In this article, Divya Arora of UILS discusses Top Law Firms for Freshers in India and how to decide the best firm for yourself.
While 62% of lawyers move firms within their first four years of practice, your career path will likely be clearly shaped by your first job as a lawyer![1]
Today’s Legal market overview
With the country going through metamorphosis each day, each week the legal scenario is bound to be affected. India has a pool of more than 1.4 million enrolled advocates across the nation.[2] The talk of the town in the year 2016 was the entry of various foreign firms in India with the chances of liberization in this Sector as well. Not only The Government but the Bar Council of India has also been emphasising and initiating discussions with various Stakeholders of the legal Sector on the entry of foreign law firms. Law firms are optimistic that such a move could potentially kick-start a strong flow of investment, thus increasing demand for banking, corporate and capital markets advice.[3] A report prepared by the Bar Council of India analyzes the impact, the trend the entry of foreign firms would have on the legal sector. Taking this into account it seems that the coming times there shall be plethora of options in the legal arena for the freshers in every area of practice. At the same time once the foreign firms pave their way in India there shall be sudden surge in competition which will significantly impact the new entrants as well.
Upcoming Changes in Legislation
One of the major practice and interest areas for Freshers is Dispute resolution which has gone multifarious changes which include majorly reforms to the arbitration act, which to establish strict timeframes for dispute resolution accelerating the process of resolution and ensuring speedy justice.[4] This has opened up new avenues for Freshers and made practice simpler and lucrative for Professionals.
Law Firms in India[5]
This analysis has been done by RSG where they have categorized the firms as to their current standing. Amarchand Mangaldas continue to be significant players despite their split. Other key firms Include Azb & Partners, Luthra & Luthra Law Offices, Trilegal And Khaitan & Co.
The Elite Firms are any law student’s dream pursuit, yet getting even internships out there could prove to be a herculean task.
The Chasing pack are the firms where these firms are upcoming and one could see them in the Elite list vey soon.
The others have been categorized on various other aspects.
For a fresher all those firms experience in the Chasing Pack and Established Firms could secure their way to the Elite firms which could be their dream job.
THE OUTLOOK OF A FRESHER
An amateur who has just managed to finish up his law course, interned at a few places, is new to this arena of the Corporate and after his degree is perplexed that how to go about choosing a firm.
The SUCCESS KEY TO deciding what firm you choose is simple
“MAKE a Choice of your Interests and carefully chose your Practice area”
1.One must enjoy work in the practice area he chooses to work with.
- A careful choice is a must for its extremely difficult switching practice areas once your career gets a kickstart.
There exists obviously no formula for choosing a law firm to work with. As goes the old age adage that “knowledge is power”. To make a final opinion and reach on a conclusion one needs to be abreast with the latest developments and the future scope. As students we may consult counselors, talk to lawyers and take steps at our own level to understand our interests and simultaneously analyze the future scope and then enter the arena.[6]
GROUNDS FOR ANALYSING
WORK-ENVIRONMENT: A new entrant to the corporate world, you need to find the work environment suitable and adapt to the work culture of the organization, for if you are uncomfortable then your efficiency and experience as well your performance shall bear the effects.
FUTURE SCOPE: This is one of the most significant factors to be considered that if one plans to continue with the firm, as a fresher, you have ambitions and the firm you chose caters to your expectations and helps you grow professionally as a lawyer and the experience is noteworthy.
PAYSCALE: Although at the initial level one must be prepared to work even on a lower pay scale but yes, do consider that it is commensurate (or atleast somehow equal) to the hard work that one is going to put in.
PRESTIGE: One cannot help but take this into account as well.
Do smaller firms offer more options for growth?
It is a general belief that smaller firms offer more options for learning and training. Freshers may opt out and this may not be a significant factor from the perspective of a fresher. However, from the viewpoint of your next future employer, this can be a game changer. An entry in a prestigious firm may open diverse and multiple options for one for it naturally speaks about your acumen in the profession and the skills along with the necessary training.[7] On the other hand, if you get to take more responsibility in a smaller organisation and become a skilful professional, that is also very valuable and you can laterally shift into a bigger and more prestigious organisation. Ultimately, brand name counts only as far your ability takes you.
INTEREST AREA
This is of paramount importance. For one’s long-term goals it is extremely vital that you stick to your interest area. Along with that consider the lifestyle factors that may be attached with it. While IPR may seem to be a growing option the times to come, Arbitration may offer lucrative avenues whereas M&A is an evergrowing and an important arena. In the cluster of fields that are increasing each progressing day one needs to ensure that there lies a promising career ahead that calls one forward powerfully so that trifle obstacles do not bog you down. Therefore it would add more value to a law student to do an M&A course or media law course or business law course to get their foot in the door of the law firms.
STRUCTURE OF FIRM
Lockstep firms may tend to foster more cooperation and less competition among partners, a culture that tends to trickle down to the associates as well. However, lockstep firms also tend to have more institutional clients and may not encourage the more junior associates to learn client development skills.
For associates who are more academically oriented, it may be more comfortable to work hard and not feel as much pressure to bring in clients.[8]
FIRMS IN SPOTLIGHT – BEST FOR FRESHERS
As Working at a place involves serious factors the new entrants in a unfamiliar arena, as per the old adage
“one must experience for it is the best teacher, and will remain one always”!.
LIST OF FIRMS
POSITION 1 : TRILEGAL- Winner of the pacific Asia Law firm for the year award-2016. This has immense scope for future growth, categorized in the chasing pack and may prove to be a great option for those who are interested in working in Corporate, M&A and litigation. Another reason is the policy that in case you perform well at internship you might also be considered for a job thereafter.[9] Trilegal is lauded for having a great training system for associates.
Position 2: Shardul Amarchand and Cyril Amarchand: Although it’s extremely difficult to build and continue dominance in the extremely competitive world of law firms, Amarchand, which is now broken up into two different firms tend to rule the legal markets.[10] After the break–up we are yet to see which ultimately rises up. They are definitely both highly sought after firms to work in for freshers.
Position 3: Khaitan & Co: The highest paying Law firm in current times, as far as freshers are concerned. It is an old and respected firm which is experienced massive growth in recent years and puts a good work-life balance high on it’s agenda.[11]
Position 4: AZB & Partners: It is probably the biggest law firm in terms of billing and reputation after AMSS breaking up. Salaries are great, and high performers can earn a lot of discretionary bonus as well. This firm is a true meritocracy but known for harsh work culture. Expect tough love.
Position 5: S&R Associates: This Firm received the Asia Pacific Chambers Award for the best Client service. So such a firm may teach a fresher one of the most requires traits in a lawyer on how to deal with a client and satisfy them.[12] They also pay entry level salary a notch above all the top tier firms.
Position 6: JSA & ASSOCIATES: Those in the know will give an arm and leg to work for this firm because of the extremely humane and egalitarian work culture. Out of all the big 6 law firms, this is the one that offers maximum freedom, a percentage of billing done by you as incentives and work life balance. Welcomes people with exceptional talent and has a various practice areas including Arbitration, Banking & Finance, Capital Markets etc.
Position 7: ECONOMIC LAW PRACTICES: This firm offers various training programmes for one months, two months three months where a student is given diverse areas after some time and involves shifting so that he may gain a fair understanding of how the work is done in each sector. Hence for the purposes of growth and training this is a great option.
Position 8: Luthra & Luthra Law Offices: Also promise an excellent work culture with probably the most diverse practice areas. In the past it would have come in top 2 or 3 workplaces for freshers because of their culture of handholding juniors, but in recent times it has seen some changes. It still is a top firm to work with nonetheless and enjoys tremendous goodwill amongst it’s alumni.
Position 9: Desai & Diwanji: Established since 1930, offers opportunities to those who wish to practice in Private Equity, Capital Markets, Litigation.[13] It is known to be less selective or elitist, but has a great work environment and supportive seniors.
Tied at position 9: Wadia Ghandy & Co: For those who may be interested in working in Aviation or Projects & Infrastructure, this firm offers a lot of opportunities. However, it is general practice firm and has a top notch professional work culture, sterling reputation and it’s a very prestigious place to begin your career.
Position 10: Nishith Desai Associates: The USP of this Firm is that they provide option for Work From Home as well and also have Diverse Practice Areas. So this may be perfect for those who desire the same. Their internal training is one of the best. Along with that they have a developed a transparent system of admission that has been applauded by reputed publications such as the John Wiley.[14]
The rest of the Firms would be:
Bharucha & Partners, Kanga & Co, Pathak & Associates, Talwar Thakore & Associates, Platinum Partners[15]
A NEWLY EMERGING FIRM YOU MAYBE INTERESTED IN: BRUS CHAMBERS
Although not a top tier firm, a specialised Indian Law Firm, Brus Chambers is a dominant force in shipping practice. Brus Chambers team is praised for its knowledge and experience, is powerful and result oriented.[16]
Conclusion
As 20% of the world’s lawyers are Indians, the nation is emerging as a booming market in this field and has got rich potential to for the future lawyers.[17] The 15th Law Commission of India (chaired by Hon’ble Justice B.P. Jeevan Reddy), had already taken up in the past, the analysis and scheme for regulation of the entry of foreign legal professionals and firms as well as the liberalization of legal practices and profession in India, also keeping up with the procedure evolved by the International Bar Association (IBA), and General Agreement of Trade in Services.[18] Coupled with the government’s recent push to liberalize the corporate legal market to foreign law firms, the map of Indian law firms could end up looking very different in a few years.[19]
In my opinion, a fresher will be able to make a more informed decision if he has interned at such corporate firms! So let’s intern today for making a better choice tomorrow.
[1] Abby Gordon is working along with Lateral Link’s office at New York. She aides in the hiring and placement of law students and bridges the gap between recruiters and the talent they want giving right jobs to the right people. She works essentially in the overseas in European legal market yet I found her articles and tips much pragmatic and relevant. Her tips may be accessed here: http://www.laterallink.com/gen/25tips
[2] https://www.indianbarassociation.org/wp-content/uploads/2016/09/Report-on-BCI-Rules-2016-Final-copy.pdf
[3] www.legal500.com/c/india
[4] Ibid
[5] http://rsg-india.com/roving-rsg/analysing-indian-law-firms
[6] http://abovethelaw.com/2014/04/picking-the-right-law-firm-and-practice-area-for-you/2/?rf=1
[7] Supra 6
[8] Ibid
[9] http://economictimes.indiatimes.com/jobs/smaller-law-firms-like-hsa-advocates-phoenix-legal-and-others-look-to-charm-talent-with-attractive-perks/articleshow/53014598.cms
[10] http://www.asialaw.com/general/DRA2016
[11] 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
[12] http://www.chambersandpartners.com/chambers-asia-pacific-awards-2016
[13] http://rsg-india.com/indian-law-firms/profiles/wadia-ghandy-co
[14] www.nishithdesai.com/information/opportunities.html
[15] Disclaimer: This is as in my opinion based on my limited research and understanding. Just to give a fair idea. For more information on the same refer http://rsg-india.com/rankings
[16] http://www.legal500.com/c/india
[17] http://www.business-standard.com/article/economy-policy/government-mulls-legal-servicesliberalisation-115062900875_1.html
[18] http://www.manupatrafast.com/articles/PopOpenArticle.aspx?ID=b079546b-f512-43fa- 964d-3f6970127a26&txtsearch=Subject:%20Civil
[19] www.livemint.com/Home-Page/D0A7T3k4PomT0cyPA6JdHJ/Top-40-Indian-law-firms-are-times-achanging.html
