Lawyer Salary

Originally Posted by Unregistered

Heard that it's going to fall quite substantially this year by 800-1k.

Nah dont think that will happen. Salaries are quite resistant to change. At most a few hundred difference.

Originally Posted by Unregistered

Heard that it's going to fall quite substantially this year by 800-1k.

that's what they said for last year too. didn't happen.

In most of the established bigger firms, base salaries are likely to remain the same. while we won't be seeing increases, there isn't likely going to be a reduction in base salaries. can't say the same of course, for the one or two man law firms.

what is likely to happen though, is the shifting of the frontloading component back to a discretionary bonus component, which will then be cut.

as such, all-in takehome compensation will still fall, but at least you can still take home a neat monthly paycheck every month. that is of course cold comfort when you see your end year bonus though, by which time you will seriously think about rage quitting and start applying to other firms...

Originally Posted by Unregistered

as such, all-in takehome compensation will still fall, but at least you can still take home a neat monthly paycheck every month. that is of course cold comfort when you see your end year bonus though, by which time you will seriously think about rage quitting and start applying to other firms...

Apply to which firms if this is an industry practise?

Originally Posted by Unregistered

Apply to which firms if this is an industry practise?

Look the bonus or lack thereof is merely the catalyst to leave. The real reasons are because you cant stand the job, the environment, your boss, you feel unappreciated, there's a more attractive firm etc. It is all highly subjective and the grass is always greener at the other boiler room and all that jazz

Anyway the industry isnt a cartel. So it may be possible to find a better firm in terms of remuneration balanced against the job scope

Originally Posted by Unregistered

that's what they said for last year too. didn't happen.

In most of the established bigger firms, base salaries are likely to remain the same. while we won't be seeing increases, there isn't likely going to be a reduction in base salaries. can't say the same of course, for the one or two man law firms.

what is likely to happen though, is the shifting of the frontloading component back to a discretionary bonus component, which will then be cut.

as such, all-in takehome compensation will still fall, but at least you can still take home a neat monthly paycheck every month. that is of course cold comfort when you see your end year bonus though, by which time you will seriously think about rage quitting and start applying to other firms...

So in conclusion, compensation will still be cut. Cold comfort indeed.

Well, anywhere you go it's a boiler room. Unless you go to the one/two man show. LAs work to the bones until they make partner. Yeah and 7 years of consecutive late nights everyday year in year out, it will show in terms of health, relationships, social.

What's a rough figure for number of months bonus for junior lawyers nowadays, including the front load?

Originally Posted by Unregistered

What's a rough figure for number of months bonus for junior lawyers nowadays, including the front load?

1 to 3 months

Hey guys!

Was just wondering something.

1. Correct me if I'm wrong, but it seems like going overseas for LLB is a fad. Other than some prestige and the fact that it is easy to get good grades, seems like there is no point?

2. Local law students seem to have the same opportunities (trainee contract, pay, Big 4 firms) as the overseas grads, barring a first from Oxbridge of course. The only way to really lose out is I guess UK grads with firsts probably make it into Magic Circle firms in Singapore much more easily, but I mean how often does that even happen anyway??

3. Law is not my first choice but I have an SMU offer for a double degree (w/ Accounting) so I am considering this option. Do you guys think I should drop the Accounting degree?

4. Also, my dad has quite a significant law practice and my aunt is at CC. If I do law, should I try to join my dad or try for a Big 4 firm? In terms of career progression I want to choose the best option. It would be nice to work for my dad but I don't want to ride on his coat-tails. I'm not even sure if I can take over his firm in the future seeing that they are expaning and have many capable people.

Anybody care to comment?

Originally Posted by Wonderer

Hey guys!

Was just wondering something.

1. Correct me if I'm wrong, but it seems like going overseas for LLB is a fad. Other than some prestige and the fact that it is easy to get good grades, seems like there is no point?

2. Local law students seem to have the same opportunities (trainee contract, pay, Big 4 firms) as the overseas grads, barring a first from Oxbridge of course. The only way to really lose out is I guess UK grads with firsts probably make it into Magic Circle firms in Singapore much more easily, but I mean how often does that even happen anyway??

3. Law is not my first choice but I have an SMU offer for a double degree (w/ Accounting) so I am considering this option. Do you guys think I should drop the Accounting degree?

4. Also, my dad has quite a significant law practice and my aunt is at CC. If I do law, should I try to join my dad or try for a Big 4 firm? In terms of career progression I want to choose the best option. It would be nice to work for my dad but I don't want to ride on his coat-tails. I'm not even sure if I can take over his firm in the future seeing that they are expaning and have many capable people.

Anybody care to comment?

The only UK schools worth going are Oxford and Cambridge. Apart from that, local students are favoured in every law job in Singapore. Just look at e.g the firm which your aunt is in, CC. The Trainees they have taken in hail mostly from NUS, with the occasional Oxbridge and perhaps one from SMU. None from even UCL/LSE. You can confirm this with your aunt.

Most students will drop their double degree. But you don't have to decide now, can drop in your second year.

As for working for your dad or big 4, don't need to think about it so early, just try to do well in school and get at least a second uppers or magna cum laude, without which you will not be able to get into any decent firm anyway. So if you end up performing poorly in SMU, you have no choice but to join your dad. Can just take things as they come.