NYC entry salary after taxes

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Tacitus
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Re: NYC entry salary after taxes

Postby Tacitus » Wed Sep 29, 2010 2:20 am

http://www.realtor.com/realestateandhom ... 3044-31958

I know, I know, it's Jersey, but it's 20 minutes to midtown and 12 minutes to downtown. You've got to be resourceful people. Resourceful! That search took me all of 3 minutes. Running a search for Jersey City, NJ for =< 2,000 turned up 216 properties--granted, not all of them are winners. There are plenty of other suburbs--Elizabeth, Hoboken, Croxton, etc. etc.

(BTW, that apartment looks swanky! Although, trying to close the deal with "Hey baby, let's cruise back to my pad in Jersey" isn't necessarily the best move in NYC...)

NYAssociate
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Re: NYC entry salary after taxes

Postby NYAssociate » Wed Sep 29, 2010 2:21 am

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Last edited by NYAssociate on Tue Oct 05, 2010 8:15 pm, edited 1 time in total.

NYAssociate
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Re: NYC entry salary after taxes

Postby NYAssociate » Wed Sep 29, 2010 2:22 am

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Last edited by NYAssociate on Tue Oct 05, 2010 8:15 pm, edited 1 time in total.

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MrKappus
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Re: NYC entry salary after taxes

Postby MrKappus » Wed Sep 29, 2010 2:23 am

Kohinoor wrote:Sorry, yea, I'm not touching the Connecticut thing. As you point out, Flushing cab is about 30m. Cab in Manhattan is 10-15 unless you're paying some ungodly amount to live in Midtown or the Financial District. Depending on where you live, it is easily under an hour from Flushing to midtown in the AM.


Haha I lived 50 blocks north of my office, RIGHT ON the 4/5/6, and my commute was about 40-45 minutes. If Flushing adds just 10-15 when traveling by subway, I'd be surprised...but it's not inconceivable I guess. Anyways, it's about priorities and preference, for sure. You'll have more $$, but I think I'll be able to sleep (or go out for drinks) a little more. :)

I know when I was commuting for a few months, I never wanted to hang out after work b/c I was like "Ugh have a commute just wanna go home."

Tacitus
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Re: NYC entry salary after taxes

Postby Tacitus » Wed Sep 29, 2010 2:24 am

underdawg wrote:anyone who lives in ct is a miser or is whipped (or the female equivalent of being whipped). or a partner that can work from home whenever he wants most of the time


The Gold Coast is redonk, bro. Wilton lax for life--don't hate.

Anonymous User
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Re: NYC entry salary after taxes

Postby Anonymous User » Wed Sep 29, 2010 2:24 am

Kohinoor wrote:
MrKappus wrote:You're a really helpful poster usually, and I respect your take on things...but the 15 mins/30 mins distinction is completely and hilariously inaccurate (even for Flushing). If you live in the part of town where you work, you can be home in less than 10 minutes. If you live in Flushing, you're going to spend 30 minutes getting home in a cab, and more than an hour getting to work each AM on the train. And that's not even touching your CT reference (which would mean an hour car-ride w/o traffic, and a 1 to 2-hour commute each morning).
Sorry, yea, I'm not touching the Connecticut thing. As you point out, Flushing cab is about 30m. Cab in Manhattan is 10-15 unless you're paying some ungodly amount to live in Midtown or the Financial District. Depending on where you live, it is easily under an hour from Flushing to midtown in the AM.
Those cab fares from Manhattan to Queens ain't free. It'll easily be around $25. So if you were paying $30 (tip, people), 20 days out of the month, that's already $600 spent on cabs. Yes, many firms pay for your transportation if you work past a certain hour, but summertime in New York is always bustling with events. You aren't going to want to waste 1-2 hours on commuting.

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underdawg
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Re: NYC entry salary after taxes

Postby underdawg » Wed Sep 29, 2010 2:25 am

Tacitus wrote:http://www.realtor.com/realestateandhomes-detail/880-Summit-Ave-Unit-C_Jersey-City_NJ_07307_M63044-31958

I know, I know, it's Jersey, but it's 20 minutes to midtown and 12 minutes to downtown. You've got to be resourceful people. Resourceful! That search took me all of 3 minutes. Running a search for Jersey City, NJ for =< 2,000 turned up 216 properties--granted, not all of them are winners. There are plenty of other suburbs--Elizabeth, Hoboken, Croxton, etc. etc.

(BTW, that apartment looks swanky! Although, trying to close the deal with "Hey baby, let's cruise back to my pad in Jersey" isn't necessarily the best move in NYC...)

i'm from jersey and i don't even know what the fuck croxton is. though i suppose living right by the PATH and having the PATH drop you right off at work might be credited

don't sleep on pelham bay park though. gentrifying like crazy. and awesome apartments at new lots ave

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Kohinoor
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Re: NYC entry salary after taxes

Postby Kohinoor » Wed Sep 29, 2010 2:29 am

Anonymous User wrote:
Kohinoor wrote:
MrKappus wrote:You're a really helpful poster usually, and I respect your take on things...but the 15 mins/30 mins distinction is completely and hilariously inaccurate (even for Flushing). If you live in the part of town where you work, you can be home in less than 10 minutes. If you live in Flushing, you're going to spend 30 minutes getting home in a cab, and more than an hour getting to work each AM on the train. And that's not even touching your CT reference (which would mean an hour car-ride w/o traffic, and a 1 to 2-hour commute each morning).
Sorry, yea, I'm not touching the Connecticut thing. As you point out, Flushing cab is about 30m. Cab in Manhattan is 10-15 unless you're paying some ungodly amount to live in Midtown or the Financial District. Depending on where you live, it is easily under an hour from Flushing to midtown in the AM.
Those cab fares from Manhattan to Queens ain't free. It'll easily be around $25. So if you were paying $30 (tip, people), 20 days out of the month, that's already $600 spent on cabs. Yes, many firms pay for your transportation if you work past a certain hour, but summertime in New York is always bustling with events. You aren't going to want to waste 1-2 hours on commuting.
True, if you go out and pay for your own cab every day, it will get hefty. If we assume the cost to your place in Manhattan would be 50% of that, the Flushing place costs an extra 300 bucks. You'd probably recoup that in rental costs alone. None of this even addresses your summertime in New York idea.

Tacitus
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Re: NYC entry salary after taxes

Postby Tacitus » Wed Sep 29, 2010 2:30 am

underdawg wrote:
Tacitus wrote:http://www.realtor.com/realestateandhomes-detail/880-Summit-Ave-Unit-C_Jersey-City_NJ_07307_M63044-31958

I know, I know, it's Jersey, but it's 20 minutes to midtown and 12 minutes to downtown. You've got to be resourceful people. Resourceful! That search took me all of 3 minutes. Running a search for Jersey City, NJ for =< 2,000 turned up 216 properties--granted, not all of them are winners. There are plenty of other suburbs--Elizabeth, Hoboken, Croxton, etc. etc.

(BTW, that apartment looks swanky! Although, trying to close the deal with "Hey baby, let's cruise back to my pad in Jersey" isn't necessarily the best move in NYC...)

i'm from jersey and i don't even know what the fuck croxton is. though i suppose living right by the PATH and having the PATH drop you right off at work might be credited

don't sleep on pelham bay park though. gentrifying like crazy. and awesome apartments at new lots ave


Croxton is around JFK Blvd and the 139. North of that intersection, west of Hoboken.

Tacitus
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Re: NYC entry salary after taxes

Postby Tacitus » Wed Sep 29, 2010 2:33 am

Kohinoor wrote:True, if you go out and pay for your own cab every day, it will get hefty. If we assume the cost to your place in Manhattan would be 50% of that, the Flushing place costs an extra 300 bucks. You'd probably recoup that in rental costs alone. None of this even addresses your summertime in New York idea.


$64,000 question: Some firms pay for livery cabs/car service after a certain time (e.g., S&C is 8pm, DPW is 8.30pm). Would that perk get you out to Flushing?

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Kohinoor
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Re: NYC entry salary after taxes

Postby Kohinoor » Wed Sep 29, 2010 2:33 am

Tacitus wrote:
Kohinoor wrote:True, if you go out and pay for your own cab every day, it will get hefty. If we assume the cost to your place in Manhattan would be 50% of that, the Flushing place costs an extra 300 bucks. You'd probably recoup that in rental costs alone. None of this even addresses your summertime in New York idea.


$64,000 question: Some firms pay for livery cabs/car service after a certain time (e.g., S&C is 8pm, DPW is 8.30pm). Would that perk get you out to Flushing?

Yes.

Tacitus
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Re: NYC entry salary after taxes

Postby Tacitus » Wed Sep 29, 2010 2:35 am

Kohinoor wrote:
Tacitus wrote:
Kohinoor wrote:True, if you go out and pay for your own cab every day, it will get hefty. If we assume the cost to your place in Manhattan would be 50% of that, the Flushing place costs an extra 300 bucks. You'd probably recoup that in rental costs alone. None of this even addresses your summertime in New York idea.


$64,000 question: Some firms pay for livery cabs/car service after a certain time (e.g., S&C is 8pm, DPW is 8.30pm). Would that perk get you out to Flushing?

Yes.


What abouuuuttt....Stamford?

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MrKappus
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Re: NYC entry salary after taxes

Postby MrKappus » Wed Sep 29, 2010 2:38 am

Tacitus wrote:
Kohinoor wrote:True, if you go out and pay for your own cab every day, it will get hefty. If we assume the cost to your place in Manhattan would be 50% of that, the Flushing place costs an extra 300 bucks. You'd probably recoup that in rental costs alone. None of this even addresses your summertime in New York idea.


$64,000 question: Some firms[' clients] pay for livery cabs/car service after a certain time (e.g., S&C is 8pm, DPW is 8.30pm). Would that perk get you out to Flushing?


I think it's impt to note who's payin' for the car services, and that in today's "line-by-line" review of bills, partners will see the 5k/year ($50 x 2 days/wk) to drive Koh home)! And that 2x a week estimate's pretty conservative, I'd say. Also, a cab to Flushing is more than 2x most intra-Manhattan fares. And you're picking up the cab ride whenever you go out for a drink w/ co-workers.

LIVE IN MANHATTAN YOU KNOW YOU WANT TO.

Anonymous User
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Re: NYC entry salary after taxes

Postby Anonymous User » Wed Sep 29, 2010 2:39 am

Kohinoor wrote:True, if you go out and pay for your own cab every day, it will get hefty. If we assume the cost to your place in Manhattan would be 50% of that, the Flushing place costs an extra 300 bucks. You'd probably recoup that in rental costs alone. None of this even addresses your summertime in New York idea.
Um.. what? I clearly was mentioning a reason why one wouldn't want to spend 1-2 hours everyday while they could be spending that time doing fun stuff in Manhattan. My point was not really about "recouping" the would-be rental cost, only that it would be a waste of time.

I don't know man. This is obviously a personal preference so you gotta do whatever that makes you happy. If you really want to save a couple hundred dollars instead of salvaging some free time for yourself, by all means go ahead. But be forewarned that most summer associates at your firm will be living somewhere in the city and be home within a half hour when you will be spending $10-15 extra per cab ride and an hour more everyday commuting.

Tacitus
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Re: NYC entry salary after taxes

Postby Tacitus » Wed Sep 29, 2010 2:55 am

MrKappus wrote:
Tacitus wrote:
Kohinoor wrote:True, if you go out and pay for your own cab every day, it will get hefty. If we assume the cost to your place in Manhattan would be 50% of that, the Flushing place costs an extra 300 bucks. You'd probably recoup that in rental costs alone. None of this even addresses your summertime in New York idea.


$64,000 question: Some firms[' clients] pay for livery cabs/car service after a certain time (e.g., S&C is 8pm, DPW is 8.30pm). Would that perk get you out to Flushing?


I think it's impt to note who's payin' for the car services, and that in today's "line-by-line" review of bills, partners will see the 5k/year ($50 x 2 days/wk) to drive Koh home)! And that 2x a week estimate's pretty conservative, I'd say. Also, a cab to Flushing is more than 2x most intra-Manhattan fares. And you're picking up the cab ride whenever you go out for a drink w/ co-workers.

LIVE IN MANHATTAN YOU KNOW YOU WANT TO.


Clients? We don't need no stinking clients!

I agree with Mr Kappus on this one, but only if you're the type of guy who is bothered by this situation:

DAD: Well kids, I worked in New York City for the first 5 years of my career for Prestigious, McSnooty & Elitist LLP.

KIDS: Ooooo. Was it fun living in the big city?!

DAD: Actually, I made sure to save up all my money by living in New Jersey (smiles and nods).

KIDS: (blank stare)

DAD: C'mon kids, being frugal is fun!

KIDS: (walk away) Man, Dad's a douche!

You're 20/30 something how many times in your life? Once. Bite the bullet, and live in Manhattan. You have the rest of your life to be boring! Can you really put a price on being able to pub crawl until 2am and then crawl home (oh ya, and all that other "cultural" nonsense)? Didn't think so. Future You will thank Past You repeatedly for many great memories. Memories like, mustering up the courage at 1am to tell a gullible Iowan girl in the Big Apple for the first time that you work as a diplomat at the UN, but you like her so much you'll reveal your real job--smuggling secrets in diplomatic bags! Compare that with memories of having indigent people cough on your neck as you take the subway/train home. And on a business/professional development level, no one likes the guy who always kicks out at 10.30pm. They like the guy who they make war stories with, and it's always nice to know where the skeletons are if you ever are up for partnership...

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Kohinoor
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Re: NYC entry salary after taxes

Postby Kohinoor » Wed Sep 29, 2010 3:12 am

MrKappus wrote:
Tacitus wrote:
Kohinoor wrote:True, if you go out and pay for your own cab every day, it will get hefty. If we assume the cost to your place in Manhattan would be 50% of that, the Flushing place costs an extra 300 bucks. You'd probably recoup that in rental costs alone. None of this even addresses your summertime in New York idea.


$64,000 question: Some firms[' clients] pay for livery cabs/car service after a certain time (e.g., S&C is 8pm, DPW is 8.30pm). Would that perk get you out to Flushing?


I think it's impt to note who's payin' for the car services, and that in today's "line-by-line" review of bills, partners will see the 5k/year ($50 x 2 days/wk) to drive Koh home)! And that 2x a week estimate's pretty conservative, I'd say. Also, a cab to Flushing is more than 2x most intra-Manhattan fares. And you're picking up the cab ride whenever you go out for a drink w/ co-workers.

LIVE IN MANHATTAN YOU KNOW YOU WANT TO.

The client is the one paying for the rides home. Neither the client nor the partner will ever look at the expense lists beyond a spot check for egregious offenses and this is far from it.

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MrKappus
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Re: NYC entry salary after taxes

Postby MrKappus » Wed Sep 29, 2010 3:16 am

Kohinoor wrote:The client is the one paying for the rides home. Neither the client nor the partner will ever look at the expense lists beyond a spot check for egregious offenses and this is far from it.


This was true pre-ITE. Having been part of three line-by-line reviews, I can say this is not the case in the current climate.

Tacitus
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Re: NYC entry salary after taxes

Postby Tacitus » Wed Sep 29, 2010 3:53 am

MrKappus wrote:
Kohinoor wrote:The client is the one paying for the rides home. Neither the client nor the partner will ever look at the expense lists beyond a spot check for egregious offenses and this is far from it.


This was true pre-ITE. Having been part of three line-by-line reviews, I can say this is not the case in the current climate.


Pennywise and pound foolish... You don't economize for profits, you manage for profits. I.e., your supervisor shouldn't be wasting however much time looking over line items, he should be training you and your peers on how to deliver legal services more efficiently. If the partner is just dealing with a ball-busting client, he should be considering other options like a fixed fee. Setting a fixed fee lets the client know that you will be controlling your own costs, and that there will be very, very few surprises for the client. Wachtell's clients don't seem to mind that at all, and they seem to be doing okay in the PPP department. Cf. Susman Godfrey (same).

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Re: NYC entry salary after taxes

Postby Anonymous User » Wed Sep 29, 2010 7:07 am

I live quite far out from the office (i.e., not in Manhattan) and the client always foots the taxi bill without fail, assuming I did the requisite hours of course.

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Sogui
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Re: NYC entry salary after taxes

Postby Sogui » Wed Sep 29, 2010 7:51 am

I plan on living in Manhattan if I end up with a biglaw job here, even a relatively short commute adds up to weeks/months of your "awake time" being wasted away on commutes over the course of a couple years.

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Re: NYC entry salary after taxes

Postby Anonymous User » Wed Sep 29, 2010 8:21 am

daisyduck wrote:
MrKappus wrote:You're a really helpful poster usually, and I respect your take on things...but the 15 mins/30 mins distinction is completely and hilariously inaccurate (even for Flushing). If you live in the part of town where you work, you can be home in less than 10 minutes. If you live in Flushing, you're going to spend 30 minutes getting home in a cab, and more than an hour getting to work each AM on the train. And that's not even touching your CT reference (which would mean an hour car-ride w/o traffic, and a 1 to 2-hour commute each morning).
I agree. Commuting from Flushing would be doable if you had a 9-5 job where time isn't your most valuable commodity. But as an SA who gets off work at 9-10pm, I say paying double the amount of rent in Manhattan would be well worth the money, not to mention a lot more entertaining.


LOL, SAs don't get off work at 10pm.

mikecw23
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Re: NYC entry salary after taxes

Postby mikecw23 » Wed Sep 29, 2010 8:46 am

How much of your student loans can you write off as a tax deduction?

NYAssociate
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Re: NYC entry salary after taxes

Postby NYAssociate » Wed Sep 29, 2010 9:08 am

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Last edited by NYAssociate on Tue Oct 05, 2010 8:13 pm, edited 1 time in total.

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MrKappus
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Re: NYC entry salary after taxes

Postby MrKappus » Wed Sep 29, 2010 9:58 am

Tacitus wrote:
MrKappus wrote:
Kohinoor wrote:The client is the one paying for the rides home. Neither the client nor the partner will ever look at the expense lists beyond a spot check for egregious offenses and this is far from it.


This was true pre-ITE. Having been part of three line-by-line reviews, I can say this is not the case in the current climate.


Pennywise and pound foolish... You don't economize for profits, you manage for profits. I.e., your supervisor shouldn't be wasting however much time looking over line items, he should be training you and your peers on how to deliver legal services more efficiently. If the partner is just dealing with a ball-busting client, he should be considering other options like a fixed fee. Setting a fixed fee lets the client know that you will be controlling your own costs, and that there will be very, very few surprises for the client. Wachtell's clients don't seem to mind that at all, and they seem to be doing okay in the PPP department. Cf. Susman Godfrey (same).


Are we quoting mgmt best-sellers now?? Great...if all business units were run efficiently, maybe you'd be right. IRL, they aren't...and partners spend thousands of hours each year going over bills w/ clients. If a client sees $10k on a bill for two associates' transportation and says "I'll give you $3k,"then the firm has to eat $3500/associate. As a % of bonus, that's a pretty nice bump for the associates. But the partner won't be pleased.

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nealric
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Re: NYC entry salary after taxes

Postby nealric » Wed Sep 29, 2010 10:13 am

Living in Brooklyn is a decent bit cheaper than Manhattan and can be a very quick commute (20 minutes from Prospect Heights to the financial district). Plenty of places in the 1.6-1.8k range there. My firm's policy is that they will pay for car service anywhere in the five boroughs.

And the Beer Table in Brooklyn >>>>>>>>>> any midtown bar




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