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The purpose of this thread is to identify the firms that pay the biggest buck. Request only insiders to post their remuneration packages and their positions.
Third year student here so no idea about salaries at law firms but its strange to see how guarded the figures are kept. My seniors had got PPO and while they had an idea about how much they will be paid, they didn't know the exact breakup (in terms of in-hand, benefits etc).
Compared to this, my brother who is an engineering grad from NIT, companies need to submit the exact breakup of salary before they are allowed to solicit candidates. This is to prevent companies from fooling students by inflating CTC. Microsoft for example offers CTC of 41 lakh while the base salary is just 12 lpa and the rest is stock options to vest over a period of 5 years and stuff.
I think the community as a whole should opt for more transparency because the only person who benefits when these numbers are guarded is the one having a stake in the firm, otherwise, transparency also works out better for the folks when they discuss their salaries.
I agree. All through law school everybody harps on about transparency and the next thing you know the same people are somehow okay with working in a system that has none of it. We are lawyers. Why are we okay with this? There is absolutely zero credible information out there on how much business law firms in India are doing while putting associates through the grind. How do people know if they are even being compensated enough compared to others at the same level? Or compensated enough to begin with, on a first principle basis?

Honestly these law firms, especially the top ones are nothing more than a cartel. In the end, this privacy and lack of transparency serves their own interests and no one else's.
Grow a pair kid.

If you don't agree with compensation or transparency or lack thereof, start your own practice.

Ultimately running a law firm is a business and unlike other businesses, the only asset a firm has are the lawyers.

Hence the only way to maximize profits is to maximize the returns of the relevant asset. i.e. the lawyer.

Thereon it's simply a demand/supply game, there is a glut of lawyers and hence firms can choose to price the asset as low as the market dictates and extract as much as their business model enables them to.

These metrics change as you grow when incoming business dictates your take home.
What does all your tirade have to do with the comment that you responded to? Nobody is asking why the law firms are paying less/more or exploiting the associates. The question is why isn't what they are paying more widely known?
It's not a tirade , it's simply the reality.

Lawyers as a whole and especially corporate lawyers are risk averse and want to have their cake and eat it to.

They want the lower taxation and accounting flexibility that a retainer enables and the comforts/perks and transparency that a corporate set-up grants.

Doesn't work that way.

As a retainer you are entitled to a fee and variable compensation that has been negotiated. After that whether the promoters of a firm make a million or ten is of no consequence to the retainer.

If you want a larger share of the pie then the only option is to get opted in the equity pool or start on your own.

Most of the firms are either partnerships or sole proprietorships and hence not legally mandated to share there numbers or profitability.

Off course there is nothing wrong with a firm that is transparent in their billing but to expect that as an entitlement is just divorced from reality.
Right, because starting your own firm is the answer to everything. How convenient.

No one is arguing that the law firm business is not a 'business' or should not be driven by profit motive. My point is these top law firms occupy a major share of the legal services market in India, hold themselves comparable to the best law firms of the world and borrow from global best practices in terms of their work/ work culture. So why the hesitation when it comes to transparency about their business and compensation?

Also, if we must talk economics, after all, asymmetric information only benefits the sellers - a la Market for Lemons. Secrecy ultimately benefits these top law firms and their founders. Even if I were to start my own law firm, these major players would have an effect in terms of overall competitive behaviour. And to think they pontificate on competition law and appropriate market behaviour.

Why should they not be held to the same standards? Sada Kutta Kutta, Twada Kutta Tommy?
Well buddy once you have reached that stage of your life where you really understand the business of law, you will understand that setting your practice isnt convenience but rather a necessity.

You can run your own firm, run your P&L in a larger set-up or make rain, each a perfectly acceptable choice but you can't limit yourself to execution and expect to be paid profits. That's how it works not only in India but across the world.

In fact the most important metric for partnership across the world is PPP (Profit Per Partner).

Regarding your tirade on lack of transparency, as I said, no firm is legally or morally mandated to share that with you and any expectation otherwise is just wishful thinking.

So rather than rant about how promoters in big firms mint money or how they distort competition, be part of their competition and that is only possible through the business of law not through wishful thinking.
Ps. Just because the information is not available to you doesn't mean that information is not shared.

At most firms, starting from salaried partner level, information about the top line is available to all lawyers.

Information regarding bottom line and expense items are usually shared with equity partners.

There is simply no legal mandate or justification to compulsorily share this information with associates or the market at large.

That's why firms continue to be closely held and structured that way.
Points taken. It is not my case that I am 'entitled' to any information.

All I am saying is when Indian law firms claim to be on the same level as Big Law in US/UK, why the hesitation in revealing revenue figures or associate compensation, considering the general public availability of information on these two parameters in those countries. The legal services market in India would be better for it.

And, sure while there is no legal mandate for Indian law firms to share such information publicly, I would argue there is a strong moral case that exists.
JSA: best paymaster at 0-6pqe

Junior Assoc. (6 months): 60kpm
Assoc (6 months): 12lpa
Regularised Assoc (1y+): 12lpa + 8% revshare. Roughly 20-24lpa incl bonus
SA (4+) = 24lpa +8% revshare so roughly 30-32lpa incl bonus
You are claiming that the associates working at JSA now who have graduated in 2019 are getting 20 lakh per annum? That's not at all true!
No, it is correct including of bonus. 2018 graduates will make that much, not 2019 graduates.
I'm not the original commenter, but what the original comment seems to say is that on completion of one year, your total pay package inclusive of bonus from the next year onwards with be around 20 lpa. So 2018 graduates will make 20lpa at the end of 2020.
The discussion is moot, because no 2018 graduate working at JSA makes 20 lakhs p.a.
2017-18 grads joining at 1.15 a month, 2 increments at roughly 7-10% pa, with a bonus of 4 lakhs and around 6 lakhs in billsharing will easily make 20lpa. Most associates do.
I think that still holds true. Most firms seem to be paying the same A0 salary for the last 5-7 years.
As I understand, it is very difficult to point to a firm and say that it is the highest paying because most of the time the remuneration depends on negotiations therefore people at the same level working together should talk to each other and they will be surprised.
Less talking and more numbers bitches! Btw, is it true that SAM has not given any increments this FY under the garb of being covid-hit but CAM, Khaitan, Trilegal and even few smaller firms have?? SSS needs to stop being so damn stingy if he wants to retain any talent and not lose it to Max tower Noida!