Working with Law Firms – What you See vs what you Get

Most law graduates dream of getting placed in one of the top law firms in India for various reasons, the main being a big fat pay cheque. It is a big opportunity which enables you to work with big fishes like business tycoons, celebrities in the country and at times get media attention too. You get to have skyrocketing career and with that an elite lifestyle. On the flip side such law firms spread across the country come out with not more than 200 openings against the thousands that graduate every year from law firms. Furthermore, most of the jobs either go to the toppers from the best universities or relatives with contacts. So at the end of the day the idea of landing a high paying job in the top law firms in India is just like a mirage in the desert.

Top Law Firms in India

Reality Check
While students are curious and excited to work on big projects, with celebrities and head honchos in top law firms, the reality is quite different. As a beginner or an intern you don’t immediately get such big breaks. Initially it is only about doing filing work or proof reading documents or due diligence related tasks that you might land upon. Thus as a junior associate against your presumptions, what you do would be quite boring, actually.
Having said that, this is the case with most of the careers. The initial period is more of toiling. Also, as there is a lot of pressure after graduation to land a job into a top law firm and that tends to make students do stupid things.
So, are there really any pros there or only cons. Yes, off-course there are pros of getting to work with a top notch law firm and cons too. Here’s to list a few-

PROS

  • To be with the best, you need to give your best. So, here’s a place where you need to put your best to match their standards and class.
  • At such firms, you as a new graduate law students get to groom yourself, learn to dress, be on time and learn about communicating professionally which can be of great help in a later stage.
  • You get to work with the competent team and get to learn a lot about teamwork and from them as well.
  • Top law firms provide full service and hence you get a 360-degree learning experience on various fronts of law.

CONS

  • Work timings are one of the biggest cons in a law firm. There are no fixed timings and could land you home as late at past midnight. So, personal life might as well go for a toss when working with these firms.
  • Don’t always expect very well behaved seniors. Be ready for experiences where if you underperform as a young law associate, you are shown the door straight away. No wonder, attrition rates are so high in law firms.
  • Sitting for long hours in front of the computer can cause a lot of physical stress as a law firm job is a desk job.

Having said that, if you are competent enough with a willingness to work 24 x 7 then you could be the preferred one and climb the ladder of success faster in terms of roles and responsibilities as well as remuneration.

KLE Law College is one of the Top Law School in India

 

*Sourced from the Internet

Supreme Court scraps out Section 377 – Huge Relief to LGBT Community

It was a historic day and a historic decision made by the Supreme court of India on September 6, 2018. For those who are not aware of Section 377. It is a section of the Indian Penal Code which considers gay sex as a punishable offense. But, not any longer because the Constitution bench of country’s top court has passed the judgement in favor of the LGBTQ community. In its judgement, the court specified that sexual orientation is natural and no one has control over it. Hence, consensual gay sex in private is not a punishable offense anymore.

Supreme Court scraps out Section 377

The Supreme Court said that consensual sex in a private area and in between adults which is of no harm to women or children is permissible and a matter of personal choice of an individual.

The section 377 is about 150 year old law and the supreme-court said that with changing times, the law also needs to be amended. Section 377 had been introduced in the year 1861 by the British rulers in India. As per this act, whosoever has carnal intercourse against the order of nature with man, woman or animal will be punished with life imprisonment, or upto 10 years along with fine.

Well, as per the judges the ban is irrational, manifestly arbitrary and indefensible hence has been reversed after supreme-court had overruled it earlier in the year 2013 and just struck the section 377 partially.

After the judgement was passed the Chief Justice of India Dipak Misra said that it was time to bid adieu to the prejudices and empower our citizens. At the end he concluded saying “Take me as I am” raising a thumbs up to gay pride.

It is surely a judgement of its kind because it is the harbinger of right to freedom winning out over all odds. The LGBTQ community has been fighting this battle for long time. There also have many cases where the law is twisted and used to scare out the LGBT couples. Its finally a sigh of relief for the community to live with dignity and without fear.

 

*Sourced from the internet

5 Types of Advance Property Deal Payments a Buyer Needs to Avoid

Advance Payment in a property deal is a financial tradition that has been into existence for long now. Well, advance payments and token amount are given at the time for finalization for starting a property deal. While the token money can be a meager some or can be a larger amount before the full and final payment is made at the time of registration.

To be precise, the seller at times demands additional money other than advance before registration. Even banks insist on advance payment but not many know that it is against the rules and regulations because the buyer’s money is at risk as the transfer of property isn’t made.

Pre-closure of Home Loan
When the seller asks the buyer to pay advance for pre-closure of the home loan, there is enough probability of a fraud. The possibility is that the buyer could pay the home loan dues and sell it to someone else. So, he would be selling it to two people at once. Furthermore, the seller would be gaining almost double money and while the two parties would be fighting each other.

Higher Payments before Registration
As per the thumb rule, if you are buying a property never pay above 20% of the property value before the registration. You increase the amount of pre-payment, you increase the risk as well. Also, never disclose to the seller how you are going to make the payments, as in how is a loan and how much you are going to pay from your pocket. You may avail 80% loan even if you have the money, and go for pre-closure rather than paying from your pocket.

Registration Date and Delay
The property deal could close in 45-60 days or at time 6 /12 months. If the registration time is more than the said period a sale agreement needs to be made. But, a rather good idea is to close the deal ASAP as the risk increases. If the registration date is over a year later, there is a high chance that the buyer backs out due to increase in property rates.

TDS
TDS, also known as Tax at Source has always topped the list wherein bank asks to pay in advance. When you avail a home loan, the TDS amount could be the high amount and the bank could insist the buyer to pay it in advance, submit the receipt of the same before the loan amount is dispersed by them. This is apparently, not required or not in the rule book. For example for an Rs. 100 loan in the ratio of 80:20 wherein the buyer paid 10 as token and 10 was to be paid later and 80 is to be paid by the bank. Now, the bank demands TDS that comes to 20.66, considering long-term capital gain for the property that values over a crore buck. The banks ask the buyer to pay advance 20.66. The buyer is paying 10.66 in excess and is not aware of how the adjustment of the same would be made by the bank. It’s tricky and hence it is better not to indulge in such a kind of situation. Alternatively, you may give a written application to the bank to deduct the TDS and transfer the remaining amount to the buyer’s account.

Stamp Duty and Registration
Registration and stamp duty charges vary from state to state. Some states provide the facility to buy stamp papers of the stamp duty value before registering the property. The validity of paying the stamp duty is that of 6 months. But, be aware that stamp papers are not refundable or transferable. Hence, never buy the papers in advance until you are already with the verification and payment. Hence, rather than advance payments, carrying a demand draft or bankers cheque with you on the day of the registration is a better idea. Also, try to find out the exact amount around a week in advance from the sub registrar’s office and get a DD issue on that amount so that you can deposit it on the day of the registration.

Last but not the least many sellers ask for cash payment which is a big no in every property deal because cash payment above 20K is considered illegal.