I have the grades for corporate but I want to pursue litigation, the only part which is hurting a little is the salary, how many years of extra struggle will a graduate who goes into litigation have to face before the pay becomes equal if the person is willing to work sincerely and take all opportunities of work?
a) Court reforms happen and cases are won on merit and not by fixing and the speed of litigation improves b) When liberalisation of the legal sector happens c) When the quality of judges improves, ideally through an Indian Judicial Service
I stay with family in Mumbai (no rent!) and just made SA1. My savings are around the 65 L mark. Will work till I hit the 1 CR milestone and take a long break to rethink life decisions.
Yes, but that's a big "if". Corporate law gives you guaranteed money at an early age. Also, you need to survive that long greatly compromising on your standard of living. And to top it all, cliches of age being just a number set aside, you simply won't be able to do things in your 40s that you can in your 20s and early 30s, because of both biological and social limitations. A 42 year old taking a solo trip to Bangkok is sad in so many ways, but a 26 year old? Not so much (this is just 1 example)
A life of almost abject poverty (being a typical first gen. lit lawyer) is not a bed of roses in terms of stress. The "passion" for law one felt at law school slowly evaporates in the face of real life hardships. Financial insecurity is a real thing, hits you like a pan of fire especially during medical/ unforseen emergencies.
Your career starts in late 30s, where your energy is almost drained, given the life style we are accustomed to. If you come from a middle class family and have no financial support, save money first and think of litigation thereafter. It would be a disastrous decision otherwise.
Expect to depend on your parents if you go for Litigation (atleast 5 to 10 years)
Even if you start a family, your kid's kindergarten fees (1.5 L per year-big cities) have to be paid by your parents till you reach mid 30's. If you are into Litigation.
Going Independent is also tough. More than what you would expect.
ok well I think this is overestimated. It isnt as bad either as it isnt as good. You can start out independent in 1-2 years(most do), and some seniors are willing to pay these days, especially to nlu grads. Most start law firms or chambers within an year, but it also depends on the person's skill and attractiveness(for clients)
Thank you for clarifying. I have some questions, and I will be extremely grateful if someone can answer them.
1. If someone comes from a middle-class family with no-liabilities and no familial obligations to meet, what makes more sense - starting litigation outright or starting in a corporate law firm? (I have recently been placed at a Tier 1 firm)
2. I understand that there is a gestation period involved in litigation. Do the years in the corporate help - in terms of contacts or client or are they just waste and litigation starts from scratch?
3. If doing a job first is preferable as it gives some financial stability before venturing into litigation, what can be a good pot target? 20L/25L or any other amount?
If you have enough to survive for 18-24 months, go for it. If nothing works out or you are still struggling to make basic ends meet, join a firm after 2 years. In two years you will have worked with a decent senior and gotten some contacts, so you will be able to get into a decently paying role. Some people “break even” with what they would have earned in a law firm 3 years, some take 15, some never come close.
Risk with the “let me make my money first and then start litigating” approach is that you may get used to a certain lifestyle and have further responsibilities and then leaving that and litigating may be scarier.
Every response in this thread assumes "Litigation" to be starting a chamber/firm on your own (and consequently entailing a lot of struggle). Let me offer a slightly different perspective.
There are a lot of firms now that focus entirely on dispute resolution. You are in court everyday, dealing with a variety of cases in different forums (ranging from District consumer forums to Arbitral Tribunals with former SC/HC judges dealing with complex arbitrations). The best part? You are also paid a decent salary.
Let me give you an example. I have always been fascinated with litigation and most things that come with it. I graduated from an NLU, and started out with one such firm. Of course the pay was much lesser than what my peers at Tier-1 firms (both in the Corporate and Dispute Resolution teams) were making but it was definitely something with which I could easily survive and even save a bit (since I was staying at home). The advantage to working at such firms though is the level of responsibility you get while handling matters, and the amount of learning. You appear a lot more before court, gradually get to handle important stages of smaller cases and also the level of involvement in deciding strategy etc is much higher than it is in big firms.
Please don't be discouraged by the answers in this thread. Its a different matter if you genuinely enjoy being a transactional lawyer - but if you're doing it only for the money and the promised lifestyle in exchange for a career in litigation you'd have loved, I assure you there are other options. Yes, you may take a few years longer to see 1 Cr as your savings, yes you may only be able to afford a economy ticket and 3 star accommodation for your trip abroad as opposed to business class tickets and 5 star accommodation, but I'd say its a fair bargain to exchange those in return for actually wanting to get up and going to your office for the work that's in store (as opposed to doing it only to ensure that the lakhs hit your account without any deductions at the end of the month).
The joys this profession can bring is immense, and if you make the right decisions, you really don't have to starve to enjoy it.
I graduated in 2014. Placed from campus at a tier 1, worked for 6 months, then went independent and have been independent ever since. If I may offer a perspective, do consider the following:
1. What is it that you value the most? If it is anything other than a genuine fascination with litigation, you may find the grind of the initial years debilitating.
2. Be prepared for exigencies. As highlighted in some of the comments above, litigation won't offer you an immediate financial independence or disposable income, so exigencies such as the ongoing covid will hit you hard.
3. Your personal life will suffer. Even timing wise, between courts and chamber and briefings and client chasing, you'll be even busier than your corporate peers. So forget about being in a meaningful relationship, spending quality time with parents, etc, without any immediate corresponding financial rewards.
4. This is relevant if your friends and family are in no way associated with the profession. Your childhood, college friends will move on with their lives while you'll still be dependent on your parents, atleast for the first couple of years. It may feel like that you're against the world, so be prepared to be emotionally strong.
5. Eventually, with some luck and networking, you'll see the value of your struggles, both profesionally and financially, within 6-7 years. The satisfaction is beyond anything you'll ever experience at a law firm. You'll be happy.
a) Court reforms happen and cases are won on merit and not by fixing and the speed of litigation improves
b) When liberalisation of the legal sector happens
c) When the quality of judges improves, ideally through an Indian Judicial Service
I think we have a better thread to discuss this topic now. You can learn about the savings and investments of fellow law firm folks.
Just a genuine question
Even if you start a family, your kid's kindergarten fees (1.5 L per year-big cities) have to be paid by your parents till you reach mid 30's. If you are into Litigation.
Going Independent is also tough. More than what you would expect.
It isnt as bad either as it isnt as good.
You can start out independent in 1-2 years(most do), and some seniors are willing to pay these days, especially to nlu grads.
Most start law firms or chambers within an year, but it also depends on the person's skill and attractiveness(for clients)
1. If someone comes from a middle-class family with no-liabilities and no familial obligations to meet, what makes more sense - starting litigation outright or starting in a corporate law firm? (I have recently been placed at a Tier 1 firm)
2. I understand that there is a gestation period involved in litigation. Do the years in the corporate help - in terms of contacts or client or are they just waste and litigation starts from scratch?
3. If doing a job first is preferable as it gives some financial stability before venturing into litigation, what can be a good pot target? 20L/25L or any other amount?
Risk with the “let me make my money first and then start litigating” approach is that you may get used to a certain lifestyle and have further responsibilities and then leaving that and litigating may be scarier.
There are a lot of firms now that focus entirely on dispute resolution. You are in court everyday, dealing with a variety of cases in different forums (ranging from District consumer forums to Arbitral Tribunals with former SC/HC judges dealing with complex arbitrations). The best part? You are also paid a decent salary.
Let me give you an example. I have always been fascinated with litigation and most things that come with it. I graduated from an NLU, and started out with one such firm. Of course the pay was much lesser than what my peers at Tier-1 firms (both in the Corporate and Dispute Resolution teams) were making but it was definitely something with which I could easily survive and even save a bit (since I was staying at home). The advantage to working at such firms though is the level of responsibility you get while handling matters, and the amount of learning. You appear a lot more before court, gradually get to handle important stages of smaller cases and also the level of involvement in deciding strategy etc is much higher than it is in big firms.
Please don't be discouraged by the answers in this thread. Its a different matter if you genuinely enjoy being a transactional lawyer - but if you're doing it only for the money and the promised lifestyle in exchange for a career in litigation you'd have loved, I assure you there are other options. Yes, you may take a few years longer to see 1 Cr as your savings, yes you may only be able to afford a economy ticket and 3 star accommodation for your trip abroad as opposed to business class tickets and 5 star accommodation, but I'd say its a fair bargain to exchange those in return for actually wanting to get up and going to your office for the work that's in store (as opposed to doing it only to ensure that the lakhs hit your account without any deductions at the end of the month).
The joys this profession can bring is immense, and if you make the right decisions, you really don't have to starve to enjoy it.
1. What is it that you value the most? If it is anything other than a genuine fascination with litigation, you may find the grind of the initial years debilitating.
2. Be prepared for exigencies. As highlighted in some of the comments above, litigation won't offer you an immediate financial independence or disposable income, so exigencies such as the ongoing covid will hit you hard.
3. Your personal life will suffer. Even timing wise, between courts and chamber and briefings and client chasing, you'll be even busier than your corporate peers. So forget about being in a meaningful relationship, spending quality time with parents, etc, without any immediate corresponding financial rewards.
4. This is relevant if your friends and family are in no way associated with the profession. Your childhood, college friends will move on with their lives while you'll still be dependent on your parents, atleast for the first couple of years. It may feel like that you're against the world, so be prepared to be emotionally strong.
5. Eventually, with some luck and networking, you'll see the value of your struggles, both profesionally and financially, within 6-7 years. The satisfaction is beyond anything you'll ever experience at a law firm. You'll be happy.