I had heard back in 2014 when I was preparing for CLAT that a [tier 1] has increased its pay to 1.1 lakh per month plus bonus (total about 14.5 lakh). This year also freshers joined at 1.3 lakh without bonus (total- 15.6) in [that’s tier 1]Which is a 10% hike in 9 years? This is not even beating inflation. And they expect us to sacrifice our personal life, mental health, family everything. If the pay is this low, might as well do a 9-5 job. Figures at tier 1 firms globally have almost doubled in last 10 years and here partners are eating up juniors shares and paying us peanuts. What are your views?
How do you justify a 10% hike in 9 years for freshers buddy (unless you’re a partner who’s paying it’s latest BMW’s EMI with that money instead of giving your junior a hike they deserve given the inflation)?
My friend, it is all about demand and supply. Back in 2014, how many law graduates were there in the country (especially from NLUs)? Although demand has marginally increased in T1 firms, supply has increased by leaps and bounds (with NLUs more than doubling in the last 10 years). Therefore, at least at the junior levels (A0 to A2), firms have the upper hand and can pay diminishing salaries (from an inflation perspective).
The only way you can get a higher salary in this system is if the supply is limited or the demand increases by leaps and bounds.
Sadly I agree with with what MA@L@L is saying. And that’s the reason a lot of people from tier 1 are moving out at A0-A1 level itself. Hearing so many of my juniors drop out at that level at least in my firm (tier 1). This profession will also become like engineers in times to come with so many kids writing CLAT.
That’s a shit argument even my HR head gave in my exit interview. If that’s the case, you hire more people so that work is distributed and juniors are not overburdened. Business is growing and obviously they are getting more clients and more money than in 2014. But They want to hire less. It’s not that only the number of kids are growing, the number of M&A deals happening in 2022 vs 2014 have also changed. So either give your junior proportionate hike or hire more so that they at least have a better work life
The only way you can get a higher salary in this system is if the supply is limited or the demand increases by leaps and bounds.