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Money - M&A, capital markets, funds etc.
Agreed that margin can be lower than MnA or disputes, but it is not that low that teams are not able to cover their costs or making losses, if that would have been the case, firms like Indus and SnR would have already closed their shops.
The Senior Counsel makes 90% of the amount paid by the Client, which for a 10+ year senior advocate in Mumbai/ Delhi could cross all practices total revenue in trilegal/ KCO
This is because, clients pay very very less, and it actually makes sense, Why would someone pay so much more for people drafting the same 100 page document that ChatGPT could easily do with some random folders. No application of law or mind. ECM is a big scam, the earlier you realise the better
There is rarely an undercutting on big deals. CAM charges highest, followed by Indus, SAM, KCo and others. I agree it's a fixed fee mandate and there is no hourly billing but it's not that behind than M&A and Disputes.
2. B&F and Projects- Tier 1 practices mint money in millions
3. Employment
4. Tech - Niche
5. Equity Cap marks - barely covering costs/ loss making due to cost cutting
6. IP and the others
M&A
DISPUTE RESOLUTION
Rest are just the same unless the firm is boutique or specialised in a particular field. For instance, in LKS, most lucrative would be Taxation. Trilegal's competition practice is well-established so they make the same as GC individuals. For other T-1s, it's either GC and/or M&A. Unfortunately, IP individuals don't get paid the same as their peers in other fields.
In any case, it depends on the working hours you put in, your ability to get clients and your position in the firm (salaried/equity or managing partner).