Answers below;
Law professors are not always the best source of information
Part of a law professor's job is student recruitment. They will not be dishonest but unless they know you on a personal basis, they will also never tell you anything that might discourage you from applying.
Your engineering background probably help... but only a bit
There are several different groups of professionals working in the IP field in Singapore. Two of the main types of IP professionals are IP Agents/Attorneys and IP Lawyers.
IP Agents/Attorneys are professionals with a background in engineering or the natural sciences. They tend to focus on patent work and deal with the technical aspects of such work. They are usually not fully qualified lawyers and instead take a separate patent agent qualification exam. They will also take a Graduate Certificate in Intellectual Property Law instead of a full law degree.
IP Lawyers are fully qualified lawyers. Some of their work will overlap with that of IP Agents/Attorneys. However, they are unlikely to be as involved as IP Agents/Attorneys in actual technical work (since most IP Lawyers will not have engineering/science degrees). Instead, they will focus more on the provision of legal advice pertaining to IP processes, administration and protection/enforcement. Because of this more general focus, IP lawyers (especially
junior IP lawyers) are unlikely to focus solely on patent law and would also look at copyright, trademark and possibly licensing issues.
Assuming you have engineering experience and you're an IP lawyer, you will probably be better able to communicate with the IP Agents/Attorneys at your firm. You will also be likely to have an edge over your fellow lawyers since you will be more familiar with the relevant technical issues. However, assuming you work in a law firm, your job will solely be that of an IP Lawyer and not an IP Agent/Attorney so you should not expect to get any special treatment just because you have an engineering degree.
You're unlikely to get an accelerated pay rise
If you perform better than your peers, you might earn a better bonus and receive earlier promotions. But this will be based on your performance as a lawyer, not because you have an engineering degree.
Also please understand that the economy is bad and legal salaries for junior lawyers have been on the decline. Tailor your expectations accordingly.
What are IP Agents/Attorneys? Where can I find out more?
You can refer to the Intellectual Property Office of Singapore website -http://www.ipos.gov.sg/IPforYou/IPforProfessionals/TypesofIPProfessionals/PatentAgentsInformation.aspx
You might also be interested in checking out this brochure from NTU's recent career fair that contains job descriptions for IP Agent/Attorneys and expected salaries etc. -
http://www3.ntu.edu.sg/cao2/CareerFa...%20Trainee.pdf
Other alternatives
Instead of jumping directly from your engineering degree into law school, you might consider working as an IP Agent/Attorney first. Actual practical experience in this field might earn you more recognition and money than an engineering degree with zero actual experience. Also, if you secure a position as an IP Agent/Attorney with an international law firm and work there for a while, they will probably also be more keen to take you on as a full lawyer after you finish law school. International law firms tend to pay better than local firms.
Disclosure
I am not an IP lawyer.