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2
Posted on 6/6/16 at 7:01 pm to lsupride87
quote:
A 26 year old isn't buying in NYC
This. 180k is very nice
Move to Brooklyn. Rage in Manhattan. Tinder all night and live life if u can deal with the snow
Posted on 6/6/16 at 7:01 pm to RedRifle
And that $180k doesn't include the $20k-$40k in bonuses.
Posted on 6/6/16 at 7:02 pm to HeadyMurphey
quote:
What is that in dollars down south
There's a chart floating around that shows billing rates for many of the nation's top firms, broken down as low & high end for associates and the same for partners. It is amazing how much less the Southern firms charge - especially the New Orleans ones. It's a few years old so I'm sure no longer strictly accurate but there were partners at Jones Walker only billing $190/hour.
Found it: LINK
This post was edited on 6/6/16 at 7:06 pm
Posted on 6/6/16 at 7:04 pm to GaryMyMan
In the Deepwater Horizon litigation, they had partners from DC firms billing out at $500 sitting next to local attorneys billing at $250.
ETA: representing the same party
ETA: representing the same party
This post was edited on 6/6/16 at 7:05 pm
Posted on 6/6/16 at 7:05 pm to RedRifle
Waiting for Miss. St's counter offer.
Posted on 6/6/16 at 7:11 pm to CorporateTiger
quote:
IB is still a shite ton of work, I know quite a few who work harder than BigLaw guys.
Of course--but the potential upside is much larger. Good year bonuses can be 70%-100%+ of base salary.
In the legal market bonus upside is usually only ~15% for first years and 25% for mid- to senior associates.
But generally I think both industries are pitfalls in terms of QOL.
Posted on 6/6/16 at 7:12 pm to Teddy Ruxpin
quote:
It is why some people wanted to get into big firms in places like Houston. NYC pay scale with lower cost of living
That's why my neighbors can afford to send 3 boys to the most expensive school around on one salary. He was a lawyer in NYC, then moved to Houston.
Posted on 6/6/16 at 7:13 pm to lsupride87
quote:
A 26 year old isn't buying in NYC
Average rent is $2K more than you put in your budget.
Federal income tax filing single with one exemption and standard deduction is $47K
State income tax and New York residence tax is $18K
So we are already at $115K, and still hasn't paid for health insurance or invested a dime in a 401K.
Posted on 6/6/16 at 7:24 pm to RedRifle
quote:
$180,000
That will get the young councilor a studio apartment and subway pass.
Posted on 6/6/16 at 7:35 pm to Mars duMorgue
4,000 hours? Lol
Posted on 6/6/16 at 7:38 pm to GaryMyMan
Working with Sidley Austin on a case. Their partner is around $1200/hr and the associates are all over $500. We are like wtf at our firm.
Posted on 6/6/16 at 7:42 pm to MSTiger33
There's NP's in b.r that makes 180K working 40hr/wk no call.
Posted on 6/6/16 at 7:54 pm to TigerMyth36
quote:
That will get the young councilor a studio apartment and subway pass.
anyone living in manhattan has a metro pass, not a car, no matter what their income.
no car, no gas, no insurance saves a decent amount of money if you are just paying for a monthly metro pass and some users/cabs here n there.
180k a year for a single person in their late 20s is a lot of money.
Posted on 6/6/16 at 8:03 pm to EA6B
quote:
So we are already at $115K, and still hasn't paid for health insurance or invested a dime in a 401K.
i'd imagine health insurance would be included in their employment package
and 10% in 401(k) is $18k
so you're at $97k to frick off with. even a $5k/mo apartment would leave you with $37k/year to do whatever you want. that's $3k/month for food, entertainment, etc
Posted on 6/6/16 at 8:06 pm to RedRifle
All of NYC AmLaw 100 will be at 180 in 2 years. Still not worth it.
Posted on 6/6/16 at 8:08 pm to GaryMyMan
I'd be shocked if Jones still has partners billing at 190/hour.
Posted on 6/6/16 at 8:10 pm to Joseph Bockrath
quote:
All of NYC AmLaw 100 will be at 180 in 2 years. Still not worth it.
Barring another financial downturn, probably. Depends on what you mean by worth it. It's not all bad, particularly if you luck in to a good area and firm.
Don't get me wrong, do I second guess some choices? Sure. If I could open a beach bar in the Caribbean tomorrow with a guarantee of doing just as well as I am now? Sure. However, I'm risk adverse.
Posted on 6/6/16 at 8:14 pm to Mo Jeaux
Lawyers are pretty risk averse by nature lol. No, you are right that even in "BigLaw" your quality of life depends on being in a good group. If you land in a great group at a top national firm, it has to be an awesomne gig (by attorney standards).
Posted on 6/6/16 at 8:14 pm to Mo Jeaux
double post
This post was edited on 6/6/16 at 8:15 pm
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