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.
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.