Firm Salaries on the Rise in India
Though given the present economy, major pay increases for associates seem unlikely here in the United States, over in India, law firms are hiking salaries -- as much as 100 percent -- to retain talent, as reported in India's Economic Times. Although current Indian law does not permit foreign firms to open offices in India, firms like Clifford Chance and Allen & Overy are hiring Indian lawyers for their foreign offices. To compete with foreign firms, large domestic Indian firms have been forced to increase pay, either through salary hikes, end-of-year bonuses or promotions. New associates earn around 12 lakh rupees per year, while senior and principal associates may earn anywhere between 35 and 80 lakhs (one "lakh" is the equivalent of 100,000 rupees, so according to this currency converter, a new associate earns the equivalent of $29,887, while a senior lawyer makes $199,252.
I wonder what all of these pay raises will mean for law firms and corporations that outsource to India?
Posted by Carolyn Elefant on March 27, 2008 at 03:27 PM | Permalink
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