Due to their specialised knowledge and skill set, corporate lawyers are among the most sought-after professionals in our nation. It's perfectly normal to be curious about the average lawyer salary in the nation when you're considering a legal career. The high demand for lawyers in a particular area and level of experience are two factors that affect the average lawyer salary in India.
A functioning democracy must have the rule of law because it ensures fairness and prevents society from deteriorating into extremes. Together with judges, lawyers serve as the backbone of the legal system and uphold justice.To understand how the salary amount works for lawyers based in India, keep this article handy. These are merely ballpark estimates that are subject to change depending on the firm and the compensation packages that are offered. Let us understand corporate lawyer salary in India.
In India, a corporate lawyer makes an average yearly salary of ₹6.9 lakhs. In this field, entry-level employees typically make around ₹1.47 lakhs annually. This sum is determined by the base pay, shared profits, and bonus payments. Corporate lawyers are in constant demand due to the special nature of their profession. Corporate lawyers are needed by businesses in a variety of industries to assist them in resolving legal issues. It’s unquestionably one of the most in-demand professions, and as India’s business population grows, so does the demand for corporate lawyers.This may have provided a general idea of the pay scale for Indian lawyers, particularly corporate ones. However, calculating a corporate lawyer’s salary in India involves a complex process.
Job Description of Corporate Lawyer
The salary of a corporate lawyer and the average salary of a lawyer in India is significantly influenced by the job description. Their pay increases as they assume more responsibilities.
Any company can be guided by corporate attorneys to operate within the bounds of the law. They can serve as consultants, in-house employees, or even as researchers, policymakers, or advocates.
Corporate lawyers will be required to establish the parameters for everything from important operational decisions to new mergers to lawsuits against businesses or business deals. Since this field is still relatively new, there is a tonne of growth opportunities.
Given the vast scope involved, corporate law presents a tremendous opportunity to succeed. You can enter the field of corporate law if you have the necessary skills and are diligent and thorough in the related fields of business law, including subfields like investment law, financial law, human rights, diligence, compliance, environmental law, intellectual property law, insurance law, constitutional law, and international trade law. This is a key factor in why a lawyer’s salary in India increases significantly over time.
According to a Gallup survey, 60% of lawyers in corporate departments have entrepreneurial aspirations despite the lack of start-up practice from the lawyers’ perspective.
In order to practice corporate law one must-
- Complete a law or related field bachelor’s degree
- Complete an appropriate internship
- Submit an application for membership with the appropriate bar association.
- Network, try to get some experience, and work on your resume.
Factors Affecting Corporate Lawyer Salary in India
There isn’t a standard wage for lawyer services in India that applies to all situations. The salary of a lawyer in India is initially determined by your background, credentials, and performance in law school as well as by your experience and the firm you are looking for employment at!
Location
The pay of lawyers in India greatly varies depending on where they work. How much you earn as a corporate lawyer greatly depends on where you live. While some places pay less than the national average, others offer salaries that are higher. When estimating your potential earnings in this industry, it’s critical to consider the type of environment you live in.
Chennai’s corporate attorneys make about 99.9% more than the national average. In a similar vein, corporate lawyers in Bangalore and New Delhi respectively make 41% and 17.5% more than the average wage.
There are also places with pay that is below average, like Kolkata, where corporate lawyers make 67.5% less than the national median. Pune (57%) and Ahmedabad (29%), meanwhile, have salaries that are below average.
Skills
Your skills are a significant factor that influences your corporate lawyer’s salary in India. Due to the peculiar nature of this position, you must be very knowledgeable in a variety of subjects, particularly law.
Statistics show that corporate lawyers with particular skill sets make significantly more money than those without those skills. For instance, corporate lawyers who are proficient in corporate governance make 131% more money than the norm. These professionals would also benefit from having skills in mergers and acquisitions, which would pay them 23% more than the average salary, and contract management, which would pay them 70% more than the median salary.
Focus on learning the most in-demand skills, like corporate governance and contract management, if you want to earn a good salary. They will make it very simple for you to find a high-paying job in this industry.
Experience
Do you want to know how much a lawyer makes in India? Here is a look at the factors affecting the average lawyer salary in India. The amount of professional experience you have has a significant impact on how much you are paid.
With less than a year of experience, freshmen in this field typically make ₹5.11 lakhs annually. Corporate attorneys with one to four years of experience make, on average, ₹5.82 lakhs per year.
However, your pay in this field significantly increases after a certain amount of experience. Corporate attorneys with five to nine years of experience typically earn ₹14.5 lakhs annually. As you gain more experience, this number essentially stays the same.
It is obvious that your pay will rise as you gain more experience in this field. Freshmen in this field make 26% less than the median salary, whereas professionals in their later careers make 111% more.
Employer
Remember that experience with a reputable employer is one important factor that affects the average lawyer salary in India and abroad when determining the average lawyer salary in India per month.
Finally, the company you work for has a big impact on how much you get paid as a corporate lawyer. Corporate attorneys can work in a variety of sectors because their knowledge is applicable to almost all of them.
Companies in all industries must make sure they adhere to all laws and regulations if they hope to avoid legal problems. A corporate lawyer may collaborate with other lawyers in a law firm in addition to working directly with businesses. As an example, a law firm, Lexlit Advocates and Solicitors, offers corporate lawyers a salary of up to ₹48,000, while EXL Service offers a salary of up to ₹62,000.
Conclusion
As you can see, choosing to work in corporate law is unquestionably wise. This position is not only highly respected but also lucrative and full of opportunities for advancement. Of course, it’s a demanding field that requires you to maintain a constant study schedule and meet tight deadlines. But if a candidate is willing to put in the work, the offered average salary of a lawyer in India and the improved reputation frequently cause people to feel an inclination towards this path. Vakilsearch provides assistance and knowledge regarding corporate lawyer salary in India.
