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Khaitan & Co first to announce fresher salary hike to Rs 13.2 lakh + 2 bonus

Money money
Money money

Khaitan & Co has increased fresher salaries to Rs 15.2 lakh per annum, including bonus, effective from 1 April as part of its annual pay hike.

The salary applicable to freshers joining Khaitan July 2014 onward is now Rs 1.1 lakh per month (Rs 13.2 lakh per year) and a bonus component of up to Rs 2 lakh this year.

This has increased from last year’s figure of Rs 1 lakh per month with a bonus component of Rs 1.75 lakh.

A member of Khaitan’s management explained: “Every year there is a hike. Every hike is discussed in the executive committee. If we miss out on the hike for a particular batch they won’t be excited to join us. So it is year-on-year.”

“There is no differential between any institution. People are hired as partners, this is what we say on campus. That the associates are our future, our potential partners. Everybody is hired through the same recruitment process comprising of a [group discussion], questionnaire and personal interviews by a panel that nationally recruits people. So ultimately we cannot create a differential in competence,” he commented.

The last big fresher salary leap that Khaitan made was for the batch joining in 2011, from Rs 7.2 lakh and Rs 8.5 lakh to Rs 10.8 lakh.

It is understood that Amarchand Mangaldas, AZB & Partners and Luthra & Luthra have not disclosed their fresher salaries to recent recruits. Legally India had last reported that Big Six firms had hiked their packages in 2010, to Rs 11.4 lakh base per year in the case of AZB, and salaries of around Rs 10.5 lakh per year for the other largest firms.

J Sagar Associates (JSA) increased its fresher pay to Rs 10.5 lakh per year in 2012.

Last year Lakshmikumaran & Sridharan (LKS) had increased its fresher base pay after three years from Rs 4.8 lakh to Rs 7.2 lakh per annum.

To compare salaries, check Legally India’s salary table (to be updated)

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