1. Chamber pay - 18K per month. Had to borrow money from home for the one-time major expenditures. I had interned there twice and the senior (not a Sr. Adv.) had liked my work. He doesn't take in people usually, and honestly speaking, I've lost touch. 2. NLU grad. It helps in the beginning but becomes irrelevant after a point. Also, I am from a mid-tier NLU (at least, it was mid-tier when I was there). 3. I just applied, got rejected, and kept trying. Got rejected by all the major Tier-1s but that kind of helped me get confident about the interview process. I was told by head-hunters that it is nearly impossible to shift to a major firm after working in a chamber. The firm, at the time of my switch, was considered a Tier-1 (but nearly getting pushed to Tier 2). One thing that helped me was that I had learned to speak the language - the usage of certain words and phrases by lawyers to convey something simple. Plus, I had really worked on my English and soft skills (basically, looking the part). I am from a Tier-2 city so all this never came naturally to me.
Hi, may put my nose in between? Ok , Thanks . Please kindly help with the answers :-
1. Pay in Chamber Please ? How did you join ? Can you refer someone ? (Link https://t.me/+dsCulRI03YpjMDg1 ) 2. non - nlu grad ? 3. How did you shift from chamber to firm ? Must be early jump ? Are you in disputues ?
Since you are in Mumbai, the expenses work out differently, but please save as much as possible (possibly even 40% of your yearly pay).
I have been working for 5 years in Delhi.
My first year was in a chamber which allowed me to save zilch.
The second job was in a 'Tier 1.5 firm'. Saved quite a bit by - 1) not going out each weekend; 2) rarely buying alcohol; 3) buying only good quality, important stuff which made my life easier and not something which would make me look rich (Ex: A good desk; a good revolving chair; a great mattress; a good monitor to work and chill at home (in place of a TV); etc.).
Currently, I am associated with a Tier 1. I shifted to a 2BHK during the middle of the pandemic because the rents had plummetted but besides that, I have made some lifestyle improvements/changes to enjoy some of the money, for ex: buying good quality shoes which don't pinch after a long day; buying weights for working out at home; an iPhone (base model); Davidoff in place of Nescafe - you get the drift). I invest heavily and have learned about the market.
One trick I adopt is to keep my UPI, debit/credit card, wallet(s) associated with a different bank account in which I keep very less money (10-20k) max. My salary gets deposited in a different account. This saves me from making large rash expenditures and the feeling that I am approaching 0 kicks in quite often which creates a bit of a psychological barrier to spending. I do go out every weekend now but I try to avoid the banal expenditures of - watching a shitty movie in theatres just because it's the weekend; stocking up on alcohol; ordering in every second day; drinking shitty over-priced coffee (the shittiness being the bigger issue than it being overpriced, honestly - buy a french press for home and a cuppa for office instead); buying clothes without a discount (they are the worst kind of expenditure because there is absolutely 0 difference in output of the product while there being a 50% change in price at times).
That said, it is normal to upgrade your lifestyle (wearing better clothes, drinking better alcohol) but do not do it to keep up with the Joneses. Material well-being is important and let no philosophy tell you otherwise but always keep the rule of 'problem alleviation over luxury spending' in mind.
Also, try to segregate your expenses into one-time vs. recurring expenses. Try and spend well on the one-time expenses, for ex: buying a good laptop, TV, phone, shoes, etc. Try a minimize the recurring expenses. I have avoided buying a car because it does not make sense for me to buy one in a city like Delhi. Cabs are always available. The office reimburses cab expenses for work-related intra-city travel. Parking is super-expensive and the fuel prices are rocketing.
Just to give you an idea so that it does not look like I am preaching aimlessly here, I aiming to hit approx. 50 lacs in savings + investments this calendar year and this gives me an inexplicable peace of mind.
I consider myself to be a below average/average lawyer. Work hard twice in comparison to peers. I have accepted this. I can't continue doing this over my mental health, family, hobbies, partner etc etc. The in house role while I'm taking up is going to pay me decent money (30% hike on my last drawn at tier 1) with other benefits like health insurance, gym, commute to office etc. Have taken this decision after talking to my parents and partner. They are okay with this. I plan to get married soon and live happily ever after spending quality time with my family.
1. Bank FD of an amount equal to 6 months of expenses - prefer a Scheduled Commercial Bank only (HDFC/Axis/ICICI/Kotak/SBI/google list of Scheduled Commercial Banks). No co-operative bank or small finance bank for this amount however high interest rates they may offer.
2. Get a good health insurance policy. Do your research on this well. Pay its annual premium on time.
3. If you have dependents (wife/kids/aged parents dependent on you) - get a life insurance policy. Get only a low-cost term plan and no other fancy/complicated stuff that banks/insurance cos/agents will try to pitch you. Again, pay its annual premium on time and do your research well.
4. NOW, you can start saving/investing after these 3 basics are covered. Low cost index funds for equity (Nifty and Nifty Next 50) PPF, RBI Bonds, Bank FDs for debt
I worked with a tier one firm for the first three years. Saved a lot. I wasn't into alcohol or cigs (which definately take away a huge chunk). One of my colleagues once said that why are you even working if you don't drink or smoke.
Later I changed my practice area. Huge pay cut. In fact I tried lit, arbitration, in house, freelancing and teaching to clat students. Three years later also not making good money (also because I didn't work for around 12 months in last three years). And I could survive those 12 months and live as I was doing before only because of my savings I did in my first three year of career. Trust, that feeling of having savings is amazing. No fears in life. Can try out different things. But since my savings are about to exhaust, I'm taking up an in house role
Yes please, do. I have been working for 1+ years now and while I have always saved about 20-25% of my income, have lately realized that with the kind of money we are paid, we can save a lot more. :) Not asking you to stop having fun but rethinking expenses and where we spend money REALLY puts things in perspective. We don't need half the shit we buy and we definitely do not need to be spending the kind of money we do on food and alcohol (again, not asking you to refrain entirely but maybe rethink how much you're spending on them presently). Also, nothing feels as good as knowing that you have substantial savings and the freedom to do whatever you had like. There's nothing as important as the freedom that money provides - and you actually need to save to have a sense of that freedom. :) Good luck, OP!
Yes, please save. Don’t squander this opportunity. Not saying to stop living (enjoying life) but start saving 15 - 20% of each pay check and investing it in a low cost index fund. It will make a world of difference a few years down the line, the options you will have, will be all worth it.
it's an old advice to save atleast your expenses for 8-12 months . Get a health cover for you (and dependents too). Life is unpredictable. You never know If I may write comments on LI ? Maybe Monkeypox wipes me out. Juniors in litigation are literally working for lesser than minimum wage . Wife of my senior would mix water on our tea (which I was given twice in a span of 6 months). How I know ? Tea was cold. You can sense the water when it is poured from the top in tea or coffee and not mixed well before serving. People are literally struggling to educate their kids and waiting for doctors in government hospitals in country. Please pay a visit.
In short, awaken. Be grateful. Save and maybe donate a bit to some cause. kya paise barbaad karte ho bhai ?
I am currently working as an associate in a T1 firm in Mumbai. For the past 2 years i have spent a lot of money in enjoying my life and have barely made any savings. It made me happy. But now sometimes i think that i should cutting down on unnecessary expenses and start saving. If i don't save now, will it haunt me in the future or do i have enough time to earn more?
2. NLU grad. It helps in the beginning but becomes irrelevant after a point. Also, I am from a mid-tier NLU (at least, it was mid-tier when I was there).
3. I just applied, got rejected, and kept trying. Got rejected by all the major Tier-1s but that kind of helped me get confident about the interview process. I was told by head-hunters that it is nearly impossible to shift to a major firm after working in a chamber. The firm, at the time of my switch, was considered a Tier-1 (but nearly getting pushed to Tier 2). One thing that helped me was that I had learned to speak the language - the usage of certain words and phrases by lawyers to convey something simple. Plus, I had really worked on my English and soft skills (basically, looking the part). I am from a Tier-2 city so all this never came naturally to me.
1. Pay in Chamber Please ? How did you join ? Can you refer someone ? (Link https://t.me/+dsCulRI03YpjMDg1 )
2. non - nlu grad ?
3. How did you shift from chamber to firm ? Must be early jump ? Are you in disputues ?
I have been working for 5 years in Delhi.
My first year was in a chamber which allowed me to save zilch.
The second job was in a 'Tier 1.5 firm'. Saved quite a bit by - 1) not going out each weekend; 2) rarely buying alcohol; 3) buying only good quality, important stuff which made my life easier and not something which would make me look rich (Ex: A good desk; a good revolving chair; a great mattress; a good monitor to work and chill at home (in place of a TV); etc.).
Currently, I am associated with a Tier 1. I shifted to a 2BHK during the middle of the pandemic because the rents had plummetted but besides that, I have made some lifestyle improvements/changes to enjoy some of the money, for ex: buying good quality shoes which don't pinch after a long day; buying weights for working out at home; an iPhone (base model); Davidoff in place of Nescafe - you get the drift). I invest heavily and have learned about the market.
One trick I adopt is to keep my UPI, debit/credit card, wallet(s) associated with a different bank account in which I keep very less money (10-20k) max. My salary gets deposited in a different account. This saves me from making large rash expenditures and the feeling that I am approaching 0 kicks in quite often which creates a bit of a psychological barrier to spending. I do go out every weekend now but I try to avoid the banal expenditures of - watching a shitty movie in theatres just because it's the weekend; stocking up on alcohol; ordering in every second day; drinking shitty over-priced coffee (the shittiness being the bigger issue than it being overpriced, honestly - buy a french press for home and a cuppa for office instead); buying clothes without a discount (they are the worst kind of expenditure because there is absolutely 0 difference in output of the product while there being a 50% change in price at times).
That said, it is normal to upgrade your lifestyle (wearing better clothes, drinking better alcohol) but do not do it to keep up with the Joneses. Material well-being is important and let no philosophy tell you otherwise but always keep the rule of 'problem alleviation over luxury spending' in mind.
Also, try to segregate your expenses into one-time vs. recurring expenses. Try and spend well on the one-time expenses, for ex: buying a good laptop, TV, phone, shoes, etc. Try a minimize the recurring expenses. I have avoided buying a car because it does not make sense for me to buy one in a city like Delhi. Cabs are always available. The office reimburses cab expenses for work-related intra-city travel. Parking is super-expensive and the fuel prices are rocketing.
Just to give you an idea so that it does not look like I am preaching aimlessly here, I aiming to hit approx. 50 lacs in savings + investments this calendar year and this gives me an inexplicable peace of mind.
I consider myself to be a below average/average lawyer. Work hard twice in comparison to peers. I have accepted this. I can't continue doing this over my mental health, family, hobbies, partner etc etc. The in house role while I'm taking up is going to pay me decent money (30% hike on my last drawn at tier 1) with other benefits like health insurance, gym, commute to office etc. Have taken this decision after talking to my parents and partner. They are okay with this. I plan to get married soon and live happily ever after spending quality time with my family.
1. Bank FD of an amount equal to 6 months of expenses - prefer a Scheduled Commercial Bank only (HDFC/Axis/ICICI/Kotak/SBI/google list of Scheduled Commercial Banks). No co-operative bank or small finance bank for this amount however high interest rates they may offer.
2. Get a good health insurance policy. Do your research on this well. Pay its annual premium on time.
3. If you have dependents (wife/kids/aged parents dependent on you) - get a life insurance policy. Get only a low-cost term plan and no other fancy/complicated stuff that banks/insurance cos/agents will try to pitch you. Again, pay its annual premium on time and do your research well.
4. NOW, you can start saving/investing after these 3 basics are covered.
Low cost index funds for equity (Nifty and Nifty Next 50)
PPF, RBI Bonds, Bank FDs for debt
Finally, add a nominee everywhere. That's it.
Later I changed my practice area. Huge pay cut. In fact I tried lit, arbitration, in house, freelancing and teaching to clat students. Three years later also not making good money (also because I didn't work for around 12 months in last three years). And I could survive those 12 months and live as I was doing before only because of my savings I did in my first three year of career. Trust, that feeling of having savings is amazing. No fears in life. Can try out different things. But since my savings are about to exhaust, I'm taking up an in house role
Thank me a few years down the line.
In short, awaken. Be grateful. Save and maybe donate a bit to some cause. kya paise barbaad karte ho bhai ?