Hey guys! I'm working as an associate at law firm. I earn from other work also. From april 2023-march 2024, my income will be in between 7.3 Lakhs to 7.5lakhs. i have no investment and my friend told me that we'll be taxed under professional income slab and not salaried. How do I apply for deductions and how much and where should I invest to save money and pay zero tax?

Hey Guys! I'm an associate at a law firm and I earn income from other means also. So, as of now, my total annual income from april 2023 till March 2024 will be between around 7.3 Lakhs -7.5 Lakhs. I don't know about income tax return. My friend told me that we'll be taxed under professional person and not salaried since we are a legal professional. I have zero investment until now can anyone suggest me how to save tax on this amount.????

Practical advice

1. If you can't already, improve your typing speed and learn how to use MS Word properly.

2. Read up and be prepared to learn how to cite.

3. There are plenty of materials online on how to do research and write persuasive papers. It will help you get into the mind space.

4. Try inculcating good habits such as getting decent sleep and exercise.

I am a fourth year student at a T2 college. have zero interest in corp jobs but because my college requires us to do a different kind of internship than our previous ones for 'diversity', I will be interning at a law firm in May and June. i really just want to get through the two months without too much hassle. firm in question is on a freeze and hiring prospects are unlikely so there will be less returns on being very diligent anyway. pls tell me which practice to opt for that is not very challenging. I know hours, culture and all will be team specific but in terms of nature of work.

5 pqe (T1 NLU + Oxbridge LLM), various courts/tribunals in Delhi. Practice has been great thus far, making 3 LPM now (more in some months). But I've now started earning close to what my college peers at law firms make. I've engaged a junior and an intern, plus a clerk - that's the main expense. Did 1 year with a top tier Sr Adv, then went independent. Full disclosure: I do come from a family in the profession (dad and grandad were HC judges in a medium sized state), so getting clients was a bit easier in the beginning. But I feel that early advantage lasts only for 1-2 years, after that it's your capabilities and merit that will speak, and be appreciated by the judges/tribunals.

Gen Corp remains the preferred choice for most T1 interns. Why? What are its benefits? My friend did one internship and he found it as clerical as any other field. Of course it was an internship.

But why do people choose Gen Corp. I know Cap Mark is the most hated, M&A makes the most revenue and in T1 firms all associates and senior associates are paid equally across fields (right?) Then why Gen Corp? Does it offer an easy exit to in-house?

SLS Pune, Christ Bangalore, NMIMS Mumbai, Llyod Law College in descending order of preferences.

Apart from those you have SLS Noida, USSLS, VIPS only and only if you are from Delhi and because except SLS these colleges allow you to intern after lectures given the timings. So if you choose to take advantage of that like many have.

only sls pune, nodia and Nirma are worth their money, rest all are just cowsheds. The placements ull see from there are off-campus and the usual crowd you would find here is the progeny of politicians, bureaucrats, and big businessmen. In shot, not a good place for sincerely hardworking middle class fmaily kids.

You should be very very proud of yourself! Whether you make it to NLS to NLU Sonipat, it’s just a college- and it depends on what you make of it. You have spent a lot of time working hard on CLAT and have made it into an NLU, you don’t have to compare yourself with anyone else except your old self. Be proud of your hard work.

All the best! Hope to see you in the legal circuit soon.

Hi

I worked with a senior - though not a "designated" senior. He is quite reputed in his field, with mostly trial work.

My first stipend was 10k. He liked my work, it was increased to 15k in about 3 months. The last stipend I drew, after about 2 years, was 25k. I had been taking up independent work since day 1, my senior had no issues with that (as long as his work wasn't affected). I took up a lot of pro bono matters.

Networking is the key, you have to do it like crazy. The earlier you start, the better it is. I'd like to believe I had started, albeit slowly, back in law school itself. Reach out to your school batchmates, attend as many social events as possible, etc. Be known as the lawyer in the group. Make sure you have a good reputation - so that people know that if they bring an issue to you, you wouldn't be money hungry or get lazy about their concerns.

If he just cares to listen to the other stakeholders that the university has with an open mind and gets rid of the attitude that he alone knows what's best for the institution on every conceivable issue, then he would not only do great things for NLS, but also for his own self as an admin.

Always reminds me of the time when LawBeat was in early days and during his bail plea in district court they published the WhatsApp chats that the state presented against his bail. It showed clearly how he had masterminded the whole riots and the violence. Sent his lawyer (rebecca john?) into a frenzy and the same people who cry for transparency were now calling for the chats to be taken down. Maybe that’s why he’s getting the treatment he is? Just because 3 publications wont stop writing opeds on him the truth wont change.

One guy slapped me hard for questioning him where he was from. He said be in your limits. But i questioned nevertheless. Not surprisingly, i was slapped and held against the wall and this matter was brushed under the carpet cause the whole senior batch was with him. No matter what fifth year guys say, this is really something that can happen for sure. So just steer clear of seniors and don't talk to them.

Unfortunately, ragging is still present conspicuously among the IPM students and probably the law guys as well. You'll be ragged by IPM seniors, most likely IPM 27 and now 28. Also, having met BALLB 28 students, i can say for sure they'll rag you as well. Of course it won't be physical–though they might push you around and stuff–but it will be verbal and mental. The good thing is, and i can vouch for it, the fifth years and the fourth years of law are very good and will protect you.

This is coming from personal experience. I was mildly abused and made to feel helpless by my immediate seniors. They used to wake us up at odd hours and asked us to do weird things. Sometimes they would just launch into unnecessary preachy speeches which we obviously had no interest in but all we could do is stand and listen. They think of it as fun when in reality all of it is unnecessary torture. And all of this is actually true, this happened with me.

Just turn to sbsee zyada senior students when this shit happens...

Ps:- if you're a girl then i have no idea...

Im a third year student at tnnlu from bihar. I only joined tnnlu because of money constraints and im regretting my decision ever since. I saw you asking whether christ is good imo go for it you'll get much better exposure there. Honestly tnnlu is not worth it for someone from the north

TNNLU is okay for Tamil Nadu students. Those from north should avoid it. It's just a decent law college and not like NLS, NALSAR where you must go if selected. Not like NIT Trichy in same city which can attract students from all over India. Student from north can choose a good law school in Delhi NCR.

Get into a habit of reading, start with newspapers, move on to articles on subjects that interest you. Will help a lot in law school. If not from Humanities background, try reading NCERTs of humanities subjects of grade 11 and 12, will help in building a foundation for BA subjects. Focus on expanding your knowledge and having an opinion on things backed by evidence. Most importantly, enjoy a lot as this will probably be the most free and relaxed you will be for the next 5 years.

Paying interns and juniors is a good step. India is such a bad country where people can be replaced pretty easily. Hence, the work standards in India are low. If this were to happen in any developed country, law firms and companies would have already been boycotted. Instead of glorifying hectic work hours, no leaves, unpaid internship and poor pay standards, lawyers should help in changing the current scenario.

Paying below 40k to junior lawyers in these times should be shameful for the employer. This practice of paying 8-20k is not something to proud of and needs to be changed. I came across a post by Ethos legal alliance wherein the partner had mentioned that in order to save time we don't pay interns. Why should an intern work a long term internship if you don't have the time to check applications and contact them but you're entitled enough to want interns to work for free.

Hi, I am a litigating lawyer . I am attached to a chamber which does not pay much to cover even my fuel expenses. I am sure and I know that it will take much longer to build a decent level of steady income in litigation.

I am facing existential crisis for few months now. I am a single child of a single parent (mother), Father was out of world in 2009. Now my mother is retired from teaching job (pvt).

I am not facing financial challenge as we have rented our fiest floor which is sufficient for monthly bills.

But my circumstances make me think, is this it ? Is this life ? Is this what I studied law for ? To play small-time my whole life ? Even marriage is out of scene because of low earning in litigation. Imagine, a litigating lawyer left all alone and just coasting through life. Scary, right ?

I need perspective. Help me out !

You and I mean different things by what consultation comprises of.

Have you made your voice heard? Has he heard you? Thats it. Thats all it is. He does not have to engage further to argue an issue ad nauseum or go along with you on any issue if he does not think your argument is reasonable. Thats the job for which he is hired.

Consultation is not compromise. He can consult- but he does not have to compromise at all if he thinks other people are wrong. Thats why hes the VC. I dont think the consortium is made up of many great reasonable people. Theyre all ethically problematic/ corrupt from where im sitting and hardly any of them have a reasonable record as a scholar.
As faculty Sudhir has worked with a number of scholars in his research and teaching. He publishes a lot with peers and younger academics, he has helped a lot of people get their careers off the ground. The man ran CLPR - he seems to have been okay working with people there. His PACT project hes working with academics in foreign institutions, on meta oversight board hes working with other people. I dont think there is evidence at all that hes some crazed power hungry authoritarian. Hes had a career where hes by and large gotten along with people. It is true that once he has heard the other side and decided theyre not right- hes not shy about saying that to them. And hes not shy about going it alone even if hes facing a mob. That used to be called having a backbone. But Ive worked with the man and Ive told him hes wrong on stuff frequently, other people I worked with also challenged him. He certainly listened to all of us and changed when we had convinced him.

If you simply wanted to be consulted as a member of the nls academic community- you wouldnt be foregrounding it in " we pay fees for your salary". Thats asking for a particular kind of corruption that there is no end to. Faculty after all are a liability and not an asset on the books- so should we make faculty do exactly what fee payers want? do you think that would lead to a university you can be proud of? Students at private law universities in India use the same language to demand better grades, to demand all standards of academic rigor be scrapped, and those places are degree mills- Do you want to turn NLS into a degree mill? That is where that argument leads.

In fact most students dont actually pay fees- their parents do. Do you want a university where the VC and faculty communicate with your parents and not you? A university where your parents get to decide what curfew times are and what books can be read and what subjects taught? and what grades you will get? Theyre paying fees right? what will your degree be worth then? Might as well be in sonipat.

The VC is as responsible to the guards who man the gates and the workers who wash the dishes in the canteens as he is to the students. He can listen to all of them, but it is his decision to do what is right. and his responsibility if it goes wrong.

1. The core idea, novelty.

2. Clarity of argument and concepts involved.

3. Presentation of the argument, flow of thoughts, connection between different parts of the paper.

4. Authorities cited, review of existing literature and prior art.

5. Language.

So if you don't let the students tell you how good the teacher is, then who is going to do that exactly? Your fertile imagination? Success as a researcher or author can be separately established, not as a teacher. If someone used to teach well in the past and not doing so anymore, maybe they need to revisit the way they are doing things. You need to evolve too as a teacher. Just like most other professions.

Im a fifth year student who knows both sides of the story that all news clips misreport at some level. both criminals and victim are best friends in the same circle for 5 years. I know them all and these are nice guys honestly. it is true there is no caste angle as the circle has people from all castes and didn't suffer any issue for 5 years.
But the real problem is tnnlu was suppressing the information from everybody including its own professors, after victim complained. they suppresed the fact all students including victim were drunk. no news said they are drunk. Malini mam, the dean of students welfare came to know and dared to question the admin, perhaps the only one with spine. she sent a bold email in support of the students and called out tnnlu registrar for suppressing the matter to save name, even from his own teachers. All students got to know only through her email and that is when press also was informed of this crime. they are reporting with small elements of concocted facts without verification. only the common part of the news across all websites is true nd rest is history. tnnlu was a much better place before covid honestly...

won't suggest tnnlu because it is a very state-centric NLU with a lot of state reservations and hence your entire peer group would likely be from the south. You will face difficulties with food and language especially with all peer communication likely consisting of Tamil terms or slang which yu wont be able to cope up with, a Huge adaptability issue might occur in terms of food and culture but your peer group will actually be wholesome and fun, id recommend upgrading to a NLU in the north via highly likely vacancy

29M

Of my net worth 90%+ is in crypto this is not because I invested a lot but because of returns (airdrops). Out of my crypto 35% is in yield generating USDC positions and remaining is spread across cosmos/Solana ecosystem. I have 0 BTC/ETH.

I originally invested 50% in crypto 50% in equities. Equities I sold last quarter because of crypto gains and to maintain liquidity.

Now I’m just saving up cash to buy big when market collapses.

I can take high risk as I don’t have any dependants and I have a safety net. Yes, I have been deliberating wuitong law

1. Lawyers don’t need interns- they can hire law graduates for 10k-15 per month to work full time, in small towns just for 2-3k

2. 20 years back no law students interned except NLU students and there were just 5-6 of them

3. Even law graduates have no leverage because your college does not teach you anything useful, forget interns

4. Lawyers are already cagey about taking interns who add no value, work for a short time, expect to be taught skills - and bitch when not paid. Why should a lawyer entertain that? What value did you add in your last internship that someone would want to pay for it?

5. Interns who stay longer, work hard, usually get paid because they become valuable to the practice. But it does not happen in less than 3 months.

Be nice to a lawyer who still taken an intern, they do it

1. As charity, give back to profession and all

2. Build a pipeline for future hires

3. Its nice to have some young people in the office, energetically speaking

And they can absolutely do without it if it becomes too much trouble

If you fight economics, you economics will win

Go learn some professional level skills and be ready to grind if you want to be taken seriously and get paid

Bakwaas. India stands where it was 10 years back. India almost continued at the same path which was inherited from the UPA regime. Our PM shall do everything that helps him garner votes evoking populism. But he will shy away from taking otherwise decisive steps which are qualitatively fruitful for the country (GST implementation was an exception) but which don't help sustain the vote share of the ruling party or diminishes it further.

On the economic front, India is doing average. Not too good, not too bad. Also, we should be mindful that now statistics are easily tampered with to gain favourable opinion. How independent empirical data collection activities have been suspended or are drained out of necessary funds is for everyone to see.

The only worthwhile achievement of this government I would say is working on infra in the country. Although, on many instances also we know the environmental considerations were pushed aside to complete the astounding projects.

And the biggest failure of this regime. That it failed the youth of the country. We had to harness the demographic dividend as we mentioned time and again. All that is lost now. Not much invested in increasing the quality and development of human resources in the country. If we would have worked upon innovation and R&D, we would have had scientists, doctors, good lawyers who wouldn't have been running to other countries for applying for citizenship.

A significant proportion of the economy remains to be running through informal sector. Why, because we never tried streamlining that in the formal sector. new report on educational levels in rural India just exposed how the realities of the country continue to be on the same trajectory.

India mai sirf consumerism badh Raha hai. Kuch hi log hai jinki purchasing power skyrocket ho rahi hai. For many others, government doles out subsidies. Jaisa taisa chal raha hai. Now people have started giving up on jobs, because earning hi nahi ho rahi. They think having your own organisation and business setup would help. But the market conditions are so bad, that many of them are bound to fail in their avenues.

But at the end, it is the people who are electing such governments and leaders. Jis din Indians stopped being short sighted and giving up right away to money/financial resources, uss dinn we shall have a good governance system.

We then also will not have scope for furthering targets. Everyone should remember the $5 trillion economy joke. How we were expecting the economy to boom to this point in 2023-2024. But so easily the targets were pushed further, with the populace not even questioning the same. A small bunch of people control the minds of 140 crore + people.🥲

I was an Associate Partner (glorified PA who must also be present in all client meetings) at Fudda Legal office in Jangpura, and the firm had an unwritten unspoken of policy of getting interns to do all clerical work related to litigation along with basic research. They would have extensive 3 month internships where they would do all this stuff and making LoDs and arranging files while getting no stipend, no learning of law and no real experience, just internship certificate. No callbacks offered or hiring done either, and interns hired from 2nd and 3rd year of 5 yr programs so they do not pin hopes on the internship. There was a joke about it within the office - it was like getting an extra pair of farm hands while harvesting winter crops. It was simple exploitation.

Paying interns, lol

Kid, listen up

There are hordes of juniors who are paid under 10k even post 2 years

Look up the vacancies for juniors

People straight out say "industrial standards" and bleeping have 5k per month advertised.

Guess what? Even these cheapskates are flooded with applications from juniors

Things are far more rotten than you think

Before anyone asks, I naturally don't support this chana payment, but rather showing the real picture like other commentators

So they do teach. You dont like how they teach- maybe they expect you to read and wont spoonfeed material- but they do teach. Why should anyone take your assessment of their teaching abilities as gospel? most of these people have teaching experience already and have been successful elsewhere.

PIL to force people to pay you for an internship? If you dont see why that would not work, the issues with state function, freedom of contract and business, and more generally how internships are conceptualised- And if you cant think of solutions other than PILs for everything. I dont think you know enough law to be demanding anything for your legal services.

I don't think PIL would be helpful but Law firms should better start paying interns. Example: Most of the inters at Trilegal don't get paid 16k because they come through references. In a month there are nearly 250 interns across all offices out of which very few get paid. Either don't take interns through references so that an equal opportunity is provided to all students or better pay them. This is the case with all law firms. Another example would be Wadia Ghandy's unpaid 6 month Assessment internship. HSA Advocates hire students on mass internship basis without paying a dime. Veritas legal being one of the high paying boutique law firm pays merely 2500. Bharucha and Partners pays 12k only to call back inters. Free labour needs to stop. These firms are capable enough to pay interns but it has become a norm as a student gets a "reputed" name of their CV. Its more like students are paying to get internships lol.