of this:
You were working in another field. Before the delisting occurred, you/your parents decided that law is a specialised professional field and you decided to scrimp and save every cent from working the past 3-4 years, including contribution from your parents, siblings to go overseas to study (albeit a delisted university since at that point it wasn’t delisted) and the delisted universities tend to be more accommodating to mature candidates (though not really mature cos I’m not 35 and above/married w kids etc).

How many of you now then fall into this trap where you have no problem securing a tc with a small/mid size but that firm now doesn’t need you / have no inclination to retain?

And you’re now at risk of going back to your old profession cos law doesn’t seem lucrative after all?

This is common knowledge and has been repeated many times here, but I think must be said again for the benefit of mid career people contemplating a switch to law:

Law is only lucrative if EITHER: (i) you got into NUS/SMU law, paying local undergrad school fees, OR (ii) you could only get into 2nd tier UK/Aus unis but family is wealthy enough to fund overseas studies without feeling any pinch, OR (iii) you got into Oxbridge.

For mid-career switchers, you need to think long and hard about the costs of a 2nd degree in law (which is essentially considered a 1st degree) plus the opportunity costs of halting your current earnings.

Remember, a law degree is NOT A PROFESSIONAL DEGREE (at least not under the Commonwealth, non-US/Canada common law system). It is a FIRST QUALIFYING DEGREE - for all intents and purposes, its an undergraduate degree.

Getting a second degree in law is NOT like getting an MBA. Don't expect a salary premium unlike say an MBA where, if you go into management consulting, you can leapfrog the Analyst position and enter straight as an Associate (with higher pay).

As a 2nd degree LLB grad, you will still need to hustle with all the other undergrads for TCs/jobs and endure the kind of underpaying salaries and exploitative hours that the legal industry in Singapore is known for (note: this refers to local/Singapore law practices only).

Some of you might, even after spending tens of thousands of pounds to acquire a 2nd degree from a UK uni (to a lesser extent this also applies to getting a GLB/JD from NUS or SMU), still have to settle for Chinatown law firm positions paying peanuts and servicing man-in-the-street clients who can't pay.

Don't get me wrong - there's certainly nothing wrong with doing community law work. It is respectable even, but the truth is, it doesn't pay, and that will reflect in your salary as a legal associate working in these firms.

I'm saying this so that future mid career professionals will think very carefully before they decide to make the jump.

Originally Posted by Unregistered

This is common knowledge and has been repeated many times here, but I think must be said again for the benefit of mid career people contemplating a switch to law:

Law is only lucrative if EITHER: (i) you got into NUS/SMU law, paying local undergrad school fees, OR (ii) you could only get into 2nd tier UK/Aus unis but family is wealthy enough to fund overseas studies without feeling any pinch, OR (iii) you got into Oxbridge.

For mid-career switchers, you need to think long and hard about the costs of a 2nd degree in law (which is essentially considered a 1st degree) plus the opportunity costs of halting your current earnings.

Remember, a law degree is NOT A PROFESSIONAL DEGREE (at least not under the Commonwealth, non-US/Canada common law system). It is a FIRST QUALIFYING DEGREE - for all intents and purposes, its an undergraduate degree.

Getting a second degree in law is NOT like getting an MBA. Don't expect a salary premium unlike say an MBA where, if you go into management consulting, you can leapfrog the Analyst position and enter straight as an Associate (with higher pay).

As a 2nd degree LLB grad, you will still need to hustle with all the other undergrads for TCs/jobs and endure the kind of underpaying salaries and exploitative hours that the legal industry in Singapore is known for (note: this refers to local/Singapore law practices only).

Some of you might, even after spending tens of thousands of pounds to acquire a 2nd degree from a UK uni (to a lesser extent this also applies to getting a GLB/JD from NUS or SMU), still have to settle for Chinatown law firm positions paying peanuts and servicing man-in-the-street clients who can't pay.

Don't get me wrong - there's certainly nothing wrong with doing community law work. It is respectable even, but the truth is, it doesn't pay, and that will reflect in your salary as a legal associate working in these firms.

I'm saying this so that future mid career professionals will think very carefully before they decide to make the jump.

hear hear.

Just wanted to know a 28 years old male lawyer
How much savings should I have?
I spend minimally. Qualified in August 2016.
Have barely $30k in total savings.
Worked as Associate from August 2016 to August 2018 on $5.5k a month (no increment but bonus 2-3 months a year). Now on a break as finding a new role.

Is this too little in savings?

Originally Posted by Unregistered

Just wanted to know a 28 years old male lawyer
How much savings should I have?
I spend minimally. Qualified in August 2016.
Have barely $30k in total savings.
Worked as Associate from August 2016 to August 2018 on $5.5k a month (no increment but bonus 2-3 months a year). Now on a break as finding a new role.

Is this too little in savings?

If you can save about $2k a month, x 24 months = $48k, plus 4 months bonus should have $70k or so. Why only $30k?

Originally Posted by Unregistered

If you can save about $2k a month, x 24 months = $48k, plus 4 months bonus should have $70k or so. Why only $30k?

Mate you gotta work on your math and reading comprehension

Originally Posted by Unregistered

If you can save about $2k a month, x 24 months = $48k, plus 4 months bonus should have $70k or so. Why only $30k?

This calculation is correct only assuming you can really save $2k a month, and do not go on holidays with your bonus. Not entirely realistic.

Originally Posted by Unregistered

This calculation is correct only assuming you can really save $2k a month, and do not go on holidays with your bonus. Not entirely realistic.

Also forgets that CPF is deducted from bonus as well. And that while there have been two bonus cycles since Aug 2016, the first year bonus (in Jan 2017, if any) will have been prorated.

Originally Posted by Unregistered

Also forgets that CPF is deducted from bonus as well. And that while there have been two bonus cycles since Aug 2016, the first year bonus (in Jan 2017, if any) will have been prorated.

Plus taxes! Good old taxes

I am in a large firm called in 2016 and also UK qualified. The firm has since asked me to resign.
A 5 man sized law firm is willing to employ me but at a approx 50% pay cut (4.5k).
This is the only offer I can get. Should I take it or leave the legal profession?