Lawyer Salary

Originally Posted by Unregistered

Disagree. For the amount of work they do, I would argue that most law firms are getting a good deal on their junior associates. Where else would you find a bunch of young people willing to put their lives on hold for 2 to 3 years for a starting pay of 5-6k?

On the other hand, I think IB is grossly overpaid. How does it make economic sense to pay a starting salary upwards of 12 to 15k? In which universe, from an economic perspective, is a 24 year old actually worth that amount?

Both lawyers and IB are overpaid. Period.

Originally Posted by Unregistered

://.rollonfriday.com/TheNews/EuropeNews/tabid/58/Id/4235/fromTab/36/currentIndex/5/Default.aspx

"Exclusive: Singapore firm slaps down lawyer for spilling on slashed bonus"

Singapore firms are reducing their lawyers' bonuses and salaries, and one firm has disciplined one of its own lawyers for revealing details of the cuts.

Sources report that three of the so-called 'big four' firms in the country, Allen & Gledhill, Drew & Napier, Rajah & Tann, and Wong Partnership, have cut bonuses and, in some cases, reduced salaries. The country's biggest firm by headcount, Rodyk & Davidson, confirmed to RollOnFriday that the low end of its bonus had been dropped. A spokeswoman blamed "the regional ecomonic slowdown", saying that the last two years had been "exceptionally strong".

However that went down badly with at least one Rodyk & Davidson lawyer, who sent a photo of the email informing staff of the cuts to his friends. An insider says that the firm has now "taken action" against him, although its spokeswoman declined to clarify what the action was, telling RollOnFriday. "we cannot comment publicly about our internal employee management process".

since when was rodyk the "biggest firm by headcount"? must have been referring to the other notorious firm that starts with 'R'...

Originally Posted by Unregistered

Disagree. For the amount of work they do, I would argue that most law firms are getting a good deal on their junior associates. Where else would you find a bunch of young people willing to put their lives on hold for 2 to 3 years for a starting pay of 5-6k?

On the other hand, I think IB is grossly overpaid. How does it make economic sense to pay a starting salary upwards of 12 to 15k? In which universe, from an economic perspective, is a 24 year old actually worth that amount?

The bankers are definitely overpaid for what they're worth, being the social and economic parasites that they are. A monkey managing assets based on simple probability would probably make more money than an IB and ask for nothing more than peanuts.

Cleaners should be paid more than IB scums.

Originally Posted by Unregistered

Both lawyers and IB are overpaid. Period.

I'm paid approx $20 an hour, on average. I didn't know $20 an hour for a graduate is considered overpaid.

Any idea about in house counsels?

Originally Posted by Unregistered

Disagree. For the amount of work they do, I would argue that most law firms are getting a good deal on their junior associates. Where else would you find a bunch of young people willing to put their lives on hold for 2 to 3 years for a starting pay of 5-6k?

On the other hand, I think IB is grossly overpaid. How does it make economic sense to pay a starting salary upwards of 12 to 15k? In which universe, from an economic perspective, is a 24 year old actually worth that amount?

Put their lives on hold? I dont think so... Most young lawyers have seem to have it all.

Originally Posted by scboss

The bankers are definitely overpaid for what they're worth, being the social and economic parasites that they are. A monkey managing assets based on simple probability would probably make more money than an IB and ask for nothing more than peanuts.

Cleaners should be paid more than IB scums.

and what value do lawyers add to the economy other than creating unnecessary paperwork and creating a disadvantage for the poor?

Originally Posted by Unregistered

and what value do lawyers add to the economy other than creating unnecessary paperwork and creating a disadvantage for the poor?

The kneejerk reaction of ignoramuses is of course to blame the lawyers for creating unnecessary paper work. Just because we work with mountains of paper doesn't mean we create them.

Here's a secret: its not the lawyers who create unnecessary paperwork, its their clients.

Lawyers play an important role in helping businessmen protect the value of their businesses.

Originally Posted by Unregistered

The kneejerk reaction of ignoramuses is of course to blame the lawyers for creating unnecessary paper work. Just because we work with mountains of paper doesn't mean we create them.

Here's a secret: its not the lawyers who create unnecessary paperwork, its their clients.

Lawyers play an important role in helping businessmen protect the value of their businesses.

and bankers bring the law firms the most amount of $, just ask your partners.

who do you think makes the world economy tick?

Originally Posted by Unregistered

://rollonfriday.com/TheNews/EuropeNews/tabid/58/Id/4235/fromTab/36/currentIndex/5/Default.aspx

"Exclusive: Singapore firm slaps down lawyer for spilling on slashed bonus"

Singapore firms are reducing their lawyers' bonuses and salaries, and one firm has disciplined one of its own lawyers for revealing details of the cuts.

Sources report that three of the so-called 'big four' firms in the country, Allen & Gledhill, Drew & Napier, Rajah & Tann, and Wong Partnership, have cut bonuses and, in some cases, reduced salaries. The country's biggest firm by headcount, Rodyk & Davidson, confirmed to RollOnFriday that the low end of its bonus had been dropped. A spokeswoman blamed "the regional ecomonic slowdown", saying that the last two years had been "exceptionally strong".

However that went down badly with at least one Rodyk & Davidson lawyer, who sent a photo of the email informing staff of the cuts to his friends. An insider says that the firm has now "taken action" against him, although its spokeswoman declined to clarify what the action was, telling RollOnFriday. "we cannot comment publicly about our internal employee management process".

Singapore's homegrown firms may be feeling the pinch in an increasingly competitive market, with White & Case, Allen & Overy, Clifford Chance and Latham & Watkins all having won extensions this year to practice local law in Singapore until 2019.

A spokesman for Drew & Napier denied that the firm had made cuts, while Rajah & Tann and Wong Partnership did not respond to requests for comment.
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What we can confirm so far is:
(I) A&G, WongP, R&T, Rodyk have all cut their employees' salaries or bonuses (i.e. front loaded salaries). It is logical to assume that most other mid or small firms have followed, or would follow suit.
(II) Drew & Napier has not cut the salaries or bonuses of their employees.
(III) The disparity in remuneration between local and international firms is getting more and more significant. Some of the top international firms (e.g. magic circle firms) pay a 5-digit starting salary. Local firms are comparatively paying peanuts now.
(IV) With the economic downturn, and possibly economic crisis within the next 3-4 years, the situation will only become worse. Lawyers should prepare themselves for a career BEYOND their domestic Singapore capabilities, because the Singapore market alone is not big enough. Regional/international legal work will be important.