Because this seems to be hugely important for law firm bros and keeps them motivated to work so hard? In fact, perhaps even the ONLY motivating factor? i.e. Omega watch by year 1, Maldives luxury holiday with gf by year 2, Merc by year 5, DLF Camellias flat by year 10 etc??
Actually, none of these are luxuries. In the West, owning a Merc is like owning a Swift in India, owning a Rolex is like owning a Titan in India. It's just that socialist policies in India have overtaxed such goods and made them really expensive, so they are considered luxuries in India.
Can you actually back up your hypothesis by factual data? In India, Watches are taxed at same rate, HMT or Rolex and Innova and Merc are taxed at same rate! Whats the tax rate in west? Lastly, if what you say is right, there couldn't have been any other brand of vehicles or watches in west, given an extremely good brand is available for cheap. Thoda reality dekh lo dost.
I can't speak to anything else, but owning a 'Rolex' in the west is NOT like owning a Titan in India. Rolex is a luxury retailer and prices start around USD 6k. That is a lot of money for any geography. Rolexes may be more expensive in India, but they're certainly not cheap anywhere.
As someone in the West who visits LI regularly: this is a load of BS. There are way too many Altos here to always feel like I live in one of the richest countries in the world (will not name which one but it is Western Europe). And also for the record perhaps: this country is far more socialist than India; perhaps even too socialist for my taste - but it delivers results in GDP per capita year after year.
Also, socialism = more customs duty? What kind of a weird definition of socialism is that? Owning a Merc is frowned upon in many circles unless you are in the douchey Investment Bankers group (which, btw, is not that well-paid as you think it is). Everyone else is happy with public transport or bikes.
I work with the M&A team of a tier 1 based in Delhi and trust me material possessions seem to be the only thing which matters to people sitting slightly up senior to me as well as for the top dogs who run the game. Its beyond pathetic to me.
The point of a high earning job is to live well. I was from an upper middle class background, then Tier 1 NLU. I've been in the M&A practice of one of the leading T1 firms for over 5 years now.
I take a foreign holiday every year. I got myself a proper watch (Omega), tailored suits, fountain pens (Sailor), and top quality grooming products. All my personal electronics are Apple. These things are very important, don't listen to uninformed people posturing with false humility online.
My next targets are my first Rolex, a BMW 3 series and Mont Blanc writing instruments.
I was at a formal dinner past week. I was seated next to an associate from another law firm. He was seated on my right and didn't have a clear view of my left wrist, which was also covered by my shirt sleeve. The dude literally kept peering across throughout the dinner to see my watch brand! Also kept looking under the table at my shoes to see if he could identify the brand. The whole fucking time! Non-stop for 1.5 hours! At the end of the dinner, as we were walking out of the hotel, he just couldn't control himself and asked me the brands I was wearing. It was Titan and Hush Puppies, but I lied and said Rolex and Ferragammo, bought from Dubai. The dude was sooo jealous. 🤣
All this makes me appreciate of my NLS professor. Was a partner making crores in a law firm and still has a practice of his own. But travels in metro . The clothes he wears one friend made fun of it saying "600 k 2 shirt". He just doesn't give a heck about all this and that makes him so popular amongst my non-elite Hindi speaking middle class peers.
Maybe your professor is socialist minded, but I disagree with his view. If I had his money I would def buy high-end clothes, a Merc and a couple of Rolexes. I just can't understand why someone who has so many crores of money would buy cheap things. I got Rs 5,000 during an internship and I immediately spent Rs 7,000 on a Masaba shirt + Rs 3,000 on treating my parents and friends (the excess Rs 5,000 will be made up after my next internship). What's the point in saving money if you don't spend it on nice things? YOLO.
I fully agree. We had a faculty at NUJS who helped me a lot, dude would just be dressed in simple casuals, use the bus and had no airs. Most other faculty would travel by cars. Only those people who lack substance like to flaunt these superficial stuff.
You are a student at a law college, who has heard some gossip from someone and are asking silly questions here. No law firm peeps I know do this. Do they buy expensive stuff when they have money - yes. Thats personal choice. No one does it to make a point that he is in a law firm. You see, when you have spent so many years in a law firm, you realise (a) there is more to life than the job, job is just means to an end, (b) the pay is great but not as if it will make you multi millionaire in a few years, (c) with hard work comes humility.
Also, socialism = more customs duty? What kind of a weird definition of socialism is that? Owning a Merc is frowned upon in many circles unless you are in the douchey Investment Bankers group (which, btw, is not that well-paid as you think it is). Everyone else is happy with public transport or bikes.
Are you talking out of your ass?
Anyway, some of these are important (like foreign vacations) and a decent (even if not German) car. Talking bout myself.
I take a foreign holiday every year. I got myself a proper watch (Omega), tailored suits, fountain pens (Sailor), and top quality grooming products. All my personal electronics are Apple. These things are very important, don't listen to uninformed people posturing with false humility online.
My next targets are my first Rolex, a BMW 3 series and Mont Blanc writing instruments.
So yeah, just sums up these people.