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Pretty pathetic that this happened really. No one deserves money to clear AIBE or probation.
If I start a new law firm, the lalas with their 500 lawyer firms can afford to undercut rates & quotes of my 10 lawyer firm in the race to bottom. They can cross subsidise non profitable rates, my boutique firm cannot. This will eventually limit my scale or drive me out of business.
I cannot move to SG or HK overnight because I'm not qualified there. Obviously, moving abroad is much more lucrative and desirable, hence, Indian lawyers are making beeline for those jobs.
SG and HK jobs are lucrative and desirable precisely because SG and HK are hyper competitive free markets. Legal services in India is not a competitive market with all its collusion and barriers to entry.
Indian lala firms do 1/4 or 1/10 or 1/20 or whatever. Consequently, Indian firm lawyers are seriously underpaid as a percentage of revenue generated compared to their counterparts in say Singapore or Hong Kong. Singapore and Hong Kong don't restrict foreign law firms now, do they?
There is no need to be dense. Global law firms follow rule of thirds in competitive markets. From the billing, one-third for lawyer's compensation, one-third for overhead expenses, and one-third for firm profit.
Indian lala firms do 1/4 or 1/10 or 1/20 or whatever. Consequently, Indian firm lawyers are seriously underpaid as a percentage of revenue generated compared to their counterparts in say Singapore or Hong Kong. Singapore and Hong Kong don't restrict foreign law firms now, do they?
Uncle, the person would have billed like 2 crores and received (2.5x12) + 14 = 44L total compensation. This is less than 1/4th of the billing. Please think a little who's really profiting from the labour arbitrage?
SA1 starts at 2.6, then 2.9
PA starts at 3.5, 3.8, 4
Counsel starts at 4.4
aur kya chahuiye
SA1 retainer- 2.6
Told there are varied numbers even at the same level this yr. Can others also pls share their numbers for everyone's reference pls.