NY GOES TO 180k! IT HAPPENED!!!! (CovingTTTon does a 180! Holder wept.) Forum

[philepistemer]

Not flame and hopefully can be corroborated by a CSM associate:

Heard from a friend that Cravath had their yearly state of the union presentation yesterday and their managing partner openly asked about whether compensation was too low and specifically acknowledged rents and student loans as costs that have ballooned since salaries were evaluated. Said if anything happens it would be post summer though.

Can confirm that this is not a flame and actually happened.

Ordered seamless after seeing this. Dat permanent income hypothesis.

[misterjames]

even ATL is getting in on the action: http://abovethelaw.com/2016/05/ny-to-19 ... -pay-hike/

"Interestingly enough, partners with say on this subject seem open to the idea. I had breakfast a few weeks ago with a Biglaw hiring partner who acknowledged that yes, it’s probably about time for a new salary scale. I spoke by phone the other day with a managing partner who expressed a similar willingness to consider the issue. These days, the response of Biglaw management to the idea of a pay hike is “tell us more and make the case” — as opposed to what you would have gotten during the Great Recession and early recovery, “NFW — just be grateful you have a job.”"

[Actus Reus]

Not flame and hopefully can be corroborated by a CSM associate:

Heard from a friend that Cravath had their yearly state of the union presentation yesterday and their managing partner openly asked about whether compensation was too low and specifically acknowledged rents and student loans as costs that have ballooned since salaries were evaluated. Said if anything happens it would be post summer though.

Can confirm that this is not a flame and actually happened.

Ordered seamless after seeing this. Dat permanent income hypothesis.

Okay, he may have asked, but did anyone say yes or agree.

[postard]

Not flame and hopefully can be corroborated by a CSM associate:

Heard from a friend that Cravath had their yearly state of the union presentation yesterday and their managing partner openly asked about whether compensation was too low and specifically acknowledged rents and student loans as costs that have ballooned since salaries were evaluated. Said if anything happens it would be post summer though.

Can confirm that this is not a flame and actually happened.

Ordered seamless after seeing this. Dat permanent income hypothesis.

Okay, he may have asked, but did anyone say yes or agree.

+1

C'mon Cravath folks, power yields nothing without a demand.

[Br3v]

"Nah boss, we good"

[DELG]

Another smaller market moves to 160 http://abovethelaw.com/2016/05/nationwi ... s-america/

[favabeansoup]

Another smaller market moves to 160 http://abovethelaw.com/2016/05/nationwi ... s-america/

jesus making 160k in freaking Richmond or Charlotte compared to NYC. Not trying to say everyone should move to those places at all, just that the huge COL difference + same salary is so striking.

[monsterman]

Another smaller market moves to 160 http://abovethelaw.com/2016/05/nationwi ... s-america/

jesus making 160k in freaking Richmond or Charlotte compared to NYC. Not trying to say everyone should move to those places at all, just that the huge COL difference + same salary is so striking.

Yeah you could buy a city block for 160k in Richmond holy hell

[Anonymous User]

whats the prestige to dollar conversion agiain?

[smaug]

Help, this is actually making me think the market will move. (Only to 175, though)

I'm like actually hopeful. Someone snap me out of it please.

[anonnymouse]

Help, this is actually making me think the market will move. (Only to 175, though)

I'm like actually hopeful. Someone snap me out of it please.

One of us, one of us.

[Desert Fox]

This secondary market stuff is just millenials that are willing to pay outrageous money to live near a milkbar or a vegan smoke shop in a BIG CITY. That draws them away from secondary cities.

Some of these secondary cities might get to 190k before MFH does.

[smaug]

This secondary market stuff is just millenials that are willing to pay outrageous money to live near a milkbar or a vegan smoke shop in a BIG CITY. That draws them away from secondary cities.

Some of these secondary cities might get to 190k before MFH does.

I read this three times and couldn't parse it [real name]

Can you explain again with less shtick?

[grand inquisitor]

he said that even if they could have more buying power in a secondary market, most hipster millenials will choose to live in MFH to be a block from a vegan grocery that has a yoga studio on its 2d floor. this demand will keep the supply of lustful associates flowing into ny such that you won't need to raise salaries. basically, milkbar to 1.90 a cookie

[emkay625]

I truly do not understand the allure of NYC or SF on 160 when you could live in Houston/Dallas/Raleigh/Atlanta etc. on 160. Yes, NYC has good restaurants and theatre and bars and the like. But those other cities have those as well, just in lesser amounts, and it's not as if you have enough free time to be able to experience all that NYC/SF have to offer, anyway. Also I would not enjoy paying $2500 a month to live in a shoebox. But I grew up in Texas, so I'm biased.

But I honestly don't get it.

There are vegan grocery stores and yoga studios and milkbars and mustache grooming specialists in secondary markets. They just will charge you 50% of what one in NYC would.

[glitched]

I truly do not understand the allure of NYC or SF on 160 when you could live in Houston/Dallas/Raleigh/Atlanta etc. on 160. Yes, NYC has good restaurants and theatre and bars and the like. But those other cities have those as well, just in lesser amounts, and it's not as if you have enough free time to be able to experience all that NYC/SF have to offer, anyway. Also I would not enjoy paying $2500 a month to live in a shoebox. But I grew up in Texas, so I'm biased.

But I honestly don't get it.

There are vegan grocery stores and yoga studios and milkbars and mustache grooming specialists in secondary markets. They just will charge you 50% of what one in NYC would.

have you ever heard of times square? checkmate.

[smaug]

Oh. Well (1) it's harder to get the job in the secondary market most of the time and (2) I think there are people like me who refuse to drive and like being in a city with intelligent high achievers.

The biggest difference between NY and other places I've lived is that the people you meet are just way better

[Tiago Splitter]

WTF is a milkbar?

[acijku2]

This secondary market stuff is just millenials that are willing to pay outrageous money to live near a milkbar or a vegan smoke shop in a BIG CITY. That draws them away from secondary cities.

Some of these secondary cities might get to 190k before MFH does.

That Crack Pie doe...

[SplitMyPants]

WTF is a milkbar?

all i can think of is clockwork orange

[Danger Zone]

WTF is a milkbar?

Momofuku bruh

[mvp99]

NYC rent to $1500 http://money.cnn.com/2016/04/07/real_es ... ices-drop/

[1styearlateral]

NYC rent to $1500 http://money.cnn.com/2016/04/07/real_es ... ices-drop/

The outrageous rent is the only thing I can't seem to get myself to choke down. $16 for a burger? Ok. $2,500 for a studio? Woof.

[TLSModBot]

Help, this is actually making me think the market will move. (Only to 175, though)

I'm like actually hopeful. Someone snap me out of it please.

Law firm revenue growth is largely flat, expense growth has only been curtailed due to a massive series of one-off expense reductions (minimizing office space/leases, reducing staff headcount, etc.), and employee salaries are the single largest expense of law firms (60-70% of firm costs). Meanwhile, the catastrophic industry reliance on PPP and other similarly manipulable metrics means that firms will put partner profits over other things 9 times out of 10.

Excepting a few dozen firms at the top who are actually growing, the vast majority of BigLaw couldn't handle a move to 190. Those at the top who could move have no real incentive to because, what, people are going to stop coming to work at Cravath, Quinn, SullCrom, DPW, etc.? Please.

[2014]

NYC rent to $1500 http://money.cnn.com/2016/04/07/real_es ... ices-drop/

The outrageous rent is the only thing I can't seem to get myself to choke down. $16 for a burger? Ok. $2,500 for a studio? Woof.

lol 2500, thats below median in most MFH neighborhoods