This works out to Rs 13.2 lakh per year or up to Rs 15.4 lakh including the performance-related bonus, as compared to 2014’s figure of Rs 11.28 lakh per year and a maximum of Rs 2 lakh bonus.
The increase will be equivalent to 17 per cent.
Trilegal partner Nishant Parikh confirmed the increase and said that it would be effective for freshers joining in 2016.
Students have been told by the firm of the new package.
The firm had told Legally India in an article published by Mint yesterday, that it would “most certainly” be revising its base salaries upwards shortly, with partner Anand Prasad saying: “If the economics are sustainable, why shouldn’t younger lawyers get paid more.”
The bump would put Trilegal’s base pay on the same level as S&R Associates’, just a little over Talwar Thakore & Associates (at Rs 13 lakh) and just Rs 1 lakh behind Khaitan & Co, which currently tops the market with a guaranteed base pay of Rs 14.4 lakh per year plus up to Rs 1.8 lakh of bonus.
However, unlike at Trilegal, at those firms the new base salaries will apply to the existing associates too.
The Amarchand Mangaldas Mumbai-region has said it was offering Rs 12 lakh per year plus up to Rs 3 lakh bonus at present.
Amarchand Delhi may offer between Rs 14 lakh to Rs 15 lakh as base pay, without a bonus, though Legally India has not been able to officially confirm the figure from the firm.
J Sagar Associates (JSA) had told Legally India that it would consider revising fresher base pay later this month.
The last time the legal market has witnessed similarly aggressive fresher salary raises by the majority of top firms in concert was in 2010, when Amarchand, Khaitan, Luthra & Luthra and Trilegal all broke the Rs 10 lakh per year barrier in base pay for the first time.
For Khaitan that had translated to a nearly 50 per cent increase in base salaries at the time.
Comments
What's wrong in higher salaries to young lawyers? Firms and the equity partners are making so much! It's only fair that the associates also get a fair sized piece of the cake.
FO, u seem ro be very junior still to understand high level issues... Maybe u should join or maybe working with a firm who is not in the league and wikk maybe never enter the league... Tata and FO...
What's wrong in higher salaries to young lawyers? Firms and the equity partners are making so much! It's only fair that the associates also get a fair sized piece of the cake.[/quote]
Dear young fliers ,
If you are from a so called reputed college and you have joined a Law Firm, kindly keep it in mind that your maximum lifespan in a law firm is 10 years. Initial 2-3 years , you will be paid to develop your search and typing speed , next 2- 3 years you will be fortunate to think something of your own , if your senior quit or sacked, next is client poaching and at the end your will be fired / quit as a partner unless you deliver 3x. If you are a beautiful one , then you are lucky to find our some businessman / highly paid corporate executive / aged partner etc . If you are a young man and developed some clients for yourself , you can start your own practice or joint some company . If you are not fit to any category as stated above , then you might have entered a danger zone.
Credit also goes to KCO for leading the pack and being transparent.
I'm not saying that is the case - I'm just saying it would be good to know the increments that associates would get after a couple years of working at various firms.
[img]http://i.imgur.com/R6OuAfz.png[/img]
Khaitan, S&R, TTA, CAM, JSA, AZB Delhi, LKS correct (as first reported by us in Mint on Tuesday - thanks B&B for giving no credit where it's due ;).
http://www.legallyindia.com/Law-firms/salary-war-brews-among-top-law-firms-update-amarchand-delhi-may-hike-to-up-to-flat-rs-15-lakh
Shardul Amarchand, a source is telling us Rs 14-15 lakh fixed, but there's no on the record, official confirmation yet...
AZB Mumbai - not sure, no official confirmation from Zia yet, I was under the assumption that it was much lower... Can anyone confirm?
DSK for some inexplicable reason was never part of our salary charts - will have to check and remedy. Their figure could be correct...
Luthra, no idea - I think they offer differential salaries to grads from different law schools...
The 2014 batch freshers get 1.15LPM which fits with the base.
However, the maximum bonus is higher. You get an assured bonus of 2 months salary and goes all the way till 4 or even 6 months (depending on your work and the hours you clock in). It is considered a "competitive performance bonus".
I don't know if base figures are being revised for 2015 batch. But B&B got the bonus wrong.
You can try contacting Sai, Varoon, Nilanjana and Shuva for new figures as they primarily partners who deal with recruitment.
I'm a law aspirant, and seeing you guys talk over this makes me love law more, all this debating, it's lit as fuck. And league or no league, still gonna make it to the top. Mark my words- see you after 15 years, at the top. :D