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Every law firm paying 15 LPA or more has a rigours selection process and wants to attract top talent either through campus placements or internship performance. The high package helps them get the best of the lot that is willing to work 70-90 hour weeks. A firm could lower the salary by 5L and still have thousands of applications, but those applicants would be far from the best of the lot.
Oversupply would mean that there would be a portion of the whole market who would be earning way better then the rest who could not make it into the profession, but here even the T1 law firms haven't crossed paying 20lpa to freshers.
Kaun ullu 16 ghanta marwayega apni law firm mein?
In-house counsel recruiters or even Big-4 firms don't pay as much as them.
Rookies succumb to the market landscape. It's no longer a glory to work at Amarchand Mangaldas or whatever. It was in 2015 bcz 15L was huge deal back then.
Lala acquires what Lala wants
Law firms have not raised their compensation according to inflation. When will we stop the NLU dick-measuring contest and start talking about this?
https://www.barandbench.com/news/shardul-amarchand-mangaldas-offering-15l-fixed-fresher
KCO: 15.65
AZB and CAM: 15-17
Why haven't they increased the salary?
Why have they turned blind eye towards inflation?
Is there some sorta cartel?
Why don't more people talk about how low the fresher salary is?
About time they should start paying at least 20L considering the amount of time, intensity of work, inflation, taxes, etc.
I really think foreign firms should enter which will make these T1 offer higher package owing to competition.