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Surprised to see that such smaller firms are offering more compensation than the so-called Tier 1 firms. Salary structure of all the big firms need a big revision.
Easy to release salary figures when there's no employee to pay them to
Very much tier 1 bias huh
It's a simple business formula that SRL follows (a lot of times at the expense of clients). They currently seem to have 70+ lawyers (as per LinkedIn), but at the same time, they have only 2 partners! 2 counsels (and they are not that senior either, 2017 grad and 2015 grad)! And just 3 Senior Associates! The rest are just associates! The reason for so many exclamation marks are that it's just extraordinary how one can run such a firm. Where foreign law firms run at a partner to associate ratio of 1:2 or 1:3 at max; and Indian firms run at perhaps 1:6 to 1:8 (which is by itself absolutely poor), how can one firm even delivery proper legal advice with a ratio of 1:35?!
They make it more sellable by saying that young lawyers get more opportunity - that's great, but at what cost? It's more important for a junior lawyer to be guided properly, rather than just giving them the exposure. Their M&A/PE team is a run by a team of 3 people (of which the most experienced associate has a 3-4 years of experience.
Of course, they will be able to pay associates money that they published about (if they perform) - because they are literally doing partner level work. It's highly probable that client advice goes without partner sign-offs, because it's impossible for a partner to do all kinds of work - M&A, investments, tech regulations, employment, litigation (!!), all this while being extremely active of LinkedIn.
However, in the sectors they specialize in, I find Tier I teams lacking in those practices and don't have much understanding of tech or are active in the space. Even the Top Tier Fintech, some are too big now (RM).
Also most work does not require partner sign-offs, I would argue many Tier I firms are very top-heavy and then have to pad their bills to justify each one's existence.
Plus one more thing is that SRL clients tend to be much less sophisticated or with compliance background legal teams, or minimal legal teams where they build direct relationships with founders. Due to the sectors they operate in after a while the client becomes dependant on them. Therefore, they are able to charge hourly fees and don't have to do capped matters, due to which If I have to guess it is probably one of the most profitable corporate practices in India.
What you said about young lawyers, is true to some extent, although again I would argue as a young lawyer, it is better to join SRL and build your own network. They clearly promote their talent well both rankings, giving face time with client etc. it is obviously not meant for everyone but someone ambitious and good this is a very good opportunity. I have personally experienced that Tier I have multiple layer of equity partners, there is no space to grow into. As someone at a SA level you will find a pretty hard ceiling to break once you become JP, they don't promote their Junior Partners while SRL is promoting their SA.
I think SRL will continue to grow, my biggest gripe with them is I scrolled their website recently, and it feels like visual appeal is also a factor they consider when hiring.
I don't disagree with your points, I just thought I will add what I think basis my interaction with SRL and other Tier I firms, and I have been thinking about this a lot in context of evolving legal markets. Ikigai is different but has many similar things going for itself like SRL.
Insider source
Band 2 is A1. Not A2.
The A1 (band 2 in srl) said that they do not get anywhere close to 1.5 lakh per month (which is the highest monthly compensation advertised by the firm)
The A3 (band 4 in srl) said that their monthly pay is 1.5 lakh while the lowest monthly compensation advertised by them for band 4 lawyer is 2 lakh
@Mods please mark this as contested.