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Today 01:37 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Damn. I just tendered my notice recently at a small firm to join a big firm. These posts about assocs being let go during recession are making me worried about my job security. gg man
Not only you.
A lot of people tendered in Jan/Feb and serving out their 3-month notices. Who would have known the coronavirus would become a pandemic?
Guess, just be prepared that youíll be let go during the probation period.
If the firm is nice they will say things like the economy not so good.
If they are not as kind, they will tell you your performance is poor.
The latter comment can be extremely detrimental to your mental health.
Today 01:30 PM
Unregistered Damn. I just tendered my notice recently at a small firm to join a big firm. These posts about assocs being let go during recession are making me worried about my job security. gg man
Today 11:02 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Any idea what's the sentiment on the ground in terms of private practice market? (local law firms)

that's the thing about our sh*ty immature/underdeveloped legal market. there's hardly any market intelligence or legal news sites like in London or HK. Need to rely on word of mouth

are there firms where junior and mid-level assocs are in danger of being let go?
IMF already said the world is in a global recession and this is expected to be worse than 2008-9 GFC. Iíll be worried if I were going to qualify in August this year. 720+ new lawyers.
In a good market, our economy (incl international firms in Sg) can absorb about 400.
Now with this, maybe down to 50-100?
Today 12:19 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
This is unprecedented. Itíll be worse than GFC in magnitude.
As an employment lawyer, I can tell you that firms will use the probationary period to let newly hired associates go.
Thereís also standard clauses in employment contracts to say that the firm is not required to provide you any work.
Any idea what's the sentiment on the ground in terms of private practice market? (local law firms)

that's the thing about our sh*ty immature/underdeveloped legal market. there's hardly any market intelligence or legal news sites like in London or HK. Need to rely on word of mouth

are there firms where junior and mid-level assocs are in danger of being let go?
Yesterday 06:18 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Not directly relevant, but Big4 TCs weren't too difficult to secure back in '08
What no one told you was how many of these TCs were converted to perm Assoc roles?
Yesterday 05:32 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Is 100k pa all-in too much to ask to exit at 3PQE?
I can tell you that my last offer for an in-house role was 104k (13 mths) at pqe 4.... but that was also before the current shitty economy.
Yesterday 04:18 PM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Hi OP - can you share more about what you have heard about the 2008 retrenchments, in particular the big 4 local firms?
Not directly relevant, but Big4 TCs weren't too difficult to secure back in '08
Yesterday 11:58 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
The disputes folks are safe. They had so much disputes/rni work in my firm during the GFC that they had to start conscripting the corp folks (who had no work).
This is unprecedented. Itíll be worse than GFC in magnitude.
As an employment lawyer, I can tell you that firms will use the probationary period to let newly hired associates go.
Thereís also standard clauses in employment contracts to say that the firm is not required to provide you any work.
Yesterday 11:25 AM
Unregistered The disputes folks are safe. They had so much disputes/rni work in my firm during the GFC that they had to start conscripting the corp folks (who had no work).
Yesterday 10:31 AM
Unregistered
Quote:
Originally Posted by Unregistered View Post
Is 100k pa all-in too much to ask to exit at 3PQE?
In this economic climate, the higher the pay, the quicker youíll be let go.
If youíre 3pqe and draw $6k compared to a NQ drawing $10k-$14k in the magic circle, who will be asked to go first?

Simple logic. If even govt ministers are not taking any salary for an entire financial quarter, why is the 3pqe lawyer so special?
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