OP is coming from an ignorant, uninformed point of view. There is a distinction between retainers and salaried employees and associates are lawfirms are not the latter, but the former. The 19. LPA that trilegal is offering has 16.5 lakh fixed pay per month and 3 lakhs guaranteed bonus. And if OP is aware enough, income tax is not deducted at the whole/entire amount, it is deducted at each slabs, so it won’t be taxed at 70% of 19.5 lakhs but at each slabs of the 19.5 which would overall reduce the tax liability. On top of that, lawfirm associates are retainers, not employees, so they only have to pay 10% tds and income taxes on a very minimal amount of their salary, thereby saving lots of money on taxes. Also being on a retainer does not include CTC as you would see on MBA or IT professions and hence HR Jugaadu dedications are non existent in a lawfirm.
You seem to be some gurgaon lawyer practicing in a small court. No idea of law firms, no idea about bombay. By your logic everyone in Mumbai should be earning 30-40 lakhs+. There are people earning even 1.5 a month and buying houses in Mumbai. Or probably you are a spoilt brat to spend 60k on rent!
Well Trilegal comes out looking better than SCAM/AZB/KCO. But that really shouldn't be the benchmark. When I joined a T1 right out of Law School ten years ago, I was paid almost a lakh in hand. Incomes in all other top professions (banking/VC/PE/consulting) have grown exponentially (at the starting levels), while corporate law pay has barely inched up year-on-year. With a booming economy and solid profits, that means Indian law firm promoters are pocketing almost all the surplus value.
Its not good enuf to survive,but not enuf to live .And stop making out it like Trilegal is doing some great thing.They are doing this because they badly need Associates.So many new Partners were hired and its well known that Partners don't do the work.So Associates are required to do the work and generate profit for partners.
Did you attend the Ally McBeal Institute of Legal Studies? As a professional will you be paid a retainer or a salary? Will you have "jugadoo HR deductions" on a retainer?
IMO,Trilegal is hiking retainers to desperately reduce attrition and recruits A0-A3.If they are giving such a hike, me thinks their workplace would be really bad.
Isn't this a CTC figure, meaning 7 lakh goes to income tax (and eventually to the pockets of politicians) + 3 lakhs gets cut in various HR jugaadu deductions. So you actually get only 12 lakhs a year? 😢 And if you spend 60K a month on rent, then you have only 5 lakhs or so a year to spend on food + petrol + electricity + dining out + maid's salary + broadband + OTT subscriptions? Won't that leave you with just 2-3 lakhs in savings? 😭 Plus, what if there is peer pressure to buy fancy watches and phones to maintain your status? Won't that mean you save just a lakh a year? 🥺 Finally,
you may have to buy gifts for your girlfriend, which can mean anything from a simple box of chocolates (for Betty-type girls) to a fancy 50K holiday (for Veronica-type girls).
- Good apartment in nice locality
- Car with driver
- Eating out at top restaurants at least four times a month
- Good clothes and watches
- 1 foreign holiday a year
- Maintaining wife, girlfriend and child (for some all three 😅)
Isn't this a CTC figure, meaning 7 lakh goes to income tax (and eventually to the pockets of politicians) + 3 lakhs gets cut in various HR jugaadu deductions. So you actually get only 12 lakhs a year? 😢 And if you spend 60K a month on rent, then you have only 5 lakhs or so a year to spend on food + petrol + electricity + dining out + maid's salary + broadband + OTT subscriptions? Won't that leave you with just 2-3 lakhs in savings? 😭 Plus, what if there is peer pressure to buy fancy watches and phones to maintain your status? Won't that mean you save just a lakh a year? 🥺 Finally,
you may have to buy gifts for your girlfriend, which can mean anything from a simple box of chocolates (for Betty-type girls) to a fancy 50K holiday (for Veronica-type girls).
Thoughts?