Accurate, but would like to add that it can easily go upwards of 3.5 crores depending on book size, partnership structures etc. Ratio is not always fixed at 60:40 - can be 50:50 as well in some cases.
It's just stupid. Its not true. And if you really want to know then walk up to partner and ask him or her. I have. 1.5 is what top quartile of equity partners earn in tier 1. Salaried partners do not make more than 70 lakhs on average. Please if you entered law for money then leave.
I personally know a few PAs at SAM/CAM and Khaitan as well as a few Counsels at Trilegal who made more than 70 Lakhs. How on earth are you suggesting that partners do not make more than 1 crore. They do. Of course not everyone does. Most partners in Corporate/PE/VC and high billing practice areas make more than 1 crore.
Trilegal counsels also make around 70-75 lakhs. Even a cursory look at salaries will also indicate that it is upward of 1 crore or it is 1 crore. I know it's hard to believe but it is true. Tier 1's do pay this much. Minimum 80 L and maximum can stretch upto 2-2.5 crores. It is a known fact.
partner in corporate makes around 1 crore
Guys, the number of hours you put in, and all the other opportunity cost for maintaining this career. Net Net you've been scammed.
Mid Level Partner - 4-5 cr
Senior Partner - 5+ cr plus equity stake. Depends if they decide to put it back in the firm or not.
Especially at the Tier-1 levels, wouldn't rely on their numbers at all.