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Tiago Splitter wrote: Nothing beats the 160K in Texas though.

160 in Atlanta or Delaware isn't far off. And you are not in Texas (which isn't for everyone).

Tiago Splitter wrote:Right but the federal taxes will take roughly the same percentage everywhere.

If you make $160k, a higher percentage of your income is lost to federal tax than if you made only $125k.

RVP11 wrote:

Tiago Splitter wrote:Right but the federal taxes will take roughly the same percentage everywhere.

If you make $160k, a higher percentage of your income is lost to federal tax than if you made only $125k.

It's an 18.8% effective rate for the 125K guy vs. 24% for the 160K. Roughly a 15K difference in federal taxes. Less when deductions are taken into account. Certainly eats into the gap, but comes a long way from closing it.

lol @ people being myopic ITT and arguing if Lit Boutique A provides more $/tax advantages that Lit Boutique B. These places are highly prestigious and likely offer a lot of substantive WE early, but if your goal is to just bank str8 coin, then they are not your best options. Not even close. TCR is:

DPW Capital Markets/ STB PE M&A/ S&C Public M&A --> 250k in house at a bank/fund/f100 OR gun hard to lateral to equity partnership for 600-800k/yr at a lower V100. hth

Anonymous User wrote:lol @ people being myopic ITT and arguing if Lit Boutique A provides more $/tax advantages that Lit Boutique B. These places are highly prestigious and likely offer a lot of substantive WE early, but if your goal is to just bank str8 coin, then they are not your best options. Not even close. TCR is:

DPW Capital Markets/ STB PE M&A/ S&C Public M&A --> 125k compliance/back-office at a bank.

Fixt.

What is with all these insufferable threads... is TLS like this every year right before OCI?

obv if you leave before the 2 year mark and have no real experience structuring deals or navigating dat Rule144a then yeah, your only exit options are compliance or a lower ranked firm. But you you have 4-5 years of experience in any of the groups in the firms listed above and exit to 125k compliance....yourdoinitwrong.jpg. And please tell me all the highly prestigious exit for two years of doc review in BIGLIT. Not likely 125k, breh. Just sayin at the 10 year career mark there is WAYYYYYY more financial upside coming from a top corporate shop than a lit boutique. It's not even close for a $$ standpoint.

Anonymous User wrote:obv if you leave before the 2 year mark and have no real experience structuring deals or navigating dat Rule144a then yeah, your only exit options are compliance or a lower ranked firm. But you you have 4-5 years of experience in any of the groups in the firms listed above and exit to 125k compliance....yourdoinitwrong.jpg. And please tell me all the highly prestigious exit for two years of doc review in BIGLIT. Not likely 125k, breh. Just sayin at the 10 year career mark there is WAYYYYYY more financial upside coming from a top corporate shop than a lit boutique. It's not even close for a $$ standpoint.

You've got a much better shot at making partner at a good lit boutique. A smaller shot than getting a good in-house job from a top corporate shop, but a larger one than making partner in corporate at a V100. Litigation also opens up the option of going to a mid-size firm. Partners in such firms make more than the CW on TLS grants: http://pdfserver.amlaw.com/nlj/SLFE_graphics.pdf.

Anonymous User wrote:lol @ people being myopic ITT and arguing if Lit Boutique A provides more $/tax advantages that Lit Boutique B. These places are highly prestigious and likely offer a lot of substantive WE early, but if your goal is to just bank str8 coin, then they are not your best options. Not even close. TCR is:

DPW Capital Markets/ STB PE M&A/ S&C Public M&A --> 250k in house at a bank/fund/f100 OR gun hard to lateral to equity partnership for 600-800k/yr at a lower V100. hth

You've been reading way too much AutoAdmit. Making 250k in house with good hours, and lateraling from V10 to V100 equity partnership are both mostly flame, bro.

Your best chance at making partner is with the firm you started with. And, as Rayiner said, lit boutiques generally offer the best partnership prospects.

Sort of side tracking, but what is it with this weird new thing where our generation looks at owning a car as a "negative"? I noticed someone on here was bashing the fact that you have to have a car in Texas. With the salary you can make in a place like Dallas (say NY scale pay from Weil/Gibson etc.) and the Texas COL + no state income tax, you could drive a Porsche Cayman. Or even a 911 after year 4 or so. When did being a pedestrian become cool? Especially for a single guy trying to date? It's not exactly attractive to women to be a grown man but not be able to pick them up for a date. Maybe NYC is just that different from the rest of the country...

BruceWayne wrote:Sort of side tracking, but what is it with this weird new thing where our generation looks at owning a car as a "negative"? I noticed someone on here was bashing the fact that you have to have a car in Texas. With the salary you can make in a place like Dallas (say NY scale pay from Weil/Gibson etc.) and the Texas COL + no state income tax, you could drive a Porsche Cayman. Or even a 911 after year 4 or so. When did being a pedestrian become cool? Especially for a single guy trying to date? It's not exactly attractive to women to be a grown man but not be able to pick them up for a date. Maybe NYC is just that different from the rest of the country...

You haven't left Texas much, have you? In the places where hordes of people actually want to live, there isn't the same sense of "car culture" as there is in Texas. It's completely normal not to have a car in big cities; in fact, many people would think you're pretty impractical if you owned a car. Women don't mind, they expect it.

DPW Capital Markets/ STB PE M&A/ S&C Public M&A --> 250k in house at a bank/fund/f100 OR gun hard to lateral to equity partnership for 600-800k/yr at a lower V100. hth

There are at least 15 other firms at which such moves are possible and probable. Stop being a prestige douche.

fish52 wrote: You haven't left Texas much, have you? In the places where hordes of people actually want to live, there isn't the same sense of "car culture" as there is in Texas. It's completely normal not to have a car in big cities; in fact, many people would think you're pretty impractical if you owned a car. Women don't mind, they expect it.

depends entirely on the city. there's really only a small handful of cities where it is more convenient than not to be car-less. it's certainly cheaper, but most people in most places don't prefer it.

RVP11 wrote:

Anonymous User wrote:lol @ people being myopic ITT and arguing if Lit Boutique A provides more $/tax advantages that Lit Boutique B. These places are highly prestigious and likely offer a lot of substantive WE early, but if your goal is to just bank str8 coin, then they are not your best options. Not even close. TCR is:

DPW Capital Markets/ STB PE M&A/ S&C Public M&A --> 250k in house at a bank/fund/f100 OR gun hard to lateral to equity partnership for 600-800k/yr at a lower V100. hth

You've been reading way too much AutoAdmit. Making 250k in house with good hours, and lateraling from V10 to V100 equity partnership are both mostly flame, bro.

Your best chance at making partner is with the firm you started with. And, as Rayiner said, lit boutiques generally offer the best partnership prospects.

Nah, from what I've seen from attorneys exiting my firm, the OP is surprisingly accurate. Most head into equity partnership at lower ranked firms (though surprisingly many make equity at some strong household names like Ropes or MoFo), others head into fairly senior in house positions at companies that pay roughly 200k+ all in, with great benefits. It's even higher at the banks.

The shit compliance jobs are there for people who lateral when they're fairly junior. If you accrue enough experience and are in your 4th to 6th year, you're looking at some great moves from a top law firm. It's oddly comforting.

In general, how much you make as a big firm partner doesn't correlate that well with PPP. These days, it's based on the business you generate. A newly minted service partner at Simpson will make far less than a massive business generator at mckool smith. That's even more true because many top NYC firms are lockstep all the way to the top.

You could be global head of M&A at dla piper and make more than almost anyone at Cleary. The spreads at lower ranked firms can be huge, and drastically differ from the spreads at top firms. If your goal is to make as much $$$ as possible, you need to bring lots of clients. Equity partnership in itself doesn't bring much except a massive loan to pay back for capital contributions.

Fresh Prince wrote: Nah, from what I've seen from attorneys exiting my firm, the OP is surprisingly accurate. Most head into equity partnership at lower ranked firms (though surprisingly many make equity at some strong household names like Ropes or MoFo), others head into fairly senior in house positions at companies that pay roughly 200k+ all in, with great benefits. It's even higher at the banks.

The shit compliance jobs are there for people who lateral when they're fairly junior. If you accrue enough experience and are in your 4th to 6th year, you're looking at some great moves from a top law firm. It's oddly comforting.

Out of curiosity, what kind of exit options are from firms like Ropes and MoFo? Does it really just trickle down the ranks?

r6_philly wrote:

Fresh Prince wrote: Nah, from what I've seen from attorneys exiting my firm, the OP is surprisingly accurate. Most head into equity partnership at lower ranked firms (though surprisingly many make equity at some strong household names like Ropes or MoFo), others head into fairly senior in house positions at companies that pay roughly 200k+ all in, with great benefits. It's even higher at the banks.

The shit compliance jobs are there for people who lateral when they're fairly junior. If you accrue enough experience and are in your 4th to 6th year, you're looking at some great moves from a top law firm. It's oddly comforting.

Out of curiosity, what kind of exit options are from firms like Ropes and MoFo? Does it really just trickle down the ranks?

I don't know. I know it doesn't strictly follow rankings, though. I've seem people at my firm lateral into equity partnership at higher ranked firms, even, though that's the exception. I've also seen an associate lateral into GC at Bain Europe. Shit is super fluid and it's really hard to make these determinations based on rankings and stuff, which TLSer love to do.

BruceWayne wrote:Sort of side tracking, but what is it with this weird new thing where our generation looks at owning a car as a "negative"? I noticed someone on here was bashing the fact that you have to have a car in Texas. With the salary you can make in a place like Dallas (say NY scale pay from Weil/Gibson etc.) and the Texas COL + no state income tax, you could drive a Porsche Cayman. Or even a 911 after year 4 or so. When did being a pedestrian become cool? Especially for a single guy trying to date? It's not exactly attractive to women to be a grown man but not be able to pick them up for a date. Maybe NYC is just that different from the rest of the country...

It's not the owning a car. It's having to own a car. There is nothing sexy about being late to pick up your date because you were stuck in I75/85 gridlock.

I've got to go boating, but one last pointer: Your options can change drastically if you impress the right people. Easier to do at a top law firm because you're around the right people more frequently and the firm gives you credibility, but can really happen anywhere to anyone. A lot of Fortune 500 GCs didn't even go to a top law school.

Fresh Prince wrote: I don't know. I know it doesn't strictly follow rankings, though. I've seem people at my firm lateral into equity partnership at higher ranked firms, even, though that's the exception. I've also seen an associate lateral into GC at Bain Europe. Shit is super fluid and it's really hard to make these determinations based on rankings and stuff, which TLSer love to do.

Sorry I wasn't too clear. I don't mean rankings, I just mean general understanding of ranks/tiers in terms of perception of quality (of both work and clients). I assume incoming laterals will squeeze out some current/homegrown seniors because of diminishing advancement opportunities. So do they exit out to the firms a tier below? I understand it's a fluid process, and it largely depends on your personal abilities, relationships and professional assets. I just wonder if there is a general trend, for your average, fungible mid-level and seniors.

rayiner wrote:

BruceWayne wrote:Sort of side tracking, but what is it with this weird new thing where our generation looks at owning a car as a "negative"? I noticed someone on here was bashing the fact that you have to have a car in Texas. With the salary you can make in a place like Dallas (say NY scale pay from Weil/Gibson etc.) and the Texas COL + no state income tax, you could drive a Porsche Cayman. Or even a 911 after year 4 or so. When did being a pedestrian become cool? Especially for a single guy trying to date? It's not exactly attractive to women to be a grown man but not be able to pick them up for a date. Maybe NYC is just that different from the rest of the country...

It's not the owning a car. It's having to own a car. There is nothing sexy about being late to pick up your date because you were stuck in I75/85 gridlock.

Cars are not practical as transportation in many metro areas. I drive and own nice cars because it's a hobby for me. I dread driving/parking in the city. If you live in an area where it's going to be a city 20 miles either direction, it really is a hassle.

As for cost, my very nice convertible cost less than $500/month (all inclusive). All our cars cost less than $1500/month (all inclusive). I believe my mortgage + car expenses are less than what housing alone would cost in NYC (and maybe even in the boros) for half the size of my house.

RVP11 wrote:RVP11 wrote:
Anonymous User wrote:
lol @ people being myopic ITT and arguing if Lit Boutique A provides more $/tax advantages that Lit Boutique B. These places are highly prestigious and likely offer a lot of substantive WE early, but if your goal is to just bank str8 coin, then they are not your best options. Not even close. TCR is:

DPW Capital Markets/ STB PE M&A/ S&C Public M&A --> 250k in house at a bank/fund/f100 OR gun hard to lateral to equity partnership for 600-800k/yr at a lower V100. hth


You've been reading way too much AutoAdmit. Making 250k in house with good hours, and lateraling from V10 to V100 equity partnership are both mostly flame, bro.

Guys at my high school used to lateral from V10 corp gigs to 800k V100 equity partnership positions all the time. It was no big deal.

.

fish52 wrote:You haven't left Texas much, have you? In the places where hordes of people actually want to live, there isn't the same sense of "car culture" as there is in Texas. It's completely normal not to have a car in big cities; in fact, many people would think you're pretty impractical if you owned a car. Women don't mind, they expect it.

I haven't been to Texas in a decade. In Atlanta, LA, Charlotte, Miami, Richmond, Philly and many other large cities you basically need a car. Try getting an attractive woman in one of those cities with no car. Even in DC it's a good idea. I mean other than NYC, in what city is it really a good idea not to have a car at all?

It's not the owning a car. It's having to own a car. There is nothing sexy about being late to pick up your date because you were stuck in I75/85 gridlock.

She won't mind if you pick her up in a 911 or XJ.

BruceWayne wrote:

fish52 wrote:You haven't left Texas much, have you? In the places where hordes of people actually want to live, there isn't the same sense of "car culture" as there is in Texas. It's completely normal not to have a car in big cities; in fact, many people would think you're pretty impractical if you owned a car. Women don't mind, they expect it.

I haven't been to Texas in a decade. In Atlanta, LA, Charlotte, Miami, Richmond, Philly and many other large cities you basically need a car. Try getting an attractive woman in one of those cities with no car. Even in DC it's a good idea. I mean other than NYC, what city is it really a good idea not to have a car at all?

It's fine not having a car in Philly. Cabs are cheap. You can walk mostly everywhere you need to go. If you really need a car, zipcar or phillycarshare is at your service. This comes from someone who loves to own cars.