TTA: Biggest possible package in marketTTA: Biggest possible package in market

Talwar Thakore & Associates (TTA) in March bumped up the basic salary it pays to fresh law graduates to Rs 13 lakh per year, excluding a potential performance-related bonus of up to 40 per cent.

TTA partner Feroz Dubash said: “Our fresher pay is currently a base of 13 lakh pa. Bonus is discretionary and up to a maximum of 40 per cent of the base. We always say 13 lakh to recruitment committees, and if they ask we let them know there is a discretionary bonus and while the maximum is 40 per cent, the average is more likely to be between 10 per cent to 20 per cent, and it is discretionary.”

The salary structure at TTA is revised in March of every year, with fresher pay having risen every year for the past few years. Last year it had increased to Rs 12.5 lakh.

“Our salary structure has been geared to mid and senior levels, so there's been room for raising junior salaries. We've been raising those steadily over the past few years,” explained Dubash.

“The bonus also depends on how the firm does. The way the bonus works, there's an element based how profitable the firm has been, but the majority of it is performance based. It's not as simple as how many hours you put in. It's a combination of things: how many chargeable hours you've done, and how you've contributed. For example, if you're someone who has developed know-how for the firm, that would be taken into consideration.”

It is understood that the TTA bonus is modelled on the bonus structure of its international best friend firm, Linklaters.

Khaitan & Co has increased its base fresher pay to Rs 14.4 lakh per year, excluding a performance-related bonus of up to Rs 1.8 lakh, Legally India reported last week.

Read a full report on the brewing salary war amongst Indian law firms in Mint today.

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1
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Like +1 Object -10 aston 07 Apr 15, 13:26
was TTA always a Tier I firm ??
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2
Like +7 Object -1 vanquish 07 Apr 15, 14:18  interesting
all Associates working in Mulla & Mulla, Kanga, Crawford want to die now after reading this!!!!!!!!
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2.1
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Like +3 Object -2 Guest 07 Apr 15, 15:53
Do K Law Equity Partners make this much?
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2.1.1
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Like +2 Object -1 guest 07 Apr 15, 22:08
K law has changed its salary structure too
equity partners definitely make more than this.
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2.1.2
Like +5 Object -1 vanquish 07 Apr 15, 22:46
Nobody even knows about K Law !!!
Mulla, CB, Kanga are well known in the market.
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3
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Like +1 Object -0 Question 07 Apr 15, 15:20
What are the chances of securing a retainership at these law firms post a 4 year PQE as an house counsel? Sincere request if someone can shed some light.
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3.1
Like +5 Object -1 kianganz 07 Apr 15, 15:22
As far as TTA goes, they are very small and only hire a small handful of freshers every year.

Lateral entry into the firm is also not very easy...

Into other firms, yeah, it's possible, though they'll likely take your existing salary as an in-house (which is likely lower) into consideration, rather than bumping you into their existing bands...
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3.1.1
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Like +2 Object -0 Another one 07 Apr 15, 17:24
Thanks Kian. Yeah I know entry in TTA is not easy but what's comforting is your statement that there is hope with other firms. But again, would it be a good idea to make a switch at this juncture, considering I will start as an associate all over again?

I make decent money, something that is offered to an AMSS fresher but then do I really stand a chance of getting into a decent firm? Sorry, might sound stupid with my question.
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3.1.1.1
Like +22 Object -0 Rex 07 Apr 15, 18:41  interesting  top rated
This is Legally India, there are no stupid questions.
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Like +1 Object -0 Not another one 07 Apr 15, 19:03
Why don't you apply to one of these firms and find out?
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4
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Like +3 Object -0 Concerned 07 Apr 15, 17:18
What about Lit firms?Is there any bench mark/increase/average pay that you know of?
Us poor lit lawyers are truly selfless and working only for the love of this noble profession.
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5
Like +48 Object -0 Altaaf Raja 07 Apr 15, 17:36  interesting  top rated
Corporate is like sitting with your love interest at Aer and having a fight with her while a spectacular view beckons.

On the other hand, Litigation is like having a chai-pakoda with her on a road side stall. Meagre but happy.

Most of us (including me) incline towards the former choice. Riches over love.
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5.1
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Like +3 Object -0 Concerned 07 Apr 15, 19:56
Well said Altaaf :)
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5.2
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Like +1 Object -0 .Maggi 07 Apr 15, 22:18
It's totally different in a bangalore based law firm though. .
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5.3
Like +16 Object -0 Anon 07 Apr 15, 22:37  interesting  top rated
Not necessarily. There are many lawyers practicing corporate law that genuinely like their work. It's the riches and a love for the law.

On the other hand there are many lawyers litigating in courts who are doing that because they couldn't get anything else.

There are always two sides to a coin. Don't belittle anyone's love for what they are doing by unnecessarily generalizing stuff.
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5.3.1
Like +10 Object -1 Altaaf Raja 08 Apr 15, 09:50  interesting
Quoting Anon:
Not necessarily. There are many lawyers practicing corporate law that genuinely like their work. It's the riches and a love for the law.

On the other hand there are many lawyers litigating in courts who are doing that because they couldn't get anything else.

There are always two sides to a coin. Don't belittle anyone's love for what they are doing by unnecessarily generalizing stuff.


Tum to thehre pardesi, har baat pe serious ho jaogey!
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5.4
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Like +1 Object -2 DBS 07 Apr 15, 22:45
Comment of the month. Kudos to you my friend!
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6
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Like +2 Object -0 Someone 07 Apr 15, 23:31
Kian, any light on the pay structure of Tier II firms like ELP, Desai & Diwanji and Hariani ?
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Like +3 Object -5 Full service? 07 Apr 15, 23:35
But is TTA a full service law firm like Mulla, Crawford or for that matter a Tier 1 firm like KCo, Amss, Azb etc. ?
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7.1
Like +5 Object -0 Small 08 Apr 15, 07:39  interesting
Looking at Chambers, TTA do banking, capital markets, corporate, projects and competition. I guess that is enough.

But valid point. The newer firms like TTA, Platinum, SnaR etc seem more focused on a smaller area than larger firms like AZB, CAM, SAM and older firms like Wadia, Crawford etc.
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7.2
Like +7 Object -1 Link 08 Apr 15, 13:26  interesting
Its Linklaters..
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Like +2 Object -2 Lamba Haath 08 Apr 15, 15:57
Peeps, if i had a choice between SAM, CAM and Platinum, which should i choose? Does SAM revised salary (15L) trump CAM (?) and Pt's joining salary (?).

I wanna do corporate for the money man, FML.
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8.1
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Like +1 Object -0 Too much 09 Apr 15, 00:23
Join a bengaluru based firm.. U dont have brains..
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9
Like +6 Object -0 SnotR 08 Apr 15, 16:11  interesting
Would be interesting to see how firms measure up in a number of ways, not just salary. What are their working conditions like, what work do they do, what career progression is there? Also, are existing associates happy at the firm?

Maybe firms such as SnR and TTA will do well on any such comparison. Firms like Trilegal and Luthra seem to have a lot of haters amongst LI readers, but an objective survey would be interesting.

The next few months are going to be interesting with the older firms under pressure, newer firms pushing and the SAMCAM fallout.
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Like +0 Object -1 Concerned 08 Apr 15, 17:05
Kian Why no love for us Lit Lawyers still!?!

Don't any of them pay well..actually that's a rhetoric.
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10.1
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Like +0 Object -0 Chutzba 09 Apr 15, 00:24
Litigators must join a laundry next door...
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11
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Like +3 Object -0 SnotR 11 Apr 15, 10:16
TTA seems to have hit upon the right model. Focus on quality, expensive, low gearing (therefore difficult to get into) and at 18 lac starting, has quietly demonstrated that it is in a different league. The same seems to be the case with SnR.
I would include Platinum, but they don't seem to be willing to confirm anything on salary.

The bigger firms (AZB, CAM, SAM, Trilegal, Khaitan, Luthra) all seem to be doing well as well, but using a different approach. High volume, high gearing, lower rates.

I prefer the TTA / SnR model. Lets see what will work in this market where traditionally, the model used by the larger firms has worked.
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12
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Like +1 Object -0 Five Star Lawyer 12 Apr 15, 22:02
With these salaries, new model to be explored by clients - on-shore outsourcing....to Chattisgarh, Jharkhand, Dimapur.
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