My guess is that, with (i) physical offices beginning for majority of law firms, and (ii) people being able to easily saved a lot of money by avoiding rent and other miscellaneous expenses (imagine people at SA and PA levels easily being able to save more than 50% of their salaries, easily around 15-20Lacs in just one year), law firms would have already started seeing an increase in attrition rates.
What do you think? Anybody noticing any trends in their teams/firm?
The number of resignations coming in the first week of April 2022 are going to be crazy. It will surely be an all time high.
I also have been waiting, but I might just quit before that. So yes, attrition is going to be insane, also given that a lot of start ups and in houses have started to just give a 10-15% haircut on the law firm pay!
Well as lawyers, you already have a good idea about how company is doing. If you think the ship is sinking which you will feel almost every other month (even Zomato was on brink of dying too many times before it reached where it is now), you have plenty other places to join.
While foreign law firms are at least increasing salaries and bonuses to fight this great resignation, Indian firms for some reason think they can just give meagre raises which do not even account for inflation between 2015-21.
I'm sure Cyril Shroff thinks he's giving too much money after the increments at CAM, even though they were a big flop. The mirror will be shown in April 2022.
Have noticed this trend definitely. Some have quit and I know some that are going to quit as soon as the bonus pay out happens. People realise that they neither need the tier 1 money nor live in the metro cities to live a comfortable, fulfilling life. The 'great resignation' is coming and true. Not sure if that is an option for me as a partner though. I mean what am I going to do after over a decade of this drudgery.
@PartnerParody - Haan yaar. Mai bhi yahi sochta hu. 10 saal marwa li is industry me. T1 me partner bhi ban gae. Kaha jae ab? Suna hai Whatsapp Associate GC khoj raha hai. Apply kia kya? Mene nai kia abhi.
Life k is stage mein GC jobs bhi dhyan se choose karni padegi. I know some of my Peers who went in house only to realise their incompetence and then struggled to get their way around. It's sad that even with the stress levels, T1 seems to be the best bet for me at least.
The great resignation started at our Tier1s domestic"law" firms last year itself,only that the firms are great at keeping it under wraps to save them from embarrassments and ofc,to not expose how badly they treat their lawyer workforce.
It's already begun. People are no longer even waiting for bonus. Clients and partners chase relentlessly and refuse to give their teams any kind of break. And the younger lot seem to be better at enforcing their boundaries. Dont think they will fill in for all the many experienced associates that are quitting
Yea, it's hilarious that folks in metros spend 20-30% of their labour working for their landlords, 10-20% of their labour for working for the landlords of the outlets they visit, 10% for the Government, while spending 100% of their time. So what do they get in return 50% of the gross market value for 100% of the time spent. Discount that even further for someone with refined tastes.
Why not rejig the allocation to make that 100% of time spent come back to your own hands.
Turns out these predictions were false and fake. No one left any firm, coz Indian law firms are the the bad employees they are made out to be. On the contrary, their salaries are too generous. Kids straight out of law school knowing jack about anything getting paid 3 times as mush as a junior doctor.
(i) physical offices beginning for majority of law firms, and
(ii) people being able to easily saved a lot of money by avoiding rent and other miscellaneous expenses (imagine people at SA and PA levels easily being able to save more than 50% of their salaries, easily around 15-20Lacs in just one year),
law firms would have already started seeing an increase in attrition rates.
What do you think? Anybody noticing any trends in their teams/firm?
I also have been waiting, but I might just quit before that. So yes, attrition is going to be insane, also given that a lot of start ups and in houses have started to just give a 10-15% haircut on the law firm pay!
I'm sure Cyril Shroff thinks he's giving too much money after the increments at CAM, even though they were a big flop. The mirror will be shown in April 2022.
Why not rejig the allocation to make that 100% of time spent come back to your own hands.