Moving to NYC Forum

[Anonymous User]

So I know that firms will generally pay for your bar prep, but what about moving fees? I am trying to plan ahead with finances and am not sure if firms pay to move new hires to NYC, or if new hires should set apart money of their own to do this. If anyone could provide some details on what new biglaw hires receive before actually starting (if anything) I would appreciate it!

[toothbrush]

So I know that firms will generally pay for your bar prep, but what about moving fees? I am trying to plan ahead with finances and am not sure if firms pay to move new hires to NYC, or if new hires should set apart money of their own to do this. If anyone could provide some details on what new biglaw hires receive before actually starting (if anything) I would appreciate it!

http://abovethelaw.com/careers/law-firm ... rst-years/ starting point

[Anonymous User]

So I know that firms will generally pay for your bar prep, but what about moving fees? I am trying to plan ahead with finances and am not sure if firms pay to move new hires to NYC, or if new hires should set apart money of their own to do this. If anyone could provide some details on what new biglaw hires receive before actually starting (if anything) I would appreciate it!

http://abovethelaw.com/careers/law-firm ... rst-years/ starting point

Thanks for this. Do you know what the "stub bonus" is? Is it in addition to the graduation bonus / salary advance? If a firm has a "pro-rated bonus" as a stub bonus, how would this work? Also, what does it mean if the salary advance is a range instead of a set number? (Do you just specify how much you want?)

Sorry for all the questions, but I didn't see an explanation of this stuff on the ATL link.

[Desert Fox]

So I know that firms will generally pay for your bar prep, but what about moving fees? I am trying to plan ahead with finances and am not sure if firms pay to move new hires to NYC, or if new hires should set apart money of their own to do this. If anyone could provide some details on what new biglaw hires receive before actually starting (if anything) I would appreciate it!

http://abovethelaw.com/careers/law-firm ... rst-years/ starting point

Thanks for this. Do you know what the "stub bonus" is? Is it in addition to the graduation bonus / salary advance? If a firm has a "pro-rated bonus" as a stub bonus, how would this work? Also, what does it mean if the salary advance is a range instead of a set number? (Do you just specify how much you want?)

Sorry for all the questions, but I didn't see an explanation of this stuff on the ATL link.

Stub bonuses usually work like this.

10k pro-rated/

You worked Oct-Dec. That's 3 months. 3/12 * 10k = 2500 bucks. But I know a lot of first years who got a lot less than that. I'm not sure most firms even give stub bonuses.

[Frayed Knot]

Relatedly, what's TCR for finding a NY apartment from out-of-state? Do you start looking remotely? Show up and plan to live in a hotel/at a friend's place for a few days?

[Anonymous User]

My firm was directly billed by my movers for all of my expenses. They also paid a stub bonus fwiw.

Stub bonus would be about $2500 as DF said

[5ky]

Relatedly, what's TCR for finding a NY apartment from out-of-state? Do you start looking remotely? Show up and plan to live in a hotel/at a friend's place for a few days?

Show up and stay at a hotel on the firm's dime for a few days

[MCFC]

What about moving expenses if you already live in NYC?

[5ky]

What about moving expenses if you already live in NYC?

Have to ask your firm

[TooOld4This]

What about moving expenses if you already live in NYC?

No. Paying moving expenses only triggers the tax write off (which is what drives employers' policies) if you will be working more than 50 miles from your current residence.

[Anonymous User]

What's a stub bonus?

[KD35]

What's a stub bonus?

Google it. Or even easier, read like 5 posts up.

[Anonymous User]

What's a stub bonus?

Google it. Or even easier, read like 5 posts up.

SMH.
Sorry about that.
Thanks.

[PinkRevolver]

So I know that firms will generally pay for your bar prep, but what about moving fees? I am trying to plan ahead with finances and am not sure if firms pay to move new hires to NYC, or if new hires should set apart money of their own to do this. If anyone could provide some details on what new biglaw hires receive before actually starting (if anything) I would appreciate it!

In my offer letter they told me what they would be paying for (reimbursing for bar stuff, movers, etc) so i'm thinking the only thing I have to pay for is first and seconds month rent when I move in. Still unsure about whether they will pay brokers fees (do firms ITE still do that?) but I'm praying. But those are the main expenses u will have have. Im relocating to NYC too, its hard to avoid the brokers fees. Look for apartments on streeteasy or naked apartments

[Anonymous User]

So I know that firms will generally pay for your bar prep, but what about moving fees? I am trying to plan ahead with finances and am not sure if firms pay to move new hires to NYC, or if new hires should set apart money of their own to do this. If anyone could provide some details on what new biglaw hires receive before actually starting (if anything) I would appreciate it!

In my offer letter they told me what they would be paying for (reimbursing for bar stuff, movers, etc) so i'm thinking the only thing I have to pay for is first and seconds month rent when I move in. Still unsure about whether they will pay brokers fees (do firms ITE still do that?) but I'm praying. But those are the main expenses u will have have. Im relocating to NYC too, its hard to avoid the brokers fees. Look for apartments on streeteasy or naked apartments

Holy shit! I had never heard of broker fees for renting an apartment before, but that is crazy. From your experience, is this true with regard to the portion that states that the norm for Manhattan is 15% of the annual rent?

I am now wondering what it means on the ATL link above if a firm's cell under the "Relocation Benefits" column is blank. It seems like if there are no such benefits, the cell states "None." Anyone have any insight on this?

[PinkRevolver]

Holy shit! I had never heard of broker fees for renting an apartment before, but that is crazy. From your experience, is this true with regard to the portion that states that the norm for Manhattan is 15% of the annual rent?

I am now wondering what it means on the ATL link above if a firm's cell under the "Relocation Benefits" column is blank. It seems like if there are no such benefits, the cell states "None." Anyone have any insight on this?

For the most part yes, although in my apartment hunts to just see what my options for rent are, I've seen some brokers advertise that their fee is only equal to 1 months rent. To avoid this, you can always look for a no-fee apartment.

Also, I wothe firuldn't give too much weight to the ATL thing because it is all pre recession benefits. A lot of firms have cut back on these things so the package may not be as extravagant as it used to be. You should read your offer documentation or check with HR for these things. They'll let you know whether you are getting a salary advance or a stipend. The amount is usually $10k. Most people use this stipend/advance to pay for the first 2 months rent and a security deposit and, unless the firm direct bills, the brokers fee.

[clone22]

A good way to avoid paying broker's fees is to look for a "managed building", where the company that runs the building and rents it out also owns it. No broker's fees there. They tend to be newer/more expensive apartments, but if they're in your price range you should totally check it out.

example: http://www.avaloncommunities.com/new-yo ... dtown-west