Due to the strong upturn in the property market, conveyancing lawyers are now in big demand, as reported in Sunday Times today.
In conveyancing, the lawyer helps clients lodge caveats, perform checks, process property transactions, etc. – boring stuff compared to corporate work and litigation.
Moreover, the conveyancing lawyer earns much less compared to his counterparts in other fields, even though they all start on more or less the same footing, earning a salary of $4,000 per month.
The Sunday Times article cited Mr Cedric Tay as an example. The former corporate lawyer took home $400,000 a year before he turned to conveyancing. His income is now less than $200,000 per year. (The article did not explain why he made the switch…)
The perceived lower income, coupled with the unglamorous work, should explain why the supply of conveyancers do not adequately meed the demand for them.
Maybe an easy way to solve this problem is to, er, pay them more!