India’s robust economic growth has transformed the legal profession into a lucrative playground. The rapid expansion of corporate activity, fueled by an accelerating economy and a burgeoning middle class, has created a significant demand for legal services. This surge in demand has, in turn, ignited fierce competition among top-tier law firms to secure the best law graduates. As the 2024 academic year draws to a close, law graduates are entering a job market where their skills are highly coveted. Law firms across India have ramped up their hiring efforts, offering higher salaries to attract fresh talent needed to navigate the complexities of a rapidly growing corporate landscape.
The competition for top legal talent is fierce, with tier-1 firms not only vying against each other but also facing challenges from foreign law firms and corporations that are strengthening their in-house legal teams. Firms are increasing both intake and salaries to prepare for the expected surge in legal services. Cyril Shroff, managing partner at Cyril Amarchand Mangaldas, noted that while his firm adjusted fresher salaries, they still hired 170 graduates this year to build a strong foundation for future market demand. Shweta Shroff Chopra, partner and member of the management board at Shardul Amarchand Mangaldas, echoed this sentiment, stating that the firm hired 10% more freshers this year and is offering a median salary of 20 lakh, highlighting a significant increase in offers compared to the previous year.
Neha Gianchand, chief marketing officer at Trilegal, which recruited 123 freshers, emphasized that the growing demand for legal services has contributed to maintaining higher retainer levels for new hires. Corporate law firms have offered salaries in the range of 18-22 lakh this year for hires from top-rated National Law Universities, according to Manoj Kumar Singh, placement director, National Law University Jodhpur (NLUJ). Singh emphasized that all law firms are offering significantly higher salaries to freshers this year compared to last year, along with increased hiring. He noted that a majority of students applying for campus placements at NLUJ secure positions in the country’s top law firms. Of the 120 students in NLUJ’s 2024 batch, around 70 enrolled for placements, and 60 were successfully placed. Looking ahead, 44 students from the 2025 batch have already received job offers, even though the placement process has only just begun.
India’s booming economy is creating a ripple effect across the legal industry. Data from the corporate affairs ministry reveals that 185,312 new companies were registered in FY24, a 51% increase from FY19. Simultaneously, corporate insolvencies approved under the Insolvency and Bankruptcy Code more than tripled, rising from 75 in FY19 to 269 in FY24, according to the Insolvency and Bankruptcy Board of India (IBBI). These figures underscore the growing need for legal expertise as businesses navigate an increasingly complex market environment. Rabindra Jhunjhunwala, senior partner at Khaitan & Co., noted that India’s position as a growing geopolitical force with increased domestic demand is driving growth for legal professionals. Khaitan & Co., which hired 76 freshers this year, sees rising transactions and restructuring activities as clear indicators of an impending surge in demand for legal services.
The Bar Council of India (BCI), the nation’s regulator for legal education, has directed all law institutions to incorporate novel domains such as arbitration, mediation, cyber laws, and forensic laws into their syllabi. These emerging areas of law are rapidly gaining traction among law firms, creating a burgeoning market for new lawyers. Three of the nation’s top five law schools have seen an increase in the number of students placed, along with a surge in median salaries. Ratna Sahasrabuddhe, assistant coordinator of the Placement Cell at ILS Law College, highlighted the increased hiring by law firms and the higher salaries offered this year, noting that newer avenues of law have opened up more job opportunities. She also observed an uptick in corporate hiring as companies expand their in-house legal teams.
Despite the growing demand for legal services, the number of law graduates in India far exceeds the available positions at top-tier firms. This fierce competition has led to a significant increase in the number of law graduates who end up in lower-paying roles or even struggle to find employment at all. In FY22, over 134,000 students graduated with a bachelor’s degree in law, a 21% increase from the previous year. While over 100,000 students appear for the All India Bar Exam each year, only a fraction secure positions at leading law firms or corporates. The majority find themselves in lower-paying roles, such as junior litigators in local courts. Salaries for junior litigators typically range from 15,000 to 25,000 a month, depending on the location of the practice. Keyur Jaju, a 2024 graduate from ILS Law College who secured a position at a top-tier law firm, noted that only a third of his classmates secured jobs in law firms or corporations. For others, career paths include pursuing judiciary roles, further education, or joining family-run practices.
