This problem is across the board / practices. It's not because of anything but the fact that Indians are promoted in the law firm setting way too fast which has massively increased cost pressure for firms and target pressure for individuals.

The rapid growth model made sense for law firms initially as they were gunning for size. But at some point, law firms need to stop and think if such large-scale growth is financially feasible. I personally don't think it is. When I joined law firms, a tier 1 would have 50 to 70 partners. This growth in size happened over more than 20 ish years. Less than 10 years later, firms have 150 to 200 ish partners. The rate of growth is insane. The rate of increase in non-partner strength is even greater.

I don't think we will see large scale layoffs, but we will see promotions being stretched out. I mean, we must also accept that something is weird in our system where our newly minted partners have less experience than associates at foreign law firms, both in the west and in the orient.

Having too many young partners sets the course for having incompetent partners. I do not mean they are incompetent in terms of work (while some are), but incompetent in terms of selling legal work to clients. Therefore, these new partners undercut severely to generate a "book" which spoils the market. Developing a book is a skill which takes time to develop. You cannot have associates working 15 hours 7 days a week for 9 / 10 years and all of a sudden ask them where is their book? When law firms do that, such newly minted partners are forced to undercut and get some chunk of the pie which in turn spoils the entire market. This increases financial pressure which trickles down.

Developing relationships in the market, which is a precursor to developing a book, takes time. Firms need to give that time, and that can only happen when law firms adopt a more feasible model. In the Indian context, the counsel model which KCO follows is currently the most sustainable model. However, if other firms keep dishing out the tag of partnership before its feasible, even KCO counsels will run. Anyways, even the KCO counsel model will run out of steam in a couple of years once there will be counsels in large numbers. The tenure for associates, SAs and PAs need to increase at least by 50% to 75%, if any meaningful change is to be seen in the ecosystem. Also, while the tenure for associates is extended, these resources need training on BD and personnel management over the years to become ready to be relevant partners who will not have to engage in bottom feeding or undercutting to sustain themselves.

If we cannot change the growth trajectory for individuals, firms will need to fire people to cull the herd. I do not think that is a solution anyone needs / wants. We need sustainability and not hunger games. But this is a truth, all lawyers need to internalize and not only law firm management.

And the above comment does not even take into account pressure imposed by "tier - lex [something] or similarly named" law firms who have set up shop because they couldn't take up the intense pressure of tier-1s. While much of those firms are shit, many are run by quality tier-1 trained resources. They have the ability to provide similar quality service at a fraction of the price. Big law firm models need to figure a way for sustainability to not lose out on these resources which invariably increase further upward pressure and unreasonable price competition. If culling the herd is a solution, similar law firms will not only rise in numbers but also in quality further complicating the issue. Where exits from one Amarchand Mangaldas gave rise to half a dozen tier 1s, imagine what exits from half a dozen tier 1s can do.

What we have is an industry wide issue. People need a reality check, but nobody wants one.

I know this comment is all over the place but wanted to vocalize a few quick thoughts. Someday, when I have time, will structure this better.