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.
Tip Off ROF
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".
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It was definitely one of these though |
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.