I have a PPO from a Tier-1 and I am a first gen lawyer. Made my own way to the said Tier-1 firm. The pay potentially affects my future as I also have family obligations.

How about you sir? What are your credentials?

Mods, please don't block this. These type of trollish comments need to be responded to.

Not OP. Do you feel 60-65LPA is "so low"? If so, then corporate law isn't for you since being in the 1% income profile doesn't cut it for you.

And, once you join work, you'll realise that the job is really mundane. Doesn't really deserve this much money to be honest.

Salaried partners start with 70-75 (fixed component) and rest variable depending upon a lot of factors. The PA/Counsel bands are more or less accurate adjusting for bonus/variable pay thereof. Students please avoid making a mess of what is right and what is just an assumption. Thanks.

The above numbers are wrong for sure. For accurate numbers for PA1 and PA 2, add 5 /9 lakhs to the higher number for each of the bands. Of course, the cited numbers can also be true for some teams. IDK about that.

But the numbers in the immediately above comment are mostly imagination. PA3 and first year partner salaries are quite close to be honest.

My guess is, the commenter made PA1 salaries before the broad overall increase in pay scale. His PA2 pay was after the broad increase, therefore the large difference between PA1 and PA2. Some difference can also be attributable to personal billing, overall performance and team profitability (just guessing). For me PA1 was ~60L. for PA2, hoping for quite a bit more, don't want to count my chickens before they hatch.

The real figures are:

A0 - 15.6L fixed (no bonus component)

A1 - 17L fixed, 1.5 - 2.5L variable bonus

A2 - 19.5L fixed, 3 - 4L variable bonus

A3 - 22L fixed, 4 - 6L variable bonus

SA1 - 28L fixed, 7 - 9L variable bonus

SA2 - 33L fixed, 9 - 11L variable bonus

SA3 - 38L fixed, 11 - 13L variable bonus

PA1 - 45L fixed, 15 - 20L variable bonus

PA2 - 50L fixed, 15 - 20L variable bonus

PA3 - 55L fixed, 15 - 20L variable bonus

OC1 - 60L fixed, more than 20L variable bonus

OC2 - 65L fixed, more than 20L variable bonus

SP1 - 75L fixed, everything else variable

SP2 - 80L fixed, everything else variable

SP3 - 85L fixed, everything else variable

EP* - upwards of a crore, everything else equity

To a clat aspirant or junior law student reading this, only about 1/ 1000 people even reach SP, and 1/100 SPs will be considered for EP. Given the number of people now, when you graduate, no way it takes only 3-5 years of SPship to reach equity, the range would be 7-8 years then. Also consider that most tier 1s are top heavy and the EPs are not going anywhere in 10-15 years. So all things here are not as rosy as a picture, take it with a pinch of salt before becoming over enthusiastic and chasing law firms.

the above breakup is very apt for KCO, however there are people who directly make partner post the PA1/PA2 stage since it also depends on how much business one brings to the firm. Else everything is spot on! AZB, JSA and Trilegal pay a few lakhs more as far as bonus components in specific teams are concerned but there is just toooo much micromanagement which happens within most of the teams (which happens only at a select few teams at KCO). Having said that, some teams are very top heavy at KCO and if you survive those at the cost of your personal life, you will be sorted then both - financially and professionally.

Note: I got to know truly lonely people sitting at the top while working at a particular "toxic" team, not judging anyone but some of them are constantly grinding day and night after having "made it" in every metric.

Its a heavy cost you pay for getting to a certain point at Indian Biglaw where you get to choose your poison:

- Every legal opinion getting on Bloomberg, every deal headlining the TOI, clientele meetings at the Oberois and the deep pocket to get that Omega or a German automobile; at the cost of

- Rarely spending time with your family, going back to bed after the 3 AM meeting calls with your foreign client/team and waking up to endless emails; having constant anxiety about the final closing, billing and team management.

The money won't make sense after a point, you turn into a living wreck and eventually make partner. You loved the law while you were at college na? Now you will have emails from your alma matter and curious kids across law schools reaching out for internships and jobs. Thats the point where you will finally realize how time has passed and what it feels like to be on the other side of the table (thats when you deeply understand those group of "lonely people" that you worked for in your junior years and swore to never be like).

Sorry for this long ass reply haha, but I know you get an idea.

Is it possible that for a specific reason, you may not be promoted to next level but be paid salary for the next level (when your work is good but say the team doesn't have enough to promote you Designation wise but give comp)? Eg a PA1 be paid salary of PA2 or a OC be paid salary of SP? Also, any idea how much variable OC and SP make and factor who determine the amounts? For equity, I guess it's purely the profit of the firm and their own profitability.

Not sure about PA salary but since ultimate aim of every associate is to make partner, partner 1 salary is 90 (45 fixed and 45 bonus). The bonus component is strictly linked to recovery percentage. So if Partner 1 achieves 80% of the target ie recovers 2.8 crores then he/she will get 36 lacs bonus. So around 81 lacs (before tax) is final yearly take home of a partner 1.