Change practice areas and be willing to take on work you are not trained in ? As an example - if you primarily took on commercial briefs (arbitrations, summary suits, contractual dispute suits, s. 138 matters) be willing to take on Family, Criminal and Real Estate/property briefs and take help from colleagues at the bar on technical/procedural aspects ? Atleast get some cash flow going.
Alternatively you could migrate to any State Capital (NOT Mumbai) to get access to practice at the HC and the many Tribunals (Administrative Tribunals, DRTs, NCLT, CESTATs and so on). You can even get access to fields like Service Law if you move to a State Capital since only ATs and HC Writ sides have service la vw jurisdiction.
Retreat asap! The economy is not going to recover soon. The society is becoming increasingly unequal in T2 cities. If your clients don't belong to the top15% class then there's no hope as others won't be willing to pay. Unless you have high paying clients who have been earning consistently, you don't stand a chance considering your financial situation. Better late than never. Sometimes, it is all about knowing when to stop, before it finished you off! Start by applying to T2 firms and work your way up. TBH T2 firms would love someone like you.
In an almost similar position. I would say that you should try for the lower judicial service examination. Given the next pay commission's recommendations, your pay also will taper out. Passion for litigation and all that is fine but waiting day in and day out in court only to have a senior counsel take an order and have the matter adjourned doesn't fill anyone's stomach does it?
Sorry to say but you will have to let your juniors go first. Hold out for a bit in your practice since things seem to be improving. To be honest litigation is quite satisfying but the pits and falls are quite high.
Keep faith in yourself and do not quit. If you want to shift to a larger city, keep in mind you are likely to start from scratch in a new place and you will lose out on whatever name and goodwill you have built for yourself over the last 7 years. It may be better to continue where you are and ride out the storm, hopefully by next year it should be over. Make a shift only if you feel you have no other option. Regarding juniors, be honest with them about your financial issues and ask them to take a pay cut for some time till you find your feet again. Since you say you have paid salaries all through, they should also reciprocate with some support. Jobs may seem attractive at this time, but long term nothing can beat the joy of building your own independent practice.
So I have been practising since last ~7years. Married. Early 30s. Based in T2 City. NLU grad. Started out on my own 2years pre-covid. Earned a profit of a little over a lakh consistently post- Jan 2020 till Lockdown. Almost 2 years, survived on wife's income and my savings. Presently, my govt pensioner dad provides me additional support. Even after so many months post second wave, my income has not grown. Market seems dull and unpredictable. People are not willing to pay up (can't blame them, economy is in turmoil). Considering that I have to man up and pay for my kids' expenses, I am really thinking of giving litigation up as now I have almost run out of savings. I have always considered litigation as a challenge and took it up for the adrenaline. I have also been supportive of my juniors all along (paid the salaries throughout lockdown). Rn I am clueless as to how long the grind will be. Also, 4/5 peers of my batch is worth multiple times my fam, so hopelessness is too much. I know this might not be the ideal forum to inquire about LIT. But any sensible advice would suffice. the options I have: 1) Lower Judicial Services 2) Migrate to Mumbai (In which case, what opportunities will I have) 3) Stay and hold ground, but cannot support my juniors any longer, so clueless about the business plan.
Alternatively you could migrate to any State Capital (NOT Mumbai) to get access to practice at the HC and the many Tribunals (Administrative Tribunals, DRTs, NCLT, CESTATs and so on). You can even get access to fields like Service Law if you move to a State Capital since only ATs and HC Writ sides have service la vw jurisdiction.
Considering that I have to man up and pay for my kids' expenses, I am really thinking of giving litigation up as now I have almost run out of savings. I have always considered litigation as a challenge and took it up for the adrenaline. I have also been supportive of my juniors all along (paid the salaries throughout lockdown). Rn I am clueless as to how long the grind will be. Also, 4/5 peers of my batch is worth multiple times my fam, so hopelessness is too much.
I know this might not be the ideal forum to inquire about LIT. But any sensible advice would suffice. the options I have: 1) Lower Judicial Services 2) Migrate to Mumbai (In which case, what opportunities will I have) 3) Stay and hold ground, but cannot support my juniors any longer, so clueless about the business plan.