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?

Why would banks hire people who bring in lesser value than their compensation?

Anw most of the time a fresh grad's starting salary even at BB banks is only around 10k.

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?

Our universe.

Mark Zuckerberg
Emma Watson
Daniel Radcliffe

The list goes on...

Originally Posted by Unregistered

Our universe.

Mark Zuckerberg
Emma Watson
Daniel Radcliffe

The list goes on...

and all 3 of them create value. does your average 24 year old plugging away at an excel spreadsheet create value?

Originally Posted by Unregistered

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.

Can confirm that (1) is wrong. Just asked my friends.

OK, so end of the year is coming. That means 2016 is coming. That means bonus season is coming. That means for all the overworked and dissatisfied associates, its time to think about jumping to greener pastures!!!

All across the board industry-wide, firms are using the excuse of a "recession" to push salaries downwards. Let's help one another out by bringing more transparency to this area.

State your salary, PQE, expected bonus, any change from previous years. Name the firm too if it doesn't jeopardize you...there are only that many mid-to-big size law firms in Singapore. eg:

Firm: XYZ LLP
PQE: 2
Salary: XXXX
Expected bonus: XX months

Say NO to exploitation!

Originally Posted by Unregistered

Can confirm that (1) is wrong. Just asked my friends.

Its not that your friend is wrong but your friend may not realise that the cut is not across the board in these firms. Some dept get deeper cuts while others remain intact, depending on whether the targets are met.

Originally Posted by Unregistered

OK, so end of the year is coming. That means 2016 is coming. That means bonus season is coming. That means for all the overworked and dissatisfied associates, its time to think about jumping to greener pastures!!!

All across the board industry-wide, firms are using the excuse of a "recession" to push salaries downwards. Let's help one another out by bringing more transparency to this area.

State your salary, PQE, expected bonus, any change from previous years. Name the firm too if it doesn't jeopardize you...there are only that many mid-to-big size law firms in Singapore. eg:

Firm: XYZ LLP
PQE: 2
Salary: XXXX
Expected bonus: XX months

Say NO to exploitation!

You are only exploited if you let yourself be. Ultimately, pay is only one factor and we all roughly know how much the pay scales are from word-of-mouth so I'm not sure if a public declaration on this site is necessary... I'm keen to know what are the pay scales for non-magic circle foreign firms though!

can any experienced seniors tell me if its worth going to private practice if i dont want to make partner or go in-house? have decided that neither of these options appeal to me and i want to have a non-law career. shld i still try for practice or shld i just go straight to non-law.

Originally Posted by Unregistered

can any experienced seniors tell me if its worth going to private practice if i dont want to make partner or go in-house? have decided that neither of these options appeal to me and i want to have a non-law career. shld i still try for practice or shld i just go straight to non-law.

I don't think any of us really has an answer to this question.

Let's face it. Most of us in this world have to make a living doing things that we don't absolutely love. Lawyers are no different. I wish I could tell you I was passionate about my job, but I'm not. I'm just another paper pusher trying to get by in a harsh, expensive world. My job pays for three square meals and allows for some trappings of luxury, and I'm satisfied.

You seem like you're close to graduation, and if you choose to do something non-law, you do so with your eyes wide open. You'll be forsaking the safety of an industry which pays well above market rate for the wild unknown. If you are confident that you're a smart, enterprising individual who can find a better job or start a successful business, by all means follow your dream.

If however you simply wish to "do something else" because our hard work and long hours seem unpalatable, you'll probably end up disillusioned because there's no free lunch (or in fact, no easy lunch) in this world unless you're born with a silver spoon in your mouth. Everywhere you go in this country, your employer will work you to the bone. If you're destined to work hard anyway you might as well do law, which at least compensates you for it.

Actually I don't think lawyer working hours are really that bad considering the pay. Most of my friends in this field are reporting 80 hour work week on average and drawing 5k+ for associate and bonus easily 4-6 mths depending on firm.

Compare to let's say an audit associate in Big 4, all-in maybe 70 hours a week drawing 2.8k + 2 months bonus. Given a choice most people will still choose lawyering.