Talwar Thakore & Associates (TTA) in March bumped up the basic salary it pays to fresh law graduates to Rs 13 lakh per year, excluding a potential performance-related bonus of up to 40 per cent.
TTA partner Feroz Dubash said: “Our fresher pay is currently a base of 13 lakh pa. Bonus is discretionary and up to a maximum of 40 per cent of the base. We always say 13 lakh to recruitment committees, and if they ask we let them know there is a discretionary bonus and while the maximum is 40 per cent, the average is more likely to be between 10 per cent to 20 per cent, and it is discretionary.”
The salary structure at TTA is revised in March of every year, with fresher pay having risen every year for the past few years. Last year it had increased to Rs 12.5 lakh.
“Our salary structure has been geared to mid and senior levels, so there's been room for raising junior salaries. We've been raising those steadily over the past few years,” explained Dubash.
“The bonus also depends on how the firm does. The way the bonus works, there's an element based how profitable the firm has been, but the majority of it is performance based. It's not as simple as how many hours you put in. It's a combination of things: how many chargeable hours you've done, and how you've contributed. For example, if you're someone who has developed know-how for the firm, that would be taken into consideration.”
It is understood that the TTA bonus is modelled on the bonus structure of its international best friend firm, Linklaters.
Khaitan & Co has increased its base fresher pay to Rs 14.4 lakh per year, excluding a performance-related bonus of up to Rs 1.8 lakh, Legally India reported last week.
Read a full report on the brewing salary war amongst Indian law firms in Mint today.
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equity partners definitely make more than this.
Mulla, CB, Kanga are well known in the market.
Lateral entry into the firm is also not very easy...
Into other firms, yeah, it's possible, though they'll likely take your existing salary as an in-house (which is likely lower) into consideration, rather than bumping you into their existing bands...
I make decent money, something that is offered to an AMSS fresher but then do I really stand a chance of getting into a decent firm? Sorry, might sound stupid with my question.
Us poor lit lawyers are truly selfless and working only for the love of this noble profession.
On the other hand, Litigation is like having a chai-pakoda with her on a road side stall. Meagre but happy.
Most of us (including me) incline towards the former choice. Riches over love.
On the other hand there are many lawyers litigating in courts who are doing that because they couldn't get anything else.
There are always two sides to a coin. Don't belittle anyone's love for what they are doing by unnecessarily generalizing stuff.
Tum to thehre pardesi, har baat pe serious ho jaogey!
But valid point. The newer firms like TTA, Platinum, SnaR etc seem more focused on a smaller area than larger firms like AZB, CAM, SAM and older firms like Wadia, Crawford etc.
I wanna do corporate for the money man, FML.
Maybe firms such as SnR and TTA will do well on any such comparison. Firms like Trilegal and Luthra seem to have a lot of haters amongst LI readers, but an objective survey would be interesting.
The next few months are going to be interesting with the older firms under pressure, newer firms pushing and the SAMCAM fallout.
Don't any of them pay well..actually that's a rhetoric.
I would include Platinum, but they don't seem to be willing to confirm anything on salary.
The bigger firms (AZB, CAM, SAM, Trilegal, Khaitan, Luthra) all seem to be doing well as well, but using a different approach. High volume, high gearing, lower rates.
I prefer the TTA / SnR model. Lets see what will work in this market where traditionally, the model used by the larger firms has worked.
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