Is BigLaw really much more lucrative than PI?

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somewhatwayward
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Re: Is BigLaw really much more lucrative than PI?

Postby somewhatwayward » Sat Feb 11, 2012 11:14 am

Anonymous User wrote:First, a high salary is not just about how much money you ultimately take home. You feel a sense of pride knowing that you are in the upper echelons of earners in the US. I believe a first-year associate is already in the top 5%. There is also a social effect. If salary comes up in , let's say, a dating context, no one says "my after tax income is X". It is "I earn X" which refers to your pre-tax, pre-loan income. Most city dwellers admire young professionals with "bigtime" downtown jobs working on wall st and whatnot. Biglaw lawyers are part of that.


i'm doing biglaw but still....:roll:

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D-hops
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Re: Is BigLaw really much more lucrative than PI?

Postby D-hops » Sat Feb 11, 2012 11:33 am

You should probably take into account the significant raises that you get in BigLaw compared to pay freezes or cuts that are being made in PI.

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FlanAl
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Re: Is BigLaw really much more lucrative than PI?

Postby FlanAl » Sat Feb 11, 2012 12:06 pm

Anonymous User wrote:First, a high salary is not just about how much money you ultimately take home. You feel a sense of pride knowing that you are in the upper echelons of earners in the US. I believe a first-year associate is already in the top 5%. There is also a social effect. If salary comes up in , let's say, a dating context, no one says "my after tax income is X". It is "I earn X" which refers to your pre-tax, pre-loan income. Most city dwellers admire young professionals with "bigtime" downtown jobs working on wall st and whatnot. Biglaw lawyers are part of that.


this actually seems to be a big motivator for a lot of people. they have some sort of NYC "I made it big" Gordon Gecko fantasy.

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sunynp
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Re: Is BigLaw really much more lucrative than PI?

Postby sunynp » Sat Feb 11, 2012 12:14 pm

FlanAl wrote:
Anonymous User wrote:First, a high salary is not just about how much money you ultimately take home. You feel a sense of pride knowing that you are in the upper echelons of earners in the US. I believe a first-year associate is already in the top 5%. There is also a social effect. If salary comes up in , let's say, a dating context, no one says "my after tax income is X". It is "I earn X" which refers to your pre-tax, pre-loan income. Most city dwellers admire young professionals with "bigtime" downtown jobs working on wall st and whatnot. Biglaw lawyers are part of that.


this actually seems to be a big motivator for a lot of people. they have some sort of NYC "I made it big" Gordon Gecko fantasy.


I beg to differ. Many people I know aren't impressed at all by 1L salaries or random first year associates. (Though they may be impressed by Harvard, Yale or Columbia degrees - this is not meant to be a complete list!) The city is very expensive and a first year doesn't really have that much money to live on here. Isn't that the point of this thread?

People coming to New York with some Gordon Gecko fantasy are likely to be very let down when they realize that it isn't true.

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romothesavior
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Re: Is BigLaw really much more lucrative than PI?

Postby romothesavior » Sat Feb 18, 2012 1:47 am

sunynp wrote:The city is very expensive and a first year doesn't really have that much money to live on here. Isn't that the point of this thread?

Secondary markets FTW. I was bored and did a "budget" the other day on the assumption my SA turns into a full time job and my girlfriend and I stay together. I honestly don't know how a couple with no kids living in cheap ass flyover country (low taxes + low COL) can spend it all. Yeah, it's not NYC biglaw salaries, but our takehome and QOL will be far better than my V10 NYC friends. To each their own, I guess. But you guys can keep your NYC.

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bk1
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Re: Is BigLaw really much more lucrative than PI?

Postby bk1 » Sat Feb 18, 2012 2:18 am

romothesavior wrote:I honestly don't know how a couple with no kids living in cheap ass flyover country (low taxes + low COL) can spend it all.

Nice shit starts adding up. :P

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romothesavior
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Re: Is BigLaw really much more lucrative than PI?

Postby romothesavior » Sat Feb 18, 2012 2:24 am

bk1 wrote:
romothesavior wrote:I honestly don't know how a couple with no kids living in cheap ass flyover country (low taxes + low COL) can spend it all.

Nice shit starts adding up. :P

Tell that to my credit card. It often forgets I am in law school, and swipes itself for things that I do not really need.

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FlanAl
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Re: Is BigLaw really much more lucrative than PI?

Postby FlanAl » Sun Feb 19, 2012 10:58 am

romothesavior wrote:
sunynp wrote:The city is very expensive and a first year doesn't really have that much money to live on here. Isn't that the point of this thread?

Secondary markets FTW. I was bored and did a "budget" the other day on the assumption my SA turns into a full time job and my girlfriend and I stay together. I honestly don't know how a couple with no kids living in cheap ass flyover country (low taxes + low COL) can spend it all. Yeah, it's not NYC biglaw salaries, but our takehome and QOL will be far better than my V10 NYC friends. To each their own, I guess. But you guys can keep your NYC.


Totally depends on the secondary market though. Some of the secondary west coast offices start you out at between 100,000-145,000 and you are still dealing with pretty high COL. I'd assume the same is true for bigger mid-west cities.

slacker
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Re: Is BigLaw really much more lucrative than PI?

Postby slacker » Sun Feb 19, 2012 12:51 pm

0L so apologies but doesn't TLS consensus generally state that you need ties to most/all? secondary markets? If I'm from Long Island, went to UG in NY, etc. does that not in some ways limit me to NYC and the general area surrounding wherever I go to school (most likely lower T14)?

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romothesavior
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Re: Is BigLaw really much more lucrative than PI?

Postby romothesavior » Sun Feb 19, 2012 2:05 pm

FlanAl wrote:
romothesavior wrote:
sunynp wrote:The city is very expensive and a first year doesn't really have that much money to live on here. Isn't that the point of this thread?

Secondary markets FTW. I was bored and did a "budget" the other day on the assumption my SA turns into a full time job and my girlfriend and I stay together. I honestly don't know how a couple with no kids living in cheap ass flyover country (low taxes + low COL) can spend it all. Yeah, it's not NYC biglaw salaries, but our takehome and QOL will be far better than my V10 NYC friends. To each their own, I guess. But you guys can keep your NYC.


Totally depends on the secondary market though. Some of the secondary west coast offices start you out at between 100,000-145,000 and you are still dealing with pretty high COL. I'd assume the same is true for bigger mid-west cities.

Its not true. The only expensive MW city is Chicago, and its even on the cheaper end of the primary markets.

slacker wrote:0L so apologies but doesn't TLS consensus generally state that you need ties to most/all? secondary markets? If I'm from Long Island, went to UG in NY, etc. does that not in some ways limit me to NYC and the general area surrounding wherever I go to school (most likely lower T14)?

Kind of. It's gonna be awfully hard to convince outside of NYC anyone you want to be there. Not impossible, but what would you even tell them that they'd believe?

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Guchster
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Re: Is BigLaw really much more lucrative than PI?

Postby Guchster » Sun Feb 19, 2012 2:37 pm

slacker wrote:0L so apologies but doesn't TLS consensus generally state that you need ties to most/all? secondary markets? If I'm from Long Island, went to UG in NY, etc. does that not in some ways limit me to NYC and the general area surrounding wherever I go to school (most likely lower T14)?


If you look into moving into a secondary market, they're definitely going to push you hard about your ties and what brings you to their market. It's hard to keep people in biglaw, much less in an area they have absolutely no connection to.

Some markets are pickier than others. DC isn't as mean as some of the others, but it's definitely more competitive (cuz everyone is fucking lawyer in DC).

There are ways to get around this problem though. Srs relationship (you can prbs exaggerate this, too), moast of your closest friends move to the area, discussing cost of living and pointing to a nearby relative so that you get the best of both worlds, etc.




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