Read this and weep!
BANGALORE: A clutch of foreign and Indian law firms literally swooped down on the National Law School of India University (NLSIU), Bangalore
Around 50 students of the 2010 batch of 77 students have accepted corporate offers, while the rest will be pursuing litigation, civil services or other further studies. Amarchand & Mangaldas was the biggest recruiter and they picked up 12 students.
The highest offers were made by UK Magic Circle firms namely Allen & Overy, Clifford Chance, followed by Norton Rose and Herbert Smith, that offered an average salary package of £37,000-38,000 per annum. A unique feature of this year’s placements was the participation of PSUs such as Indian Oil and Sail. This year’s campus placement saw participation by law firms like J Sagar & Associates, Nishith Desai & Associates and Talwar Thakore & Associates, among others.
Consultancies like McKinsey and Boston Consulting Group also visited the campus. Around 21 students were recruited through earlier processes and pre-placement offers with law firms like Amarchand Mangaldas Suresh Shroff, Luthra & Luthra Law Offices and S&R Associates.
The campus placement at National Law School was held early this year instead of the conventional April-May sessions, said NLSIU head of the public relations cell, Kushal Bhimjiani. “Foreign firms are increasing their offers to students in India. They come earlier due to which we missed out a few jobs,” Ms Bhimjiani said.
“Indian firms also wanted it to be held earlier as they want to get hold of the best talent,” she added. Representing the financial sector were companies such as ICICI Bank, Kotak Mahindra and microfinance organisation IFMR. The other top companies that participated were Bharti Airtel, Marico, Jindal Steel Works and Hero Honda.
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This proves that our first tier schools were not worth the price of admission! When will American students stop being conned by the ABA and law schools for hundreds of thousands of dollars? Top firms can now hire corporate lawyers in India for 37,000 pounds. There is no point in continuing to pay inexperienced first year associates $160k when you can pay someone just as knowledgeable for a fourth of the price. It also says a lot when McKinsey and Clifford Chance would rather travel to Bangalore than down the street to a 2nd or 3rd tier law school to accept resumes. Like I said, learn a foreign language because some of us might be forced to move to another country to keep our jobs.
ReplyDeleteThey can hire me for 37K pounds. Why go all the way to India?
ReplyDeleteThe degree takes 5 years, undergrad.
ReplyDeletehttp://en.wikipedia.org/wiki/National_Law_School_of_India_University
If this article is accurate, graduates of this school form a small and elite group that monopolizes big firm and corporate practice. There must be plenty of corporate work in India and South Asia to keep 80 grads a year busy.
But if this is the elite, shouldn't the elite want to leave India. Why would they stay there if they are that good? I think the goal is to go international.
ReplyDeleteI don't understand why you assume they would want to leave India, but even if they do, this is a small group of people.
ReplyDeleteHardknocks, 37k pounds is not 1/4th of $160k USD. It's actually far closer to $80k USD, if not more, since the USD is devaluating so much. Factor in that they probably don't have student loan debt and have far lower cost of living, and those Bangalore law grads are probably making out better than even those rare $160k a year earners in the US, if there are any more even since the depression started. Most of the big law associates were deferred, and will continue to be so.
ReplyDeleteI know a girl who went to law school in India and came to the US to attend a T14 school for her LLM. She told me that she liked the US but wouldn't want to live in a country where the cost of living is so expensive. She also didn't want to leave behind her family and boyfriend in India. After getting her LLM last year she couldn't find any work in the US anyway so her chances for finding a job would probably be better back in India. Making 37k in India is the elite. Their income goes much farther than a lawyer on the East Coast making $80k. If they did decide to leave most would probably go to Australia or the UK, not the US.
ReplyDeleteWater and jobs don't flow uphill. You can't compete with an Indian (subcontient) making 1/3rd what a U.S. Attorney makes. Your work will flow to the cheaper job market. It's a race for the bottom. The U.S. is going to have to follow the path the British, Germans, and Japanese forged and create high end innovative products. Economics and common sense dictate the outcome. I learned this in I.T. and now in Law.
ReplyDeleteAs a side note, I can confirm that Recruiting in India is hard now. India is very different than 20 yeas ago. Companies are taking the initiative and training high end workers. The wages are up and the lifestyle is better. There is little reason for Indians to leave their country.
Yeah I don't see why people think India is some terrible hell hole, I'm sure parts are, but the more developed parts are going to be fine. Britain really gutted the place but it's been long enough to rebuild a little. The new superpowers are India and China, it's been heading this way for awhile and the US just wants you to be oblivious to this, while the richest people in the US relocate to India and take those opportunities before anybody else can.
ReplyDeleteWhile I'm sure India and China are going to be just fine, they will probably not be the world's superpowers within the next 50 years, if ever. Both nations still have very serious problems. It's also very hard to predict things like "who will be the next superpower(s)?"
ReplyDeleteIn the 80s, everyone thought Japan would be. In the late 90s, as Europe began unifiying, everyone thought Europe would be.
In the early 2000s, some guy coined the term "BRIC" to be Brazil, Russia, India, and China. Russia kinda fell apart, even though it is still relatively strong in the grand scheme of the world. Brazil will probably wind up more as a second tier power. Who knows what'll happen with India and China? I'm not saying they won't be. It's just hard to tell, and way too early to tell. There are a limited number of candidates, but that doesn't mean it's inevitable. You might as well try to predict who will become the 51st state. Most people say Puerto Rico, but I say Guam has a good shot. lol.
Let's see no student loans and about $80,000 starting. Just seems like higher education is a rip-off. spoke with an attorney who married a foreign woman and he's thinking about leaving, met a El salvadoran man who is married to a Black American, has a restaurant back home and they're trying to relocate permanently out of America. He said he met white retired businessmen who use their corporate retirement to save, live like kings (and likely get social security benefits). We will not have any benefits because the SS fund is bankrupt, the dollar is week and if you still owe student loans your Social Security can be garnished under federal law I believe. Lots of people are seriously planning to leave the U.S., I don't blame them one bit.
ReplyDeleteI meant to say rip-off for Americans.
ReplyDeleteA Law School Victim: Really? Our Social Security benefits can be garnished? Geez, the more I learn the more I think leaving the US is a good idea too.
ReplyDeleteWell, I've already weighed in on this subject -- even though I have finally paid off my student loans we are actively planning to leave. Because nothing is changing and I cannot imagine how bad things will be by the time our kids (ages 10, 3, 3, and eta 6/27/10) are grown.
ReplyDelete@Hardknocks: Dont quote me but I definitely read a federal case where a guy owed federal taxes and/or student loans and the Federal court allowed his social security to be garnished. I read this years ago.
ReplyDeleteI'm not racist in any manner, so I hope my comment doesn't come across that way, but the place I work for as a freaking paralegal (when I graduated 8th in my class from a REAL law school) has a legal team in India. They aren't even contract workers, they are ACTUAL employees. They're so GD stupid, I don't see how the company thinks they are saving money. Honestly, they can't even type the return address of a letter properly!
ReplyDeleteSo interesting that you say that! I'm not a racist either... as I am brown as well.. but I have heard that the attention to detail in other nations is not quite what we think of here. So, I'm almost praying and hoping and wishing that this will become a huge problem. A girl on a review project told me that she was second level review on docs coming from bangalore and the firm was appalled at the mistakes that were made on first level. Let's pray that details matter and overall quality of the legal work suffers as a result of outsourcing.
ReplyDeletep.s. @Hardknocks and everyone else, I forgot to remind you that I knew a former colleague who had really messed up credit (I think she went to rock concerts and things like that too much). Anyone she said the servicer of her private loans informed her a few years ago that if she doesn't pay back those private loans they will put a lien on her law license (it's a family law/law school hypo all over again: the one where the wife gets a lien on her husband's law license as part of alimony!); well it's true, she worked alot and hardly did anything elese until she paid most of it off. Rock and a hard place and no one cares if you survive.
ReplyDeleteI meant "anyway"
ReplyDelete