legal profession not worth it?
 

hi, heard that lawyers hit a pay cap of 7 to 8k monthly if you are not made partner. just wondering how true this statement is. is this already inclusive of bonus? is this the average rate? anyone able to elucidate?

it seems that slogging out 4 years in law school plus the stress and long working hours of legal practice, only to hit this sort of income ceiling is rather incommensurate. since most graduates would be able to hit this salary range with experience.

would love to understand more. thanks

Legal profession is very rewarding. There are people with less than 5 years exp making 10K p.m. in the larger law firms. Once you join the banks, the sky is the limit. I know of people with 10 years exp, making 20-25K p.m. However, you have to work very hard whilst you are in legal practice. No pain no gain right???

As a partner in a major law firm, I can say that the legal profession is very rewarding. But only if you are good (either at law or at rain making) and working in a big law firm or smaller but boutique firm. A 5th yearer can earn 10-12k pm easily. A 2nd to 3rd year junior partner can earn 25-35k. An equity partner (about 10 years PQE) from about 45k to 50k pm. After that, the sky's the limit. Top, top partners can earn anything up to 500k pm upwards.

Not so when the lawyers I know drives all the big cars out there ;), certainly not just 8K.