Lawyer Salary

NQ pay had stagnated for the last ten years. We are living in a SUPER high pressure cooker now. THIS why so many JUMPERS, siaolang and idiots EVERYWHERE. And now kids also start young & become Siao Lang. THIS society is super toxic for growth, be it mental or monetary.

Originally Posted by Unregistered

NQ pay had stagnated for the last ten years. We are living in a SUPER high pressure cooker now. THIS why so many JUMPERS, siaolang and idiots EVERYWHERE. And now kids also start young & become Siao Lang. THIS society is super toxic for growth, be it mental or monetary.

All because of uk grads

Originally Posted by Unregistered

All because of uk grads

Its not lah. Speaking as a practising lawyer of >5pqe, as much as I've seen much more cmi foreign than local grads in the course of my short career, the low pay here is simply a function of the Singapore economy.

Law is a quaternary industry. We (lawyers) service the service providers (e.g. banks/FIs). Ultimately, the legal industry will only be as profitable as the underlying client base.

Singapore is nowhere near as big a financial hub as we think we are, compared to the alpha world cities. We are by no means a major equities capital market. Our private wealth sector is just starting to take off, and this isn't a big money spinner for law in absolute terms. We're only constantly led to believe we're a major financial hub because the southeast asian competition (KL, Jakarta, Manila, BKK) is so cui, relatively speaking.

The low pay in the industry is simply cos SG law firms are simply not profitable. And they're not profitable because the economy can't support it.

If you need an analogous reference, go find out how much an average Malaysian lawyer is paid. Then compare the size of the M'sian financial sector to that of Singapore's.

Originally Posted by Unregistered

All because of uk grads

you hide in office toilet and wait for the uk grad?

Originally Posted by Unregistered

Its not lah. Speaking as a practising lawyer of >5pqe, as much as I've seen much more cmi foreign than local grads in the course of my short career, the low pay here is simply a function of the Singapore economy.

Law is a quaternary industry. We (lawyers) service the service providers (e.g. banks/FIs). Ultimately, the legal industry will only be as profitable as the underlying client base.

Singapore is nowhere near as big a financial hub as we think we are, compared to the alpha world cities. We are by no means a major equities capital market. Our private wealth sector is just starting to take off, and this isn't a big money spinner for law in absolute terms. We're only constantly led to believe we're a major financial hub because the southeast asian competition (KL, Jakarta, Manila, BKK) is so cui, relatively speaking.

The low pay in the industry is simply cos SG law firms are simply not profitable. And they're not profitable because the economy can't support it.

If you need an analogous reference, go find out how much an average Malaysian lawyer is paid. Then compare the size of the M'sian financial sector to that of Singapore's.

It's also a function of how the local firms are so heavily tilted towards lining the pockets of the senior ranks, especially the EPs. Many of them earn more than their equivalents in international firms, and they can well afford to increase junior associates' pay, but they simply choose not to.

Originally Posted by Unregistered

It's also a function of how the local firms are so heavily tilted towards lining the pockets of the senior ranks, especially the EPs. Many of them earn more than their equivalents in international firms, and they can well afford to increase junior associates' pay, but they simply choose not to.

I guess this may be true.

If our local firms' pay were more evenly distributed as in the Anglo firms, then average profit per equity partner (PEP) for one of our local Big4 firms is likely to be equivalent to a Midlands or Northern UK firm, e.g. those headquartered outside London in cities like Birmingham, Leeds or Manchester. Firms like Shoosmiths, Mills & Reeve, Burges Salmon, Hill Dickinson.

Anybody did a CIPP? Any resources/tips on how to study prepare for it? Is it worth it to get? TIA

Originally Posted by Unregistered

Its not lah. Speaking as a practising lawyer of >5pqe, as much as I've seen much more cmi foreign than local grads in the course of my short career, the low pay here is simply a function of the Singapore economy.

Law is a quaternary industry. We (lawyers) service the service providers (e.g. banks/FIs). Ultimately, the legal industry will only be as profitable as the underlying client base.

Singapore is nowhere near as big a financial hub as we think we are, compared to the alpha world cities. We are by no means a major equities capital market. Our private wealth sector is just starting to take off, and this isn't a big money spinner for law in absolute terms. We're only constantly led to believe we're a major financial hub because the southeast asian competition (KL, Jakarta, Manila, BKK) is so cui, relatively speaking.

The low pay in the industry is simply cos SG law firms are simply not profitable. And they're not profitable because the economy can't support it.

If you need an analogous reference, go find out how much an average Malaysian lawyer is paid. Then compare the size of the M'sian financial sector to that of Singapore's.

Absolutely agreed. We're a big fish in a small pond, and the players here are just not ready to pay the fees which international firms (even lesser, non-white shoe or non-magic circle firms) command.

Originally Posted by Unregistered

Its not lah. Speaking as a practising lawyer of >5pqe, as much as I've seen much more cmi foreign than local grads in the course of my short career, the low pay here is simply a function of the Singapore economy.

Law is a quaternary industry. We (lawyers) service the service providers (e.g. banks/FIs). Ultimately, the legal industry will only be as profitable as the underlying client base.

Singapore is nowhere near as big a financial hub as we think we are, compared to the alpha world cities. We are by no means a major equities capital market. Our private wealth sector is just starting to take off, and this isn't a big money spinner for law in absolute terms. We're only constantly led to believe we're a major financial hub because the southeast asian competition (KL, Jakarta, Manila, BKK) is so cui, relatively speaking.

The low pay in the industry is simply cos SG law firms are simply not profitable. And they're not profitable because the economy can't support it.

If you need an analogous reference, go find out how much an average Malaysian lawyer is paid. Then compare the size of the M'sian financial sector to that of Singapore's.

Lets face it, even the international firms know Singapore is in a decline due to a decade of mismanagement, hence they know to pay accordingly in Singapore (ergo, not much).

Much better prospects to set up shop in HK, Shanghai, Sydney.

Originally Posted by Unregistered

Lets face it, even the international firms know Singapore is in a decline due to a decade of mismanagement, hence they know to pay accordingly in Singapore (ergo, not much).

Much better prospects to set up shop in HK, Shanghai, Sydney.

Mismanagement in what sense? Care to elaborate?