South Florida salary/bonus question

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Anonymous User
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South Florida salary/bonus question

Postby Anonymous User » Wed Dec 27, 2017 12:56 am

Hello everyone,

I recently got an offer from a South Florida firm and am contemplating accepting. The base salary is ~145, so a bit below market, I think. Does anyone know the salary progression for a firm starting at 145 in Miami is? Will it ever crack 200k for an associate?

Also, I know bonuses aren’t that high, but I recently saw that Bryan Cave in StL pays sizable bonuses, so I was wondering if South Florida firms pay decent bonuses.

Thanks for all your help

Anonymous User
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Re: South Florida salary/bonus question

Postby Anonymous User » Fri Dec 29, 2017 9:49 pm

which area of law are you in?

Anonymous User
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Re: South Florida salary/bonus question

Postby Anonymous User » Sat Dec 30, 2017 1:08 pm

Corporate.

Anonymous User
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Re: South Florida salary/bonus question

Postby Anonymous User » Sun Dec 31, 2017 1:29 am

I know a 5th Miami associate at a V30 satellite office who swears by the notion that if you take taxes and COL into account, your net pay is substantially similar to NYC market.

I don't know which firm you're at so don't know if that helps.

If you're really in this for the money do corporate in NYC and try and lateral to iBanking. Sorry for being so forward ....

foregetaboutdre
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Re: South Florida salary/bonus question

Postby foregetaboutdre » Sun Dec 31, 2017 2:26 am

Anonymous User wrote:I know a 5th Miami associate at a V30 satellite office who swears by the notion that if you take taxes and COL into account, your net pay is substantially similar to NYC market.

I don't know which firm you're at so don't know if that helps.

If you're really in this for the money do corporate in NYC and try and lateral to iBanking. Sorry for being so forward ....


As a former Fl resident, I could agree it’s similat to NYC.... but you are definitely leaching money living near Miami vs. being at a similar firm in Orlando, Jax, or Tampa. The COL for Miami is through the roof compared to the rest of the State.

Anonymous User
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Re: South Florida salary/bonus question

Postby Anonymous User » Sun Dec 31, 2017 5:11 am

Anonymous User wrote:I know a 5th Miami associate at a V30 satellite office who swears by the notion that if you take taxes and COL into account, your net pay is substantially similar to NYC market.

I don't know which firm you're at so don't know if that helps.

If you're really in this for the money do corporate in NYC and try and lateral to iBanking. Sorry for being so forward ....



OP here. I’m not in it just for the money. Sorry if it sounded that way! I was just curious about salary / bonus compression. I hate NY. :)

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Mr. Peanutbutter
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Re: South Florida salary/bonus question

Postby Mr. Peanutbutter » Sun Dec 31, 2017 11:09 am

What are you comparing this against? Another firm in Miami? Other firms in non-NYC markets?

I haven’t looked around in a while but my general impression was Miami paid generally less than other secondary US markets. But it’s still really good money and you’ll immediately be outearning most, if not all, people in your peer group. If you have friends and family in Miami, and don’t want to try nyc, then take it. Being near people you know from before law can be really therapeutic, and for some worth the cut in pay and career opportunities.


However, if you’re just throwing out darts in non-nyc markets and comparing them with no real ties, I think you may be making a mistake. There’s a good chance you’ll be just as lonely and unmoored in Houston/St. Louis/Atlanta/Miami (if you’re not from those places), but you won’t be nearly as portable if you decide to leave. NYC isn’t a bad place to be rich in for a few years.

Anonymous User
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Re: South Florida salary/bonus question

Postby Anonymous User » Sun Dec 31, 2017 2:25 pm

Thanks for the input, much appreciated. I was comparing it to other smaller secondary markets. I have an offer in the city I went to school that pays NY market, but wanted to feel out what would be a better decision long term. Originally from FL, so have no issues moving back. From what everyone is saying though, it seems like the COL and no state tax make 145+ an attractive option.

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Mr. Peanutbutter
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Re: South Florida salary/bonus question

Postby Mr. Peanutbutter » Sun Dec 31, 2017 2:30 pm

Yeah, sorry I can’t really chime in on the pay scale, but all those other soft factors (if you like the climate, how you feel about the firm and its work, family, do you see yourself enjoying a long term career in Miami and all that entails, etc.) will probably be more important in the long run than the pay differential.

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Re: South Florida salary/bonus question

Postby Anonymous User » Sun Dec 31, 2017 7:49 pm

A couple years ago when I considered FL, I heard that the FL Bar is really a bitch. Maybe not as awful as CA, but still bad enough that preparing for the bar would significantly cut into achieving the billable hours necessary for a bonus. I also heard that bonuses are generally half of NYC, DC, etc. Any of those concerns still true?

sflyr2016
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Re: South Florida salary/bonus question

Postby sflyr2016 » Mon Jan 01, 2018 7:01 pm

Bonuses and salary will be a black box. That’s true of almost all “big law” Fl.-based firms. FWIW, I have a feeling I know which firm you’re referring to, and if so, they’re a good firm and you’ll have a much better work-life balance than a similar firm in New York. Just don’t expect to crack 200k anytime soon. If you want to be in Florida, though, then take it. Not many big/mid-law positions available, so wouldn’t be holding out for a better one — especially not this late in the recruiting cycle. Besides, working at a near-market-paying firm in Miami/Ft. Lauderdale will allow you to lateral to a higher-paying firm later. I see it all the time. But you may decide it’s not worth it if the work is manageable.




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