Exclusive: Talwar Thakore & Associates (TTA) has hiked its starting graduate retainer salary to Rs 10.5 lakh alongside base pay-band increases of between 10 and 20 per cent across the board.
Newly qualified associates’ base pay has increased from Rs 8.4 lakh last year to Rs 10.5 lakh per annum this year, excluding the bonus element which is understood to range from between 0 and 40 per cent.
The most junior basic pay-bands have been increased by around 20 per cent, with more senior associates taking pay-hikes tapering down to roughly 10 per cent.
TTA partner Feroz Dubash commented: “We raised salaries across the board including newly qualified associates. It reflects our desire to share our growth with associates as well as what we think are market conditions.”
“We don’t see this as a retention tool,” added Dubash. “So far we’ve been pretty lucky. We actually haven’t lost a lot of associates and we’re not looking to aggressively recruit over the next year.”
TTA has hired only one newly qualified associate this from Symbiosis Pune following an internship.
Similar to the model followed by TTA’s best-friend firm Linklaters in the UK, associate salaries increase in a strict lockstep fashion at the firm year-by-year.
In the first three years of post-qualification experience (PQE), it is understood that associates salaries increase by relatively minor amounts.
But when becoming a four-year PQE the base salary increases by roughly 50 per cent again, with an increment a little below that in the fifth year, according to a lawyer at the firm.
The pay-hike takes TTA near the top of Legally India’s starting salary league table, with only S&R Associates, Khaitan & Co Mumbai, AZB & Partners Mumbai and Trilegal paying slightly higher base packages after significant hikes in August of last year.
It is understood that several firms are in the process of evaluating their base salaries over the coming months.