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

[GoesWithTheTerritory]

Who gives a fuck about cross examination when you have AspLord McProceduralAccolyte ensuring that you never have to deal with it.

Mods, anon is trying to out me, please edit.

[2014]

Speaking of attention to detail, can we stop bumping this except for "PW TO 190"?

Thanks

We are all in on Cravath these days

[Clearly]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

[Internetdan]

Nevermind. I'm starting to believe NY to 200k might not happen and becoming depressed

[Anonymous User]

NY to 190k all but confirmed: http://abovethelaw.com/2016/05/law-firm ... n-8-years/

[Monochromatic Oeuvre]

NY to 190k all but confirmed: http://abovethelaw.com/2016/05/law-firm ... n-8-years/

With this latest revenue increase, I don't see any way the partners don't finally decide that they have enough money.

[emkay625]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

Join us my friend. We have free parking, $1 beer nights, and no state income tax.

[TLSModBot]

NY to 190k all but confirmed: http://abovethelaw.com/2016/05/law-firm ... n-8-years/

With this latest revenue increase, I don't see any way the partners don't finally decide that they have enough money.

oh yeah, a high outlier of 1.8% demand growth? Definitely time to pop the champagne.

It would be interesting to see the breakdown of that revenue growth across firms (i.e. not everybody is going up 1.8% exactly - some might be going up a ton and a bunch are going down slightly, which is what I expect is the case).

[UVAIce]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

My current salary as a first year in the market I'm in is worth ~$377K in Manhattan (~$290k in Brooklyn). So NYC can go to $190K a year and I'm more than happy to stay.

[UnicornHunter]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

My current salary as a first year in the market I'm in is worth ~$377K in Manhattan (~$290k in Brooklyn). So NYC can go to $190K a year and I'm more than happy to stay.

There's no way that's true unless your only expense is rent.

[Tiago Splitter]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

My current salary as a first year in the market I'm in is worth ~$377K in Manhattan (~$290k in Brooklyn). So NYC can go to $190K a year and I'm more than happy to stay.

There's no way that's true unless your only expense is rent.

The cost of living calculators are such a joke. You can tell this for many reasons, one of which is that they say making 377k in Manhattan is like making 290k in Brooklyn.

[UVAIce]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

My current salary as a first year in the market I'm in is worth ~$377K in Manhattan (~$290k in Brooklyn). So NYC can go to $190K a year and I'm more than happy to stay.

There's no way that's true unless your only expense is rent.

I make $160K a year and the mortgage (including property taxes, etc.) on my 2000 square foot, 4 bedroom, 2 1/2 bath house is just under $1,500 a month (plus I get tax savings for owning a home). Everything in my market is less expensive. Eating out is cheaper, the theater is cheaper, groceries are cheaper, health care is cheaper, my taxes across the board are less (state income tax, property taxes, sales tax, etc.).

My commute is under 30 minutes even when there is traffic. It doesn't snow much here and it has more sunny days than NYC. The people are nice. No one honks at people. I love it.

And the kicker is that a seventh year associate at my firm makes the same base salary as a seventh year associate in NYC. We also have every little churn or leverage compared to NYC firms, so being a seventh year associate is a reality that many people can reach.

[Actus Reus]

Oh good let's turn this thread into a city comparison again rather than focus on Cravath's post-summer program pre-OCI salary boost.

[UVAIce]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

My current salary as a first year in the market I'm in is worth ~$377K in Manhattan (~$290k in Brooklyn). So NYC can go to $190K a year and I'm more than happy to stay.

There's no way that's true unless your only expense is rent.

The cost of living calculators are such a joke. You can tell this for many reasons, one of which is that they say making 377k in Manhattan is like making 290k in Brooklyn.

There is some truth to this, but I think it also hits the head the nail on the head when it comes to certain things. For example, the type of home I live in probably doesn't exist in NYC or to own that home in the region it would cost more money and I would have an insane commute. And if you're willing to live like a NYC associate in my market you're going to have considerably more take home pay than an associate in NYC, just based on rent.

[UnicornHunter]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

My current salary as a first year in the market I'm in is worth ~$377K in Manhattan (~$290k in Brooklyn). So NYC can go to $190K a year and I'm more than happy to stay.

There's no way that's true unless your only expense is rent.

The cost of living calculators are such a joke. You can tell this for many reasons, one of which is that they say making 377k in Manhattan is like making 290k in Brooklyn.

There is some truth to this, but I think it also hits the head the nail on the head when it comes to certain things. For example, the type of home I live in probably doesn't exist in NYC or to own that home in the region it would cost more money and I would have an insane commute. And i you're willing to live like a NYC associate in my market you're going to have considerably more take home pay than an associate in NYC, just based on rent.

As a member of team #neverNYC I don't disagree with you that there are reasons to not want to live in NY, just pointing out that the straight COL calculators are BS.

Either way, a rising tide lifts all boats, etc... so back to are lobbying for Cravath-->190

[Tiago Splitter]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

My current salary as a first year in the market I'm in is worth ~$377K in Manhattan (~$290k in Brooklyn). So NYC can go to $190K a year and I'm more than happy to stay.

There's no way that's true unless your only expense is rent.

The cost of living calculators are such a joke. You can tell this for many reasons, one of which is that they say making 377k in Manhattan is like making 290k in Brooklyn.

There is some truth to this, but I think it also hits the head the nail on the head when it comes to certain things. For example, the type of home I live in probably doesn't exist in NYC or to own that home in the region it would cost more money and I would have an insane commute. And if you're willing to live like a NYC associate in my market you're going to have considerably more take home pay than an associate in NYC, just based on rent.

Just to bring this thread back off topic one final time, what you're saying is exactly the problem with the calculator. There is no 4 bedroom single family home with a big yard to buy in midtown Manhattan. And if there were, you'd need to make way more than 377k to afford it.

[1styearlateral]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

My current salary as a first year in the market I'm in is worth ~$377K in Manhattan (~$290k in Brooklyn). So NYC can go to $190K a year and I'm more than happy to stay.

There's no way that's true unless your only expense is rent.

The cost of living calculators are such a joke. You can tell this for many reasons, one of which is that they say making 377k in Manhattan is like making 290k in Brooklyn.

There is some truth to this, but I think it also hits the head the nail on the head when it comes to certain things. For example, the type of home I live in probably doesn't exist in NYC or to own that home in the region it would cost more money and I would have an insane commute. And if you're willing to live like a NYC associate in my market you're going to have considerably more take home pay than an associate in NYC, just based on rent.

Just to bring this thread back off topic one final time, what you're saying is exactly the problem with the calculator. There is no 4 bedroom single family home with a big yard to buy in midtown Manhattan. And if there were, you'd need to make way more than 377k to afford it.

This is a fair point to make but I think the accurate comparison is $/square foot (not bedroom/bathroom), which will rise/fall depending on how desirable of a location those particular square feet you are buying. NYC is one of the most, if not THE most, desirable places on the planet. Exclusivity isn't cheap.

[UVAIce]

Cravaths gonna take us home. I'm seriously considering 3L oci to switch to a lower col market that went to 160. I'm not the only one.

My current salary as a first year in the market I'm in is worth ~$377K in Manhattan (~$290k in Brooklyn). So NYC can go to $190K a year and I'm more than happy to stay.

There's no way that's true unless your only expense is rent.

The cost of living calculators are such a joke. You can tell this for many reasons, one of which is that they say making 377k in Manhattan is like making 290k in Brooklyn.

There is some truth to this, but I think it also hits the head the nail on the head when it comes to certain things. For example, the type of home I live in probably doesn't exist in NYC or to own that home in the region it would cost more money and I would have an insane commute. And if you're willing to live like a NYC associate in my market you're going to have considerably more take home pay than an associate in NYC, just based on rent.

Just to bring this thread back off topic one final time, what you're saying is exactly the problem with the calculator. There is no 4 bedroom single family home with a big yard to buy in midtown Manhattan. And if there were, you'd need to make way more than 377k to afford it.

I don't disagree with any of this.

And to get back on track, if so many secondary markets can afford to pay their associates $160K plus (at least some of them) the NYC scale across the various classes then it's about time for Cravath or someone to raise the pay scale.

[emkay625]

Do we have a breakdown of billing rates anywhere? In other words, are NYC offices charging higher rates than Houston/Atlanta/Chicago offices of the same firm?

[h2go]

Do we have a breakdown of billing rates anywhere? In other words, are NYC offices charging higher rates than Houston/Atlanta/Chicago offices of the same firm?

Yes, at my firm.

[grand inquisitor]

Do we have a breakdown of billing rates anywhere? In other words, are NYC offices charging higher rates than Houston/Atlanta/Chicago offices of the same firm?

yes

[PeanutsNJam]

NYC not gonna go up till T14 grads start turning down NYC firms for secondary market firms, and since law students are prestige whores and NYC firms have their shitty Vault list, that'll never happen.

[BmoreOrLess]

NYC not gonna go up till T14 T13grads start turning down NYC firms for secondary market firms, and since law students are prestige whores and NYC firms have their shitty Vault list, that'll never happen.

A lot of people I know did just this at GULC, and plenty of them aren't staying in DC either. I think this is definitely a trend here.

Some Milbank partners who were doing a presentation here were even saying that it's frustrating how many laterals they lose to secondary markets.

[UnicornHunter]

NYC not gonna go up till T14 T13grads start turning down NYC firms for secondary market firms, and since law students are prestige whores and NYC firms have their shitty Vault list, that'll never happen.

A lot of people I know did just this at GULC, and plenty of them aren't staying in DC either. I think this is definitely a trend here.

Some Milbank partners who were doing a presentation here were even saying that it's frustrating how many laterals they lose to secondary markets.

Secondary markets just aren't big enough to really threaten NYC. People don't go to NY because of some misguided perception of prestige, they go because that's where the jerbs are. There's a reason why bid NYC is common OCS advice, and it's not because OCS's across the T14 think NYC is just the awesomest.

[First Offense]

NYC not gonna go up till T14 T13grads start turning down NYC firms for secondary market firms, and since law students are prestige whores and NYC firms have their shitty Vault list, that'll never happen.

A lot of people I know did just this at GULC, and plenty of them aren't staying in DC either. I think this is definitely a trend here.

Some Milbank partners who were doing a presentation here were even saying that it's frustrating how many laterals they lose to secondary markets.

Secondary markets just aren't big enough to really threaten NYC. People don't go to NY because of some misguided perception of prestige, they go because that's where the jerbs are. There's a reason why bid NYC is common OCS advice, and it's not because OCS's across the T14 think NYC is just the awesomest.

If top candidates chose DC/Chicago/SF over NYC in large enough numbers, that's enough to pressure them.