Veritas Legal has given a 40% pay hike on average to associates across all levels in the new financial year. The rationale for the move was to offer remuneration at par with tier-one law firms and attract better talent.
“Where each firm lands up at the end of the year in terms of CTC [cost to company] remains to be seen but we believe we will be highly competitive if not comparable [to the tier-one firms in terms of remuneration],” Veritas Legal founding partner Abhijit Joshi told India Business Law Journal.
The move had been in the works for a while for Veritas. “It has taken us a little time given that we are only four years old but this move has been on our mind for a while,” said Joshi. “Remuneration in line with the top tier of the industry is essential for any platform that intends to deliver high quality services to clients.”
The firm is looking to increase associate-level hiring but in particular is looking for lawyers with two to five years of post-qualification experience in the corporate, M&A and private equity practice areas. In addition, Veritas is in contact with various law schools to hold structured internship programs.