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Companies seeking expert support to undergo a corporate transition in the aftermath of the Covid-19 outbreak have increased hiring at India's top law firms and consultancies.

In the midst of an economic upheaval induced by the Covid-19 outbreak, this has resulted in a high need for consultants and lawyers, even as employment activity in all other industries remains tepid, with the exception of Information Technology (IT).

According to a report in the Economic Times newspaper, the Big Four consultancies Deloitte, PwC, EY, and KPMG have seen a 15-20 per cent increase in hiring activity compared to the pandemic-hit previous year.

According to the research, the Big Four and other strategic consulting companies such as Grant Thornton, BDO, BCG, and McKinsey hired over 20,000 people in the last six to eight months, with hiring for the current year projected to be considerably higher.

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Deloitte, PwC, EY, and KPMG have a combined headcount of over 125,000 workers in India, which is expected to quadruple in the next 2-3 years, according to the report.

Deloitte Global CEO Punit Rejen told ET that the firm wants to hire 75,000 individuals in India over the next two years.


Over the next six months, these four corporations expect to hire 20,000 freshers and lateral workers in their captive units.

According to Padmaja Alaganandan, PwC India's chief people officer, the organisation employed nearly 600 executives every month in the first four months of this fiscal year, including lateral and campus hires. She also mentioned that there is a higher demand for talent inside as a result of the pandemic, as numerous corporations are realigning their businesses.

“Going ahead, we will continue to hire laterally while we increase our campus hiring and also engage with talent in the Flexi workforce,” she added.

According to reports, EY India CEO Rajiv Memani expects the hiring trend to continue due to a number of variables including a positive economic environment, clients' focus on value creation, and a thriving capital and transactions market.

Despite the economic downturn, consulting firms had a 2-3 per cent gain in revenue in FY21. They're expected to repeat similar success in the current fiscal year. The demand for skill in many new emerging fields of technology has risen as a result.

According to Sunit Sinha, partner and head —people, performance and culture, KPMG in India, the demand for skills in cloud, data analytics, platforms, digital, cyber risk, and the Internet of Things (IoT) is particularly high, pushing employment in these sectors.

Meanwhile, an increase in strategic M&A deals and private equity buyouts, as well as a flow of investments into new-age tech businesses, consolidation and restructuring of large established businesses, and changes in employment and people policies, are driving hiring in law firms, according to the report.

(Source: Times Now)