What's actually happening in firms? Can we talk about why these 'massive' attritions are happening. Can someone who has quit recently tell us what's going on? I know several acquaintances from law school who are junior to me and were very much interested in corporate law quit a few months into their job. Money doesn't matter anymore. The huge salaries and it's attraction dies one week into the job. They've settled for decent less paying jobs in T2 hometowns to stay sane and are very happy. And mind you these aren't entitled kids but the super smart ones from middle class families who got PPOs on their own accord. And they loved what they were doing, loved corporate law etc. I've seen atleast 5-6 such instances happening in the past month and I'm really curious what's going on?

I'm guessing the lack of work from home options as a norm and not an exception. These people are wonderful assets for firms only if they maybe willing to allow them to work from wherever they were and not force them to another city in the middle of a pandemic or even otherwise.

Mental health is a huge factor too. I'm really thinking whether we gave wellness less priority while going up the ladder. Disconnected from life, family, entertainment and everything for so long has made my personality dry. This is very messed up and I'm rethinking my choices. And I'm just so glad that people are demanding for better working conditions or just quitting. That's massive self respect in play there by not letting yourself be walked over.

As someone who has recently quit, what are your thoughts? How can firms make work less hostile and more hospitable? How can people senior to you provide saner conditions? Unpaid bonuses? There's a lot...but where are we going wrong?

So want this thread to blow up! Bump

Lol how does one love Corporate law?

Interesting thread.. I am still part of the rut and have not been able to get out.. I think the major reason is pandemic as it has made people more self aware.. money is not everything.. for initial few years, it does give a kick but after that its a drag.. If someone can find a good job in Tier 2 and Tier 3 city, I think in long run it will be much better..

Another option which could be tried by new comers is to explore practicing in their native city.. The ground reality is extremely poor, if talented folks start practicing, it will be mega contribution and over a period of time, I am sure they will do pretty well financially as well..

Working for under privileged is the most satisfying work that one can do. Money does not matter. And I hope most people realise that soon.

Do something for the society. Period.

I cannot answer your questions but I can only tell you what has happened since I quit. I recently quit my T1 firm job and moved in house. Now:

1. I am more mentally stable and have stopped being a snapping machine.
2. Have free weekends and spend time with family.
3. Thankfully, the money is mostly the same.
4. Got rid of my horrible, super horrible boss and got a new senior who is caring and understanding.
5. I laugh a lot, started cracking jokes like I used to with my friends. My friends tell me that their lost friend is back.
6. I am yet to take out time for exercise/fitness session and that remains a priority.
7. Do I miss anything about my firm- no, absolutely not. I just feel bad I could not move in house earlier on.

IMHO it was a combination of 2 things.

First, JPow, believe it or not. Because USA cranked up the money printer, there was suddenly a lot of dry powder and risk appetite for PE/VCs as well as institutional money. So the investment and fundraising went through the roof. Firms knew fully well that this was happening, but have not cranked up their hiring to match the workload. Also, it could also be by design - if teams are billing more than the normal days, why hire more and increase costs?
The attrition trend is noticeable not just in India, but also other countries and Magic Circle firms.

Second, during the lockdown was ironically when most people discovered freedom. Home cooked food on the plate can mean a lot more than money in the bank (ok maybe not lol). Afternoon naps took priority over all those deals. Let's be honest, lawyers can actually work remotely. We have been stuck in stone age, and continue to be.

1. Realizing the value of life after losing loved ones during the pandemic
2. Money has a finite marginal utility.
3. I can't waste the golden years of my youth sitting in front of a computer for a 1L salary. It's just not worth it.
4. If you look at it, you don't need so much money when you are 24 cos most of it would be spent on rent in metros and also on unnecessary lifestyle expenditure cos they have to live upto an "image".
5. Some people would rather earn in the range of 60-70k back in their home towns, enjoy work life balance, save a lot of money on rent and don't have to put up with the pretentiousness of the hustle culture back in the metros.
6. The saved money can then be utilized for travelling during long weekends or holidays (which one doesn't get in law firms cos after getting more than 1 lakh salary, the partners assume they own us for 24hrs). One gets time to be around family and people that really matter. And they can go to the gym at 7pm without worrying about a deliverable or a call with a precious foreign client at 11pm.

7. So yes if you really see the maths, middle class A0s from tier II towns working in law firms are losing a lot more as compared to the salary they get. The opportunity cost is way more. Many are hyperfocussed on the numbers in the paycheck but that's a very myopic approach
As amartya sen said quality of life is determined by freedom. Income definitely helps one to have certain degree of freedom, esp financial freedom. But in law firms, there are millions different ways in which we give up our freedom and we never bothered to actually quantify it.

In short, money cannot buy freedom after a certain point and we need freedom to live our best life and realize our true potential.

Disclaimer: this may not apply to those having their families in metro and those who are truely passionate about corp law and don't mind conflating their identity with being a corporate lawyer.