LAWYER SALARIES & COMPENSATION IN INDIASeptember 7th, 2009 Posted by VFreshers
Salaries for law graduates have been on the rise. In the last few years the salaries have increased by almost 30 to 50%. A lawyer could get a salary of up to 12 lacs at the start of their career if they are graduating from one of the best educational institutes in India. It is just a notch behind what management graduates are offered from the IIMs.
The legal profession comes under the purview of professional services. Just like the engineering and health care industry the legal fraternity is also witnessing a shortage in trained personnel. With international law firms and corporations entering the Indian market, the search for talent has become more acute.
There are several top-notch law universities such as Nalsar in Hyderabad, NLSUI in Bangalore and the one in Kolkatta which is renowned for law graduates. There are also another 700 law colleges and 400 universities which in turn churn out about 250,000 law graduates every year.
There are several international law firms that make an offer but with the Indian economy opening up and offering better pay packages students are tempted to remain here.
Whereas a Corporate Attorney with an experience of a year to 4 years can easily fetch him/herself a salary of 3 to 10 lacs. With experience and expertise in the field a top lawyer can be earning several times this salary.
The latest trend has been for top corporate firms to increase the salaries of law graduates who are just starting their career.
With foreign firms acting as attracting magnets for Indian graduates this was bound to happen. Every year from every batch of law graduates about one-fourth of them opt to join a law firm abroad because of the pay and perks that they receive. Keeping this scenario in mind the Indian firms had to increase the salaries.
If you notice the salary trend that is emerging for law graduates they can end up earning more than a top talent graduate from the Indian Institute of Technology. The work in India is increasing every year and for that kind of work to be accomplished one certainly needs manpower and personnel who are top-notch. This can only be done by offering salaries and incentives that are attractive for them.
There is also ever increasing competition for manpower within the top law firms and due to this the salaries that are being offered need to be kept in sync. Salaries are a strong pull to keep these law graduates in India.
Therefore, if you notice the salaries and incentives in the legal field are such so as to retain the best of talents. The least that you could get is 5 lacs for a graduate from a small law college just starting his career.