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28-04-2019, 08:18 PM
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Quote:
Originally Posted by Unregistered
So this means that the actual pay without bonus is only 3.6k? That’s pathetic!
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One must be in law for the right reasons, i.e. to help people.
Money should never be the main reason why you are in law.
There are other careers for intellectual people to earn enough, such as being an investment banker.
If you start out in law with a good heart and genuinely want to help people, the rewards will follow. This was shared to me by a senior.
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28-04-2019, 11:28 PM
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Quote:
Originally Posted by Unregistered
One must be in law for the right reasons, i.e. to help people.
Money should never be the main reason why you are in law.
There are other careers for intellectual people to earn enough, such as being an investment banker.
If you start out in law with a good heart and genuinely want to help people, the rewards will follow. This was shared to me by a senior.
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Oh sod off. We are in salary sg for a reason.
We don't need your moralistic preaching here.
Whether or not we want to help people or not has nothing to do with wanting to know the market rate and payscale.
BTW, tell that to your senior partner, or even Chinatown sole practitioner struggling to cover his over heads and constantly being undercut by all his competitors, whether the rewards will follow a good heart.
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29-04-2019, 09:43 AM
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I am so glad to have exited this legal rat race - I have been in those international top firms, and now I am much happier in one of the top Fortune 100 company. Salary is slightly lower after the move, but the trauma and the bullying of those firms are not worth it.
Anyway, I was from SMU.
Quote:
Originally Posted by LegalBeagle
Been there done that young un... Year 4 Associate at a White Shoe firm in SG, full Cravath rates. And I took a huge discount coming over from an MC firm, where i was already a senior associate. The pay is amazing but the life is crap.
I can’t speak for all MC firms, but i’ve been in CC and i’m well aware that if you’re a trainee in an MC firm and you’re going home at 7pm, you’re in a spot of trouble. CC’s annual utilisation requirements for associates is 1800 billable hours. And when you factor in sick leave, holidays, reservist etc, you need at least 8+ billable hours a day to hit that target.
As an associate in CC if you miss that target, you get a measly half month bonus, and nasty looks from a grumpy boss. If you consistently miss that target as a trainee, I would suggest you start preparing your CV, as MC firms are big on utilisation and they don’t like deadweights.
You might think 8 hours a day ain’t half bad. You can cram those in from between 9am and 7pm. Well, wait till you become an Associate and start managing trainee development programmes, BD, billing, matter management, knowhow, internal events, business travel and other activities which take up craploads of time without upping your utilisation. Then revisit this thread and tell me whether averaging 8 billable hours a day is a walk in the park.
And then, if you ever make the jump to a white shoe firm... 2100 billable hours a year await you.
Still think practice is going to be a walk in the park?
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29-04-2019, 11:21 AM
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Quote:
Originally Posted by Unregistered
Should still be about $2k. I haven't heard of anyone getting $2.5k, but maybe some firms do it.
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International firm - am getting 2.5k for TC
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29-04-2019, 11:23 AM
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Quote:
Originally Posted by Unregistered
Is this still accurate? Also, does anyone know what the bonus structure is like in law firms? I’m assuming that the numbers above are pre-bonus, so after front loading a 4.5k monthly salary may become 5.6k?
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JLC/AGC numbers are pre-bonus and allowance. But still nowhere near international firms.
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29-04-2019, 01:05 PM
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Quote:
Originally Posted by Unregistered
International firm - am getting 2.5k for TC
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Do you reckon negotiating an offered honorarium would be a wise choice? Or do most people accept the offer off the bat?
Don’t wanna jeopardise the offer but few hundred is few hundred (some here might say it’s scraps 😛 
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29-04-2019, 02:25 PM
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KCP
does anyone know how much KCP pays for year 1 year 2 associate?
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29-04-2019, 07:13 PM
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Quote:
Originally Posted by Unregistered
Do you reckon negotiating an offered honorarium would be a wise choice? Or do most people accept the offer off the bat?
Don’t wanna jeopardise the offer but few hundred is few hundred (some here might say it’s scraps 😛 |
It's pretty much market rate/fixed in firm. No one negotiated for it one - you will be viewed as a guailan person (even if you have ridiculously strong grades).
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