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Honestly, the two sectors are not comparable. If you want a stable life with decent salary then a job in the public sector makes sense but if you want to be rich and don't care much about work life balance then corp is where you should be. People have different goals.
If SAM doesn't pay the whole bonus component/ at least 3.5L to A0s, SAM announcement will be the biggest Jumla of the century in the legal industry.
A0s will get their first slice of working in family-owned business.
Woohoo!
Don't think starting pay in ip can be same ever
Yet to be seen if SAM would pay bonus to A0s or was the announcement just another stint/ jumla.
July 30: CAM bumped up fresher pay to INR 18L, overtook SAM.
July 31: SAM bumped up fresher pay to INR 20L, overtook CAM.
This means there would be increments across levels in both firms, bumper bonuses. Finally - these law firms have realised that you can only retain good talent if you can offer them FAT PAY CHEQUES amongst other things!
Hope other firms follow soon. In 2025 hopefully the A0 salary will be 20l for all tier 1s?
Press release:
Shardul Amarchand Mangaldas & Co. Unveils Enhanced Compensation and Benefits Program – Redefining the Firm Value Proposition
New Delhi, August 1, 2024: Shardul Amarchand Mangaldas & Co., India’s pre-eminent law firm, is proud to announce a significant enhancement to its compensation and benefits program, reflecting its commitment to attracting, retaining, and nurturing the best legal talent in India. This market leading revamp underscores the Firm's dedication to ensuring that its top members benefit not only from the best in class work but are also rewarded handsomely, while recognizing the importance of building a support system to fuel both professional and personal well-being.
Key Highlights of the Enhanced Compensation and Benefits Program:
- Entry level associate compensation (A0) has been revised to up to INR 20 lakhs.
- All other Associate and Salaried Partner compensation has been revised based on holistic performance evaluation, taking into consideration efficiency-based performance.
- The Firm will continue with its existing unparalleled and objective variable compensation policy of up to 200% including taking into consideration efficiency-based performance for determining the eligible variable compensation component.
- Introduction of new people centric policies - work from anywhere (2 weeks annually), caregiver leave (up to 3 weeks), paternity leave (increased to 3 weeks), additional childcare leave, health check-ups and sabbatical policies for associates and partners.
Increased focus on well-being and professional development programs:
Well-being has been a core mission at our Firm, having been the first Indian law firm to have mainstreamed the conversation on mental health at the workplace and introduce free counselling for all members of the firm and their families with the help of professional agencies (like AMAHA) engaged by the firm. We are pleased to announce further improvements to our well-being and professional development programs as well, as below
- Annual Rejuvenation Break between Christmas and New Year (25 December to 1 January (both days inclusive))
- Formal recognition of Mental Health Days
- On-site physiotherapy services
- Introduction of a new Workplace Anti-Harassment Code
- Mentorship and coaching support
Execuive Chairman, Dr. Shardul S. Shroff, said, “With today’s announcement, our firm is forging a renewed path. Our people are the cornerstone of our success and we seek to enable them to thrive in their wholeness, professionally and personally with our new firm value proposition. The enhancements to our compensation and benefits program are focused on attracting, rewarding and retaining top talent while fostering a culture of excellence, collegiality and meritocracy. I am confident that these changes makes us the most progressive, inclusive, holistically balanced and preferred employer in the legal arena in the India.”
Shardul Amarchand Mangaldas & Co continues to lead in providing top-tier legal services across various sectors, including corporate, litigation, real estate, intellectual property, and more. The Firm’s dedication to client service, legal innovation, and professional development remains at the core of its success.