What Salary Expectations Do/Did You Have Post-Law?

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L’Étranger
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Re: What Salary Expectations Do/Did You Have Post-Law?

Postby L’Étranger » Tue Sep 04, 2012 10:50 am

rayiner wrote:
Bronte wrote:
Desert Fox wrote:NYC to 190


CHI to follow with 50% better COL?! Or both just stay at 160...


Not just COL, but taxes too. Net monthly pay for a first year ($160k+ $7.5k bonus) in NYC is ~$8,400/month. In Chicago it's $9,200. To have the same net pay, an NYC firm needs to pay a $25k bonus. What's also pretty shocking is that a first-year WLRK associate making 40% bonus is bringing home only around $1,000 more than a K&E associate working above-average (but less than WLRK) hours. That's even before accounting for cost of living. If both live in a modern high-rise near work, the WLRK associate has less money in his pocket just after paying rent, much less anything else.


Ok fine, but you have to be willing to live/freeze-your-ass-off in Chicago.

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rayiner
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Re: What Salary Expectations Do/Did You Have Post-Law?

Postby rayiner » Tue Sep 04, 2012 2:38 pm

cahwc12 wrote:
rayiner wrote:
Bronte wrote:
Desert Fox wrote:NYC to 190


CHI to follow with 50% better COL?! Or both just stay at 160...


Not just COL, but taxes too. Net monthly pay for a first year ($160k+ $7.5k bonus) in NYC is ~$8,400/month. In Chicago it's $9,200. To have the same net pay, an NYC firm needs to pay a $25k bonus. What's also pretty shocking is that a first-year WLRK associate making 40% bonus is bringing home only around $1,000 more than a K&E associate working above-average (but less than WLRK) hours. That's even before accounting for cost of living. If both live in a modern high-rise near work, the WLRK associate has less money in his pocket just after paying rent, much less anything else.


Could you elaborate on this please? I'm applyin for the 2013 cycle and don't understand these abbreviations (WLRK K&E). Are they well known chicago/nyc firms? Thanks.


WLRK = Wachtell Lipton Rozen & Katz, an NYC firm which is known for paying the biggest bonuses of any firm. K&E = Kirkland and Ellis, a Chicago-based firm which is known for paying bonuses that are 2-3x as much as "market" but less than WLRK. "Market" = the bonus level set by big NYC firms like Cravath and Sullivan and Cromwell, which other firms usually follow.

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rayiner
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Re: What Salary Expectations Do/Did You Have Post-Law?

Postby rayiner » Tue Sep 04, 2012 2:50 pm

L’Étranger wrote:
rayiner wrote:
Bronte wrote:
Desert Fox wrote:NYC to 190


CHI to follow with 50% better COL?! Or both just stay at 160...


Not just COL, but taxes too. Net monthly pay for a first year ($160k+ $7.5k bonus) in NYC is ~$8,400/month. In Chicago it's $9,200. To have the same net pay, an NYC firm needs to pay a $25k bonus. What's also pretty shocking is that a first-year WLRK associate making 40% bonus is bringing home only around $1,000 more than a K&E associate working above-average (but less than WLRK) hours. That's even before accounting for cost of living. If both live in a modern high-rise near work, the WLRK associate has less money in his pocket just after paying rent, much less anything else.


Ok fine, but you have to be willing to live/freeze-your-ass-off in Chicago.


We're comparing to NYC, not LA. The average daily low temperature is within 5 degrees F in the two cities for 8 months out of the year. For 3 of the other 4 months, both are around/below freezing. In trade-off for a slightly longer winter, you also get a substantially less humid spring and summer.

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Bronte
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Re: What Salary Expectations Do/Did You Have Post-Law?

Postby Bronte » Tue Sep 04, 2012 4:47 pm

cahwc12 wrote:
rayiner wrote:
Bronte wrote:
Desert Fox wrote:NYC to 190


CHI to follow with 50% better COL?! Or both just stay at 160...


Not just COL, but taxes too. Net monthly pay for a first year ($160k+ $7.5k bonus) in NYC is ~$8,400/month. In Chicago it's $9,200. To have the same net pay, an NYC firm needs to pay a $25k bonus. What's also pretty shocking is that a first-year WLRK associate making 40% bonus is bringing home only around $1,000 more than a K&E associate working above-average (but less than WLRK) hours. That's even before accounting for cost of living. If both live in a modern high-rise near work, the WLRK associate has less money in his pocket just after paying rent, much less anything else.


Could you elaborate on this please? I'm applyin for the 2013 cycle and don't understand these abbreviations (WLRK K&E). Are they well known chicago/nyc firms? Thanks.


Wachtell, Lipton, Rosen & Katz (WLRK) is a New York firm and Kirkland & Ellis (K&E) is a Chicago firm. He's comparing the two firms as means of comparing the two cities. Although the firms are very different, they're each arguably the top firm in their respective cities.




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