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US BigLaw raises fresher salary to $210,000 + bonus
www.reuters.com/legal/legalindustry/ny-law-firm-raises-starting-salaries-215000-lawyer-pay-race-continues-2022-01-20/
That basically translates to 1.6 crore per annum excluding bonus. For context, fresher salary in Indian firms is 1/10th of that. Even assuming disparity in cost of living (say everything in US costs 5 times more) AND taking into account the high cost of law school there, it will still be 2-3 times of what Indian law firm associates are making.
The last round of hikes by CAM/SAM/Khaitan etc did not even meet inflation rise from 2015 base (which is 32%, if you're wondering). While law firm salaries were attractive back in 2013-15, 16L is not an uncommon salary anymore.
Given the pressure and attrition has pretty much been the same here, when will law firms realise this and hike their pay?
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They will realize it when they actually get to see young grads pursuing other things like litigation/Judiciary/UPSC/Academia or the like. As low as the salary may be many young people still join those firm because academia does not look very lucrative, litigation is only for the exceptional first-gens/people who have family as their backing (I am not undermining the talent of these graduates but believe me an average child of a Judge/Advocate can surpass talented people with just average work. Only the 'creative wonders' in Justice Chagla's words can make it.) and they do not want to be posted in some rural area for their life.
As long as the 'supply' (forgive for my word but this is the reality) does not go down they won't. Another thing that can happen is that people in mass resign so the management is forced to quell this problem with increased wages.( again forgive for my word but this is the reality.)
Fresh non-equity partner level pay has pretty much stagnated - with minimal increment once you move from PA to partner. While being promoted to partner in most Indian firms was a mere designation change, there were at least some perks attached to it.
Now, honestly, it doesn't feel like it will make any difference in my life if I do get promoted.
Literally, which other sane industry/country in the world is not globalized?! This is deeply entrenched crony protectionism - which benefits no one except for the likes of Cyril Shroff and Zia Mody.
You've no idea what value still does a ballpark of a lakh per month mean to an average indian household. It's probably not your or an individual's fault too for the number of upper middle class (which is a tiny piny fraction of total India) is staggering (not commenting on it being good or bad) in the Indian law school ecosystem.
While I do get and totally support fresher's salary to increase with the workload thatz shoved into us, but I totally disagree on your point of 15-16lpa not being uncommon. Probably not more than 2-3% engineers from and working within India earn that figure, even if we talk of 2022 when we talk of it.
Either we compare the top 3% lawyers to top 3% engineers OR the rest of lawyers with the rest of engineers.
In both the cases, engineers have it better. Their top 3% salaries are way more than ours. Their bottom salaries (3-6 LPA job) is still more than what most freshers in litigating chambers make.
You can't take a law firm salary, compare it to someone working at TCS/Infosys and be happy about it, right? That wouldn't be a fair comparison.
If you are talking about IIT placements and NLS/NALSAR level placements than law schools have it better, as there are top IIT students who end up working for TCS at 30k per month. Not all IIT grads get 6 figure jobs. The disparity between TCS and Trilegal starts after say 7 to 10 years of work ex.
But when you make a profile on a marriage portal and see that people in your age group engaged in IT, consultancy, RND are earning 20-25L at least and some IT professionals working with the biggest names in the field are earning 50-75L working on a fixed hour basis, it does make you think about your career choices and the value of the pay for working 12-15 hours a day to a shift job.
It should be known that the flashy corporate law firm job is now behind vanilla engineering placements.
I think the salary given to law firm associates here is top notch. And if the attrition is due to money, then it's stupid to expect that a raise will satisfy the greed. It will be never ending.
Any attrition in Indian firms is coz pandemic has made people realise their true calling. It's to do meaningful work. They no longer prize money and mindlessly run after stupid things.
Many are taking up noble causes such as teaching, law clinics, NGOs.
Stop making everything on LI about money.
200k in Manhattan gets you the same.
You're earning double of what the US Fresher lawyer makes.
And just fyi, an NGO is structurally incapable of affecting real change. Socioeconomic justice is still largely dependent on the whims of the state. Organisations that do meaningful work in the arena of labour rights get into serious trouble with the government. A majority of the UAPA cases in west India are for attempted unionisation. Ffs an entire class of electrical workers were in prison without bail or trial for THREE years for trying to unionise against Reliance.
There is absolutely no reason for anybody to have hope or expect to make any sort of real difference, and you should be ashamed of yourself for pretending that there is.
Now that we are on the subject:
What does a lawfirm job really get you? 1-2 BHK, drinking on weekends, 1 vacation per year? that's bloody it. So stop making it sound like you are the king of the world if you run after money.
Now, consider if you do something that gives true satisfaction and makes a difference. For your information, you will never know till you try. There are so many social workers making a huge difference to our society. It pathetic that you tried to trivialise their contribution on a public forum.
Live under your false reality. You will never know true happiness and satisfaction. And yes, there is no harm in preaching to see a better india, to see your fellow lawyers happier.
Caveat emptor: "Last Updated: Mar 2018". With that in mind:
Quote: Wow. OP is right.
Rent in Manhattan - 10 lakh per month
For the same 3 BHK apartment (semi furnished)
Think twice before comparing salaries.
In India, talent is cheap and with only 7-8 large firms all competing for the same mandates, competitive undercutting is rampant. This combination of factors means that firms can't (and don't have to) shell out $$$ for a pair of typing hands. Ultimately, asset costs will reflect revenues, whether you like it or not.
The rest of you need to take a real hard look in the mirror and think about what exactly you’ve done to earn even the salaries that you do get.
I feel many top tier NLU students get discouraged when they see students from lower tier NLU or private law college as their colleagues in law firms. Do yourselves a favour-law firms- think about your brand. Don't let these low tier nlu Or private law college ghochus work at the same salary as top tier NLU folks. Give them half or even lesser.
It's nothing against the people from low tier colleges, its simple genetics, a lottery. But that does not mean that these low tier college people do not even acknowledge it.
I also surprised myself at being able to keep up and put perform the JD students, but when I compared the average JD students work ethic and commitment , work experience. And just plain skill with the law to the average NLU student in a T1, the difference really is night and day. A good quarter of my class basically had no skills to speak of when they graduated- they got hired by firms and such mostly because the firms expected that the NLU tag meant they could keep up and learn when they needed to- and that’s true enough- but I have no doubt that they wouldn’t last a day in world class universities.
I’ve also had Indian students intern with me- that quality is slipping- fast. Interns nowadays seem unable to do the bare minimum and show basically no initiative. The focus is all on scamming a job out of you rather than build any skills or actually contribute to the work we do together.
If anything I think NLU graduates are in a happy bubble about their recruitment scenes and the pay they can expect. I think it’s very possible that that bubble will burst in the near future.
Young lawyers and students need to mount a campaign demanding the end of licence raj in legal services and entry of 100% FDI, else forget it.
He was joking, of course, but was he also correct?
1. Pay structure- Higher in US Law firms.
2. Work culture- Much much better in US Law Firms.
3. Working hours: More flexible in US Law Firms.
4. Toxicity- More in Indian Law firms.
5. Opportunity for Growth- Better in US and Stagnant in India
6. Work-Life balance: Better in US firms.
7. Attrition rate- More in Indian law firms
8. Global reputation:- Better for US law firms.
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