If your annual family income is close to a crore then why are running after a law firm job? You can do so many other things to earn that much, in fact, using this privilege you can even surpass that!
It makes sense for middle class peeps to go crazy for these firms as they are literally catapulting them to UMC. From around a lakh or even less a month to potentially 5-6.
With the way cars, houses, flights and everything is being priced I won’t agree that 1 cr continues to be Richie rich territory and rather would provide a strictly UMC living. One surely requires multiples of that Sum to be rich
The brackets are as per T1 cities. In Delhi and Mumbai, a lakh a month means nothing. Your family can have a comfortable living if you are earning close to 10 lakhs a month.
mods please update faster🥲 ive had this question for 5 years of my college - why would son of an industrialist/IAS who have amassed wealth power and connections for generations want to be at a law firm??
absolutely. it is not as if our UMC parents have collected tons of money for us to continue living the same lifestyle. so we work in law firms to ensure you have one foreign vacation every year.
What’s wrong in that? It’s called choice. There was even an article about the sister of a famous Bollywood actress, who went to Jindal and joined CAM. She can be an actress any day and looks more beautiful than her sister, but it’s her choice to be a lawyer.
She is now on a month long honeymoon across Europe. Not sure if self sponsored or by family. Doesn’t really have airs or anything and does not live in SoBo either.
Your definition of UMC may be true for Mumbai but is not true for Delhi and is certainly not true for other cities and towns (Kolkata, Chennai, Bhopal, Indore, Jaipur, Ahmedabad, etc.) where a significant number of people in T1 law firms come from. In % terms, at most 20% would be from Mumbai (if seen on a pan India level).
In these cities, once you have a good residential property, you don't need more than 24-36 LPA family income to live a very comfortable life. Most families would be getting to these levels after working for at least 15-20 years.
On the other hand, you can make this kind of money in 4-5 years in T1 law firms. In another 5 years, you'll comfortable surpass your family income (that took them 25 years to reach), with just 8-10 years of experience.
Therefore, for a vast majority of people, you actually increase your affluence by joining T1 law firms, even if you are from an UMC family. The exception would probably be if your family income is above 60 LPA and consistently so (which is extremely high for any city other than Mumbai). Additionally, even in those cases, remember that professionals cannot transfer their income directly to their children. It is only if you have a business that you can do that.
Bhai I don't think u have ever been to Bombay and are some law student overestimating costs, 60lpa is definitely super deluxe comfortable in bombay and you get to actually live the sobo life unlike in other cities
You might be from a UC or an UMC family, and your family may make crores annually, but it is not your income or wealth. Rather, if you are not the first born taking over the business, or your family family wealth is from service sector - you are hard pressed to maintain your expensive lifestyle on your own if you are looking at independence. Some of them choose the law firm setup. It is prestigious, mentally challenging and gives purpose.
It makes sense for middle class peeps to go crazy for these firms as they are literally catapulting them to UMC. From around a lakh or even less a month to potentially 5-6.
So what is the reason for UMC to run after firms?
In these cities, once you have a good residential property, you don't need more than 24-36 LPA family income to live a very comfortable life. Most families would be getting to these levels after working for at least 15-20 years.
On the other hand, you can make this kind of money in 4-5 years in T1 law firms. In another 5 years, you'll comfortable surpass your family income (that took them 25 years to reach), with just 8-10 years of experience.
Therefore, for a vast majority of people, you actually increase your affluence by joining T1 law firms, even if you are from an UMC family. The exception would probably be if your family income is above 60 LPA and consistently so (which is extremely high for any city other than Mumbai). Additionally, even in those cases, remember that professionals cannot transfer their income directly to their children. It is only if you have a business that you can do that.