The legal jobs market in India is experiencing a five-year high following January’s split in Amarchand & Mangaldas to create two separate law firms run by the Shroff brothers. The division between the two brothers arose in 2014, when their mother left all of her shares in the business to Shardul, the eldest. Now, following the split, a highly competitive rivalry has arisen.
Originally, youngest brother Cyril took control of the Mumbai base and Shardul commandeered Delhi. However, now Shardul has also opened an office in the city to rival his brother’s, and aims to recruit up to 50 professionals within the next three months. In order to secure the top talent, Shardul has also implemented base salaries of US $24k or £15,500 per annum – setting new rates for the profession and raising hopes of a boom within the country’s legal sector.
So what will happen to the legal jobs in India? As recruitment within both firms soars, the field is becoming more candidate-led whilst the two firms compete for the top applicants. This means that higher pay packages – in Shardul’s firm’s case, up to 70% higher than before – and increased workplace benefits could be on the horizon for new recruits as the firms battle it out to retain their top lawyers. We will also see more and more junior lawyers being given the chance to further their careers as they are snapped up by the expanding practices.
The implementation of a base salary is an innovative approach to attracting talent, as usually lawyers are often paid in relation to various factors such as geographical area of practice and success rates. It is thought that this advance, as well as the general boost in hiring activity, will have a ripple effect on the legal sector itself, boosting growth all over the country.