Anonymous User wrote:Hey guys, not a Penn student, but was wondering if any of you knew how Philly compensation compares with NYC lockstep of 160, 170, 185, 200, 220?
I understand its a lot lower and that Philly is a lot cheaper, but was just wondering.
In my opinion, this is very hard to tell. At one point it was a few firms at 145 and the rest around 125-130. Now, between moving to more merit-based compensation and some firms doing 10% paycuts, who knows. Morgan and Dechert start at 145 and supposedly have pretty nice increases. Other firms start between 110 and 130 and there is no real transparency after that.
And I wouldn't say Philly is a lot cheaper. If you live the lawyer lifestyle here (Rittenhouse square apartment, nice dinners, nice clothes, etc) it's probably only 10-20% cheaper.
That said, if you live in Fishtown and don't eat out, you could pay off loans and save up pretty quickly.