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The annual income he declared was Rs 10 crore.I I guess this would include income from investments too. So perhaps his law firm income will be around 9. Honestly, I expected it to be a lot higher, unless he is under-declaring. Because tier 3 senior advocates earn more than this.
What do you guys think? Is this the going rate? Do they earn that less in relation to senior counsels?
I am in an NLU myself and am in law for the same reason as you. Yet, litigation continues to be a nepotist profession for the way it is designed. Firms give you an early standing, but you do not reach where the king's son sits.
Its just pure nepotism and connections that help Senior Advocates make that kind of money. A chamber of a senior Advocate would not be able to handle so many big cases otherwise.
….even a “new” senior we brief charges 2.5-3/L hearing but does 3-7 matters a day, that is 7.5L/day at the low end to 21L/day at the high end. For tax these guys also do several opinions / week + conferences at 0.5-1.5L per conference which are equal in number to the number of matters for the next day. So no a senior does not need to charge 5L/matter but does need to be “busy”. I know of at least 15L tax seniors at BHC making 10Cr ++