I want to quit T1 law firm(A0) and join an in house but I don't want too big a pay cut. What are some good options. Looking for places with a good recognition so that switching later becomes easier.
Exactly, in house legal pay outs are very subjective basis the sector; projects and infra/ funds being more lucrative than banks/MNCs. I know people with 15 PQE in a Private Bank making 40-45l ballpark as against someone as who is at GMR/Adani with the same PQE making around 55-60l. Further, guys having prior Tier 1 PE-VC experience are making upwards of 70l at family office funds/VC houses as against someone at a Big 4 doing the same DT/IDT advisory work for a 30l plateau. Back to my point, it depends from sector to sector and its allied dealmaking curves.
Sadly in-house salaries have no real benchmarks. All the reports that legal recruiters post trying to post a salary level range for a said no of years of PQE is more or less bullshit and a desperate attempt to have salary charts similar to law firms. To have a salary range chart equivalent to law firms is almost impossible.
In in-house what you negotiate is what you get. Of course if you are a great lawyer and a Tier 1 grad and T1 law firm you will get a good kickstart if not you will start at much below. An inhouse lawyer at say 3 or 4 years PQE may be earning as little as 40 or 50 k to as high as 1 lakh. The range becomes even more miserable at say 8 years PQE. It may range from 15 lakhs to 50 lakhs per annum (ball park, of course there are outliers) depending on what background you are from and what you bring to the company and which sector you are working on. This sheer range makes it difficult to have any set data. The typical in house team is so small that it makes no sense to compile a company wise list of salaries, something which is much easier to do when you are just compiling a Big 7 law firm list.
For experienced real estate lawyers (PQE 5+), usual inhouse salary ranges from 15-22 LPA. Some companies offer more than this too, but it all depends upon the position you are being hired for. Someone with 5+ PQE is usually hired at the position of Manager. Companies that fall herein:
Don’t read out numbers out of your mind. ICICI pays 16L for Mumbai office which is its max payout all other cities have a relative (less) pay. Now I’m doubting your other numbers too
Assuming you get a CTC of 13 to 13.5 lakh, you would get approximately 90-95 thousand per month in hand after tax and other deductions.
This is also assuming that u utilise all (or most) tax deduction/ exemptions possible such as 80C, HRA, etc.
Some amount gets deposited to EPF (which builds up a nice corpus over time) and gratuity (which may or may not be paid to you if you leave before 5 years). Also imp to check policies about leave encashment while leaving, leave carryover, mandatory working hours, etc.
Cognisant that it’s not possible to get to know everything if a fresher, but best to be aware of.
I would really appreciate if any experienced person could provide insight as to how the CTC is divided and what’s the general in hand pay like along with perks etc that a company is offering. Thanks in advance.
Hi weve got an excel on law firm salaries, any idea what in house salaries are like and how they vary based on sector and years of experience? Any in house lawyers here willing to share their pay package and company?
In in-house what you negotiate is what you get. Of course if you are a great lawyer and a Tier 1 grad and T1 law firm you will get a good kickstart if not you will start at much below. An inhouse lawyer at say 3 or 4 years PQE may be earning as little as 40 or 50 k to as high as 1 lakh. The range becomes even more miserable at say 8 years PQE. It may range from 15 lakhs to 50 lakhs per annum (ball park, of course there are outliers) depending on what background you are from and what you bring to the company and which sector you are working on. This sheer range makes it difficult to have any set data. The typical in house team is so small that it makes no sense to compile a company wise list of salaries, something which is much easier to do when you are just compiling a Big 7 law firm list.
Max Estates;
H&M;
Pacific Developers;
Reliance Retail (they may lowball you too);
Subway;
Dr. Reddy: around 12 LPA CTC
Axis Bank Mumbai: 20LPA CTC
ICICI Bank: 18-20 LPA CTC
This is also assuming that u utilise all (or most) tax deduction/ exemptions possible such as 80C, HRA, etc.
Some amount gets deposited to EPF (which builds up a nice corpus over time) and gratuity (which may or may not be paid to you if you leave before 5 years). Also imp to check policies about leave encashment while leaving, leave carryover, mandatory working hours, etc.
Cognisant that it’s not possible to get to know everything if a fresher, but best to be aware of.