As the competition for legal talent heats up, salaries are rising. The latest recruits have been offered far higher pay packages by Indian corporate law firms than ever before, with some firms offering salary hikes of 30% to 50%, Livemint.com reported.
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Some new recruits are being paid up to Rs1.2 million (US$30,500) a year, considerably more than what top technology graduates are earning. Some 250,000 students graduate from Indian law schools every year.
“Our work is increasing by leaps and bounds and we need fresh intellectual output. But only few graduates, say two to three, who are exceptionally good and are from top law schools, are being offered these high salaries,” Anand Prasad, partner at law firm Trilegal, was quoted as saying by Livemint.com.
Luthra & Luthra managing partner Rajiv Luthra attributed the jump in offers to increasing competition from both local and international law firms. Confirming that his firm was offering salaries of up to Rs1.2 million to fresh recruits this year, Luthra said this was only an increase of 5-10% over what they had offered last year.
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