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Mar
30
Overseas Legal Salaries Rise With Outsourcing
Filed Under economy, law, outsourcing
Interesting news from the world of outsourcing jobs that Americans used to do.
Lawyers in India are receiving increases in their starting salaries as a result of legal outsourcing.
According to Legal Blog Watch, associates starting at Indian law firms will earn slightly less than $30,000.00 per year now.
To compete with foreign firms, large domestic Indian firms have been forced to increase pay, either through salary hikes, end-of-year bonuses or promotions. New associates earn around 12 lakh rupees per year, while senior and principal associates may earn anywhere between 35 and 80 lakhs (one “lakh” is the equivalent of 100,000 rupees, so according to this currency converter, a new associate earns the equivalent of $29,887, while a senior lawyer makes $199,252.
Indian legal salaries are not quite up to the level of starting legal salaries in America, but they are getting closer — meaning that cost savings gained by sending work overseas might lessen as overseas salaries near those for United States workers.
There is still an incentive for large law firms to send work overseas because of the cost savings over employing someone in the United States, especially when some big city law firms are paying their upper echelon starting associates $160K+ per year. (The median salary is $62,000 per year).
Writes Bill Henderson in Empirical Legal Studies, the average starting salary at a small law firm is $50,000 as of 2006.
Let’s face it: $40K to $55K per year is just not enough to pay down the avg. $85,000 debt (especially as interest rates climb) and still enjoy any kind of lifestyle that a professional degree is presumed to confer. The national median starting salary for a 2 to 10 lawyer firm is $50,000. There are a lot of struggling alumni out there. And do we really need more law schools? For many, getting a JD is a very risky financial proposition, especially when you factor in bar passage.
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[...] factory jobs have been heading overseas for years — and companies are now sending legal work, IT and other white-collar assignments [...]
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