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05-05-2020, 02:12 AM
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Corporate retention rates in Big 4?
What are corporate and liti retention rates this year
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05-05-2020, 09:46 AM
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Anyone knows if the big firms are cutting associates already? What are your plans if you get cut?
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05-05-2020, 09:57 AM
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Quote:
Originally Posted by Unregistered
Anyone knows if the big firms are cutting associates already? What are your plans if you get cut?
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i plan to become an English teacher
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05-05-2020, 10:53 AM
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Quote:
Originally Posted by Unregistered
Anyone knows if the big firms are cutting associates already? What are your plans if you get cut?
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Im going to open a bakery to sell cakes.
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05-05-2020, 12:20 PM
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Quote:
Originally Posted by Unregistered
The front-loading thing may become a thing of the past. Half of the big 4 do not / no longer have it.
Even with front-loading, historically the bonus at big 4 firms (but excluding the special high-flying teams) tended to range from 0-3 months (based on front-loaded monthly pay), depending on performance (which isn't only based on the individual associate's performance). There are, of course, exceptions. The 0-3 months' range broadly correlates with 6-9+ months' bonus calculated against base pay (i.e. without front-load) spread over the 12-months' period.
Senior associate salaries tend to have the same structure as junior associates. However, note that some firms more readily give bigger increments to good performers, while others adhere more closely to the 'lock-step' norm.
I think this is a matter of degree - this shouldn't be seen as a binary ("no lock-step" v "100% lock-step").
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Thanks for this. What are the pros and cons of working at a firm that doesn't frontload? It seems like working at a frontload-firm will be better cos more financial stability esp in a recession when bonuses might get cut. Are Drew and Wong P the 2 firms that frontload?
Am wondering why people choose the other big four firms unless there are specific reasons like culture and fit
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05-05-2020, 01:44 PM
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I'm going to get my pdvl and drive grab for sometime and reassess career options. might swallow my pride and do community law instead too. at least lawyer still got some pride in the title and the laypeople dont really care about who practises what where.
yeah call me shallow or vapid, i don't care. pls tell me yall advising m&as at mc firms because of a strong sense of justice and a desire to help the oppressed, lmao. if i wasn't in this for the prestige and the money i'd have studied pol sci instead.
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05-05-2020, 02:14 PM
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Quote:
Originally Posted by Unregistered
Anyone knows if the big firms are cutting associates already? What are your plans if you get cut?
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Is the cut at corp liti or both
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06-05-2020, 06:43 AM
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Quote:
Originally Posted by Unregistered
Hmm.. Besides having to surmount cultural differences, aren't the legal industries in these jurisdictions fairly saturated too? Besides, the tax deductions and rent will munch a significant chunk of the salary.
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If the job market in Singapore is very good I can see these being issues (but is the job market very good)?
Just don't get why so I see so many people worrying on a micro-level about hiring and firing in the same few Singapore firms, but not even considering casting their net a little wider.
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06-05-2020, 01:08 PM
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Quote:
Originally Posted by Unregistered
If the job market in Singapore is very good I can see these being issues (but is the job market very good)?
Just don't get why so I see so many people worrying on a micro-level about hiring and firing in the same few Singapore firms, but not even considering casting their net a little wider.
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There's this misconception that fresh lawyers are being picky with jobs. The reality is that small firms rarely hire, less so in this economic climate. Their business model is to exploit the abundance of interns and trainees at slave wage. If you regularly look at job portals, you will always see the same few firms advertising.
Here's a few reasons why freshly called lawyers are shunned by the job market:
1. An experienced paralegal can do the same work for half the pay
2. Cheaper foreign lawyers can work as "executives" or "consultants" for half the pay (many small law firms are staffed by Malaysian and Filipino lawyers)
3. Interns and trainees can draft simple WOS, corp resos and simple contracts
4. Ministries / Stat boards do not bother about fresh grads for legal roles
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