Khaitan & Co has increased fresher salaries to Rs 15.2 lakh per annum, including bonus, effective from 1 April as part of its annual pay hike.
The salary applicable to freshers joining Khaitan July 2014 onward is now Rs 1.1 lakh per month (Rs 13.2 lakh per year) and a bonus component of up to Rs 2 lakh this year.
This has increased from last year’s figure of Rs 1 lakh per month with a bonus component of Rs 1.75 lakh.
A member of Khaitan’s management explained: “Every year there is a hike. Every hike is discussed in the executive committee. If we miss out on the hike for a particular batch they won’t be excited to join us. So it is year-on-year.”
“There is no differential between any institution. People are hired as partners, this is what we say on campus. That the associates are our future, our potential partners. Everybody is hired through the same recruitment process comprising of a [group discussion], questionnaire and personal interviews by a panel that nationally recruits people. So ultimately we cannot create a differential in competence,” he commented.
The last big fresher salary leap that Khaitan made was for the batch joining in 2011, from Rs 7.2 lakh and Rs 8.5 lakh to Rs 10.8 lakh.
It is understood that Amarchand Mangaldas, AZB & Partners and Luthra & Luthra have not disclosed their fresher salaries to recent recruits. Legally India had last reported that Big Six firms had hiked their packages in 2010, to Rs 11.4 lakh base per year in the case of AZB, and salaries of around Rs 10.5 lakh per year for the other largest firms.
J Sagar Associates (JSA) increased its fresher pay to Rs 10.5 lakh per year in 2012.
Last year Lakshmikumaran & Sridharan (LKS) had increased its fresher base pay after three years from Rs 4.8 lakh to Rs 7.2 lakh per annum.
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Ideally all firms should be disclosing indicative salaries at all levels.
P.S. - I do not and have never in the past worked for Khaitan.
No amount of salary hikes will persuade to remain in KCO as a firm of first choice so long as alternatives like AMSS, AZB, JSA and Trilegal exist. Almost all of the middle-to-senior lawyers at KCO jumped ship from the better firms and its never a good forecast when people choose you only for the size of the paycheck.
On the ground in law schools, the mood was and continues to be a first preference for AMSS, AZB, JSA and Trilegal. Only rejects and failures end up in KCO
Also, there is something egregious about law firms that are not willing to disclose even fresher salaries.
Also when did it become wrong to go to a firm that values your efforts more? Considering all of them sweatshops that extract everything from you.
I agree with you that all firms are sweatshops. But you must become more mature than believing and then parroting this drivel about any firm wanting to "value your effort" more. None of them do, least of all KCO with its marwari promoters.
Anyways all law students who aspire to corporate firms in India whether at NLS (as you claim to be) or elsewhere want to be at the four firms I mentioned - AMSS, AZB, JSA or Trilegal. I have not worked at KCO but I know from months if not years of late night chats and day zero talks with my batchmates and seniors that none of us or them wanted to go to KCO by default. Nobody honestly wants to be at KCO out of choice. sure, if they get rejected at AMSS and JSA, KCO is a ok third or fourth choice and they can justify this decision much like your post but wake up, KCO has never been and is unlikely to ever be anyone's first choice. Nothing to be ashamed of I guess, cos not everybody gets their first choice. I mean all those kids in NLUJ and NLIUB are proof of that, right.
Khaitan was not regarded an equivalent to Amarchand or AZB couple of years back. Things are changing fast. It's name is picking up and so is the distinction with other top firms. For that matter, Khaitan has come out from nowhere in last 5-7 years.
Even Cyril Shroff discussed Khaitan as a real long term strong competitor couple of years back in Bombay HR Roll Out. So you clearly are not up-to-date.
Quoting Guest:
While two years ago Khaitan was not really at the top, it is fast becoming one of the most preferred destination for Law schoolites.
In my school, the "sweetest" people join Trilegal.
Amss, Luthra, JSA, Trilegal, Azb, Trilegal.
If S&R was bigger it'd probably be big six too.
Quoting kianganz:
When are you going to publish the AMSS Delhi promotion list?
Thats right. AMSS Delhi as a matter of policy announces their promotions (provided that they decide to) in the middle of the FY. However, from what I have been told they have been incurring huge losses and they might not announce promotions (except Partner and PA Promotions) at all. Downsizing is also expected. Guys with me hang on, its going to be a bumpy ride for us poor souls ;)
Kian, any idea if true?
Thank you for your comment.
The firm has confirmed that annual revision in salaries happens, bssed on performance, irrespective of the phase of rotation an associate is in.
Best wishes,
Prachi
I wonder what the Associates are paid who have put in 3-4yrs at the firm.
And does this also include the Litigation/Dispute Resolution team?
On one hand we have Khaitan offering 13.2lakhs per annum & then there is Crawford Bayley where freshers are paid 25k per month!!!!!!!
Best wishes,
Prachi
Quoting nope:
Any story on what JSA and AMSS is paying freshers ??
Multiple legal partnerships. One firm might be Amarchand Mangaldas and the other might be Amarchand Mangaldass with a double 's'. They have profit sharing and loyalty arrangements to ensure each one earns revenue. Thats the only way to get around the Partnership Act restriction and a better option that KCO and other firms that designate a lawyer as an Ass. Partner who is no different from and Associate in the sense he/she is not legally a partner.
Are you sure that there is a discrepancy in the spellings between the two offices? I beg to differ.
Quoting Guest:
JSA has one partnership, with 20 equity and a handful of equity elect and a few salaried. Here's a more detailed explanation:
www.legallyindia.com/201206212904/Law-firms/aashit-shah-becomes-jsas-23rd-one-firm-equity-partner-awaits-monsoon-companies-bill-1-german-retained-partner
Amss has 3 partnerships, if I recall correctly, luthra 3 (corp, tax and kit), AZB at least 2 (Delhi Mumbai).
Of course, many partners don't necessarily sign up to the deed or partnership because they basically earn a salary (eg Luthra)
Would welcome details or corrections on this, it's an interesting topic.
One further point of detail. It is worth asking what a junior equity partner actually receives. I understand that this can be a mix of salary and equity and the equity percentage can be very low.
Read the fine print mates.
Thank you for your comment.
Someone senior at the firm unequivocally denied there was any lock-in period at the firm, so probably not true.
Best wishes,
Prachi
could you find out if and how much the pay scales of other Khaitan offices differ from the Bombay office in he context of the fresher revisions ?
What decline are you talking about? Care to share? I work at Khaitan and I can tell you that there's plenty of good work, excellent salary hike and phenomenal bonus figures. If this is what you mean by 'decline', then I hope this continues!
Ever heard of spell-check / auto correct / review-before-pressing-send?
AZB is paying 1.15 lakhs p.m. which is excluding an upward revision for the year 2014-15,
AMSS at 90 grand a month,
Trilegal at 94 grand a month,
SnR is as much as AZB or slightly more,
and then comes Luthra which has been promising to revise the fresher's salaries for the last 4 years at least, but has not been able to move figures from 84 grand a month.
However, there is news that Luthra and AMSS are taking a call on an upward revision during this year's annual meeting.
Quoting Recruited:
AZB is paying 13.2 + Bonus (around 2 months salary) to the 2013 Batch.
But AZB only pays well till three years, after that don't pay at par with other Top tier firms (i.e. AMSS, Khaitan and JSA)
. AZB is better with a monthly and deal specific bonus from Zia. Delhi azb has a different base and a more transparent bonus. JSA gives 8 percent of recovery on every matter to freshers and senior associates and 13 percent to salary partners and has a happy atmosphere. Luthra gives 120 percent bonus to top performers paid in 3 installments - Diwali, march and June. S&R best paying. Very high monthly salaries and bonus is between 3-6 months of salary. Also all equity partnership.
Moral: - biggest firm not highest paying. Only highest charging.
Khaitan's bonuses for high performers can be up to 10 - 12 months of salary.
Quoting Show me the money:
KhaiCo has, at present, better quality of work than JSA...
KhaiCo pays better than the currently cash-strapped Luthra...
KhaiCo has a better and comfortable office than the cramped Amarchand sweatshop (Trust me this is important!)...
KhaiCo has better working conditions than AZB...
KhaiCo offers more stability than Trilegal...
I do not work at KhaiCo but it does beat the other firms on most counts but whether it can retain this spot is what will matter...
Dropout from KCO is low because everyone at KCO is already a dropout from other firms, so where will they drop out next to ???
Request you to publish current salary survey for Mumbai and Delhi so that every one will have better picture. Some one is claim that AZB is paying x amount and someone is claiming AZB is paying y amount. On the contrary, someone is claiming that CB is paying 25 thousands only which is unbelievable. So much discussion happened so please do some thing in the interest of public at large.
CB does pay 25k!! Where are you lost? Max 30k. Only NLS grads in Cap Marks team get 1 lakh
Khaitan is paying 1.15 in hand. AZB is paying 1.25 in hand. (Revised for 2015 starting)
Luthra & Trilegal (unrevised with promise of two revisions for 2015)
Luthra 84 in hand. Trilegal 94 in hand.
AMSS not sure but I know A0 (2013) batch getting 78667 in hand.
JSA no clue.
P&A (2013) promised to 'match the highest salary' and paid about 1+ in hand.
TT&A pays somewhere between 88-90 in hand.
AMSS offered 13 lakhs (inclusive of bonus) per annum to all its freshers in 13-14.
Presently A0s get 78000 in hand after TDS.
Source: ex AMSS.
Also, i dont work at Khaitan. Watever i have stated above is true and directly from a source at AZB.
ALMT
ELP
Lexygen
Please any information would be very helpful
Lexygen pays around 5-6 lakhs per annum
ALMT has different pay scales for different officesoffices
Really thank you for your response. While as a final year student this information will be dreadfully important both in our RCC as well as my personal research.
If you could provide me a range of the Bangalore and Mumbai offices. It would really go a long way.
ALMT 4.2-6.0 (depends on the parter_
Whether is it helpful in legal matters.!
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