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[CORRECTION] Khaitan & Co leads market, massively bumps fresher pay to Rs 14.4 lakh annually

Khaitan: Stacks of money
Khaitan: Stacks of money

Khaitan & Co has increased the base remuneration paid to freshers from Rs 13.2 lakh per year (as revised in 2014) to Rs 14.4 lakh per year plus an annual bonus of up to Rs 1.8 lakh.

Correction: The earlier published version of this story stated that Khaitan had changed to a guaranteed bonus structure for freshers. It appears that this information had been miscommunicated to us and is incorrect. We will be publishing more details shortly. We regret for the error.

The salary change will now apply to all first years working at the firm, confirmed a Khaitan partner, with the bonuses equivalent to 150 per cent of monthly retainer to be paid out each April.

The partner and a law student with knowledge of the hike confirmed, that the firm had increased the monthly base pay from Rs 1.05 lakh to Rs 1.2 lakh.

Until now the firm paid Rs 13.2 lakh per year, which could increase to up to Rs 15.2 lakh with a discretionary bonus.

The change was made after realising that in previous years, in the majority of cases, the firm was paying a 150 per cent bonus anyway, said a partner.

On top of that, the partner told Legally India, it reflected the “overall strategy of the firm” to attract quality talent, and “we thought that this is a fair compensation package”.

It is understood from conversations with law students that a number of firms have also increased the packages.

Legally India’s law firm salary table to be updated soon.

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