Indeed. They make enough to be flashy, but nowhere near enough to have the security that comes with intergenerational wealth. I see this among PAs and salaried Partners. They have convinced themselves that they are high rollers, but seem to be living a high-expenditure lifestyle (frequent foreign holidays, a mid-range german car, iPhone/Mac exclusive users, and most obnoxiously, this watch fetish that seems to have caught on).
PAs making 60L and Partners making 90L (these are great salaries no doubt), but so many people in tech, consulting, and corporate gigs make around these figures (often at a slightly lower relative age). They don't behave like this.
Agreed. And if you take the hours they put in under consideration, then lawyers do not make a decent living.
What I really don't understand or a fan of is the expectation of gratitude amongst employers and their loyal associates. On multiple occasions I have heard "we get paid to be available on Saturdays or cancel our plans". No dickhead. A few lakhs for a work which makes employer crores does not warrant slavery.
Dude lawyers don't only mean pa's and rps, they include advocates with a large practice making a great living. They are not poor by any chance and quite influential in most circles and well.
I'm not talking about a Harish salve, but your regular high court lawyers with flashy offices with 10 yrs practice. With the cash underhand, they cud actually be amongst the richest of this country.
Bullshit. Most millennials earning these salaries tend to YOLO... I'd argue that your lifestyle creep has nothing to do with your profession and more to do with what sort values you've internalised as a person, family background, peer group, the city you live in etc. etc.
It is a fact that lawyers (like bankers and, to an extent, consultants) are generally 'sell-side' analysts and in order to compete in a crowded services market need to keep-up-with-the-joneses to an extent. But to argue that corporate lawyers sui generis drive more expensive cars or splurge more on experiences, when adjusted for their take home salaries, compared to bankers or other highly paid professionals living in the same city, is preposterous.
For context, if any of you have worked in lower parel, the usual car that a CAM/AZB/Trilegal PA or salaried partner drives is a City, Creta, Jeep, Vento or equivalent. The germans are usually reserved for more senior (equity) partners or for people who have family homes in the city and hence not burdened by home loan EMIs. I'd say your typical banker is the same, except some of them make outsized bonuses if business has done well in that year which actually leads to the bankers spending more on useless luxury than your typical lawyer. Don't compare with the tech-bros of Bangalore and Hyderabad who are at another level altogether with their stock options and $ adjusted base comps.
The PAs and salaried partners that you have seen are probably from either an affluent family already or do not have a burden of paying off home
loan EMIs. I have interned at the both the Bangalore office of Khaitan and Mumbai office of Trilegal to speak for the same. The PA that I worked with had a 2019 Creta which is a great car for someone in their early 30s and most SA’s had cars like city, nexon, verna etc. Associates mostly came on metros, local train in Mumbai and some had their own bikes. In the Bangalore office, there was an SA who came on metro to the office.
The law firm salary is therefore not as good as people think it is. With the rise in inflation and ridiculous living expenses in cities like Bombay and Bangalore makes you realise that a big chunk of your in-hand income is spent on rent, food and travel. Also, with increase in seniority and compensation, the bonus component becomes a huge part of your annual compensation. The bonus component is usually 60% of your annual revenue at partner levels, with 30% tax on top of that. You can calculate your in-hand after that. Therefore, buying mid-level german cars will take years of partnership and equity in the firm.
Bhai khaitan PAs make like 60 to 70 lpa, which by even Bombay costs is very wealthy. Not everyone wants to spend on flashy cars, some want to save and start a business etc. Don't make conclusions based on good choices
True.Lawyers maybe wealthy but mostly people and public are always abusing and cursing lawyers.They dont get respect and have made a joke of the system.Its well known the double game that lawyers play by taking money from clients and then selling off their clients to the opposite side for money.This cheapness by lawyers in system is known and people don't want to even waste their spit on lawyers by spitting on them.So they abuse and curse them
Outdated
Slow thinkers
Extra conservative.
Highly insecure.
PAs making 60L and Partners making 90L (these are great salaries no doubt), but so many people in tech, consulting, and corporate gigs make around these figures (often at a slightly lower relative age). They don't behave like this.
What I really don't understand or a fan of is the expectation of gratitude amongst employers and their loyal associates. On multiple occasions I have heard "we get paid to be available on Saturdays or cancel our plans". No dickhead. A few lakhs for a work which makes employer crores does not warrant slavery.
Tech and consulting guys are the most flashy and fake people I've ever seen, especially cuz they get larger bonuses rather than fixed pays.
I'm not talking about a Harish salve, but your regular high court lawyers with flashy offices with 10 yrs practice. With the cash underhand, they cud actually be amongst the richest of this country.
It is a fact that lawyers (like bankers and, to an extent, consultants) are generally 'sell-side' analysts and in order to compete in a crowded services market need to keep-up-with-the-joneses to an extent. But to argue that corporate lawyers sui generis drive more expensive cars or splurge more on experiences, when adjusted for their take home salaries, compared to bankers or other highly paid professionals living in the same city, is preposterous.
For context, if any of you have worked in lower parel, the usual car that a CAM/AZB/Trilegal PA or salaried partner drives is a City, Creta, Jeep, Vento or equivalent. The germans are usually reserved for more senior (equity) partners or for people who have family homes in the city and hence not burdened by home loan EMIs. I'd say your typical banker is the same, except some of them make outsized bonuses if business has done well in that year which actually leads to the bankers spending more on useless luxury than your typical lawyer. Don't compare with the tech-bros of Bangalore and Hyderabad who are at another level altogether with their stock options and $ adjusted base comps.
loan EMIs. I have interned at the both the Bangalore office of Khaitan and Mumbai office of Trilegal to speak for the same. The PA that I worked with had a 2019 Creta which is a great car for someone in their early 30s and most SA’s had cars like city, nexon, verna etc. Associates mostly came on metros, local train in Mumbai and some had their own bikes. In the Bangalore office, there was an SA who came on metro to the office.
The law firm salary is therefore not as good as people think it is. With the rise in inflation and ridiculous living expenses in cities like Bombay and Bangalore makes you realise that a big chunk of your in-hand income is spent on rent, food and travel. Also, with increase in seniority and compensation, the bonus component becomes a huge part of your annual compensation. The bonus component is usually 60% of your annual revenue at partner levels, with 30% tax on top of that. You can calculate your in-hand after that. Therefore, buying mid-level german cars will take years of partnership and equity in the firm.