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Tier 1 NLUs offer similar packages, and exceed them as well when you factor in bonuses
The background I come from rarely has any "retireds". The norm is to work and make till when, and as much as you can.
Hire smart folks who show promises, such as being good at DSA and Math. These lads may not bring the "actual" skills required for the job, but they, definitely, have the potential to acquire those skills.
POV of recruiters at BigLaw:
You don't know shit. You are just fresh out of School. All that you learn was hogwash.
The primary difference is: BigTech and StartUps have the cash and understand the net long-term benefit of acquiring talent - as some will obviously leave, however, there is a net gain.
Whereas, Law firms - partly, due to the nature of work - want to milk you as much as possible.
Being a Software Engineer (SE) is the cushiest job these days, mainly, because of the hot market. My cousin has a base pay of 16 LPA and works not more than 5-6 hours a day. Usually, wakes up at 11 [WFH]. Not to mention the informal culture and absence of toxicity.
The only advantages I see a corporate lawyer has over an SE are the absence of agism, and the ability to make big bucks later in the future.
Things get horrible after you hit 40, for most people, in tech. Whereas, after 40 is when the glory begins in law.
However, I do not deny the fact that lawyers are severely underpaid. Anyone who says the contrary is either pacifying himself or aims to cover up the truth.
P.S. Exception exists in both fields. I am telling you about the general case.
IIT Salaries are booking because there is an IT/Technology Boom happening around the world - CoviD ramped up the Tech Boom even faster because of the Lockdowns and upcoming Omnicorn lockdowns.
Lawyers don't contribute to any business. They are there to enable the business. So salary hikes won't be as high as you see for IIT/NIT Graduates.
Plus do not even compare tech industry to law firm industry, tech has been booming all across the world meanwhile the legal industry has stagnated.
- Many of the 1 crore packages are from companies operating in India, i.e. they are not dollar salaries being converted to rupees.
- There is a "scramble for talent" among companies and they are willing to pay high salaries for meritorious students
- There is a "tierisation" where IIT salaries are much higher than non-IITs, non-IITs are not showing much of a salary high
The obvious question is whether this is the sign of a huge economic boom in general, and thus whether NLU placements will see a similar boom? Will there similarly be a scramble for talent targeting NLUs? If yes, how high will salaries go? Any chance of the 1 cr mark being breached?
https://www.youtube.com/watch?v=O9-EedmssH0