Nishith Desai Associates (NDA) has announced a reworked compensation structure for its lawyers, making it amongst the highest paying law firms in India for entry level associates.
As per a firm release, the total annual compensation for entry level lawyers has now been increased from Rs 15 lakh to Rs 17.4 lakh.
The revised structure also sees an increase in the total reward package for lawyers having up to five years of Post Qualification Experience (PQE). This revised salary will be paid starting January 2021.
The release quotes Founder and Managing Partner Nishith Desai as saying,
“The current move is designed to express our gratitude to the firm members, who have relentlessly worked throughout the lockdown to have the firm swim through Covid 19 pandemic fairly successfully…”
The move follows the formation of a Compensation Committee at the firm, set up with the objective of determining bonus payouts for 2020 and salary revision for 2021.
In 2019, bonuses for Nishith Desai Associates lawyers averaged at 56%, going as high as 98%. The compensation is determined based on the PAL system (performance, attitude and loyalty).
As part of the next phase, the Compensation Committee will undertake the compensation review for lawyers who have experience of more than five years at Nishith Desai Associates.
Inputs from Bar and Bench