2015 Biglaw Boneus Thread Forum

[Actus Reus]

Changing gears a bit, for first years who only have 3-4 months of salary, is there a tax bracket they want to stay under or get under? Like if you're at 40k, but give 2K to charity, do you save 5k in taxes or anything like that?

I'm pretty sure you can just look your bracket up (and figure out that's now how it works)

If you're a first year, you should make sure your taxable basis is your stub year amount for 2015 and then adjust your w-4 in January for 2016. Saves you a bit on taxes

[Abbie Doobie]

i'm pretty sure at this point bonuses have been LATHAM'D

[RaceJudicata]

Changing gears a bit, for first years who only have 3-4 months of salary, is there a tax bracket they want to stay under or get under? Like if you're at 40k, but give 2K to charity, do you save 5k in taxes or anything like that?

... I hope you arent a corporate lawyer...

Assume 10k income = 10% tax bracket

10k+ income = 20% tax bracket

You make 12k

10k is taxed at 10%, the excess 2k is taxed at 20%, not the whole amount. Therefore, making less will not be better for you. Just use Turbotax.

EDIT: Better advice

[Big Shrimpin]

i'm pretty sure at this point bonuses have been LATHAM'D

[Monochromatic Oeuvre]

I don't see how living in Queens stops you from having lunch with your coworkers, and I think it wouldn't much be worth to just sneak home for a bit unless you lived within walking distance, which isn't an affordable option for associates at NYC firms with families. The school districts are shit, but you can either cop cheap privates until seventh/ninth grade or just do Westchester.

And as an aside, the M/R aren't my favorite but the 6 is even worse.

You're still a law student, right? Once you've had your second or third night in a row staying at the office until 5 am and you have to be back in the office at 8:30 am to close a deal, at that point, you will understand how much a 30 minute nap and shower are "worth" it.

It's a moot point anyway. Very few people with kids in NYC Biglaw are gonna be able to afford to live within 15 minutes of their offices unless they're particularly lucky or particularly imprudent.

[krads153]

Right, and your commute to and from work would be like 3 hours a day...wtf is the point. Might as well move to flyover (better than Queens), pay less for everything, and have a <20 minute commute to work.

Unfortunately, you can't get a job in flyover though because law degree is not portable.

You can get a law job in ATL, Texas, etc.

[krads153]

being able to go home whenever you want is oddly underrated

I've done both (commute 45+ one way and also live within walking distance). It's HUGE, imo, being able to easily walk home. I feel a lot less tired, annoyed, etc.

Honestly, if the choice were between staying in law in NY and commuting an hour or more to the suburbs while working long, unpredictable hours, or changing professions and living in flyover close to work with an easier lifestyle, I'd probably just start all over again and change professions. It'd be a no brainer for me even if I have to do this in my 30s (while I'm married, I don't have any kids, so I guess it's easier to do whatever I want). If you guys haven't done the long, unpredictable hours and commuting, I don't think you understand how tolling it is. It ain't worth it (especially since we're not paid partner salaries). You can have a much easier life in another profession that's 9 to 5 in flyover, living in a bigger house at a lower cost, with better public schools, and much shorter commute.

[krads153]

I don't see how living in Queens stops you from having lunch with your coworkers, and I think it wouldn't much be worth to just sneak home for a bit unless you lived within walking distance, which isn't an affordable option for associates at NYC firms with families. The school districts are shit, but you can either cop cheap privates until seventh/ninth grade or just do Westchester.

And as an aside, the M/R aren't my favorite but the 6 is even worse.

You're still a law student, right? Once you've had your second or third night in a row staying at the office until 5 am and you have to be back in the office at 8:30 am to close a deal, at that point, you will understand how much a 30 minute nap and shower are "worth" it.

It's a moot point anyway. Very few people with kids in NYC Biglaw are gonna be able to afford to live within 15 minutes of their offices unless they're particularly lucky or particularly imprudent.

I don't get how people raise kids in NYC unless they were millionaires. The cost of daycare is insane (might even be cheaper to have a full time nanny with 2 or more kids); a lot of public schools are super competitive to get into or crap; private schools cost as much as private college tuition; everything is super expensive. I guess if you have family around as free daycare it may make sense, but goddamn it must cost like twice if not three times as much to raise a kid in NYC than in flyover. I guess this is why the only people I see who stay in NYC long term were raised in NYC....

[Traynor Brah]

You could also just not have childs. Solves lots of problems.

[MCFC]

At this point I'm mostly just curious to see how ATL crafts a 4th day of content out of no news.

[seespotrun]

At this point I'm mostly just curious to see how ATL crafts a 4th day of content out of no news.

Probably the same way that ATL does it the rest of the year outside of bonus season

[cookiejar1]

At this point I'm mostly just curious to see how ATL crafts a 4th day of content out of no news.

Day 3: No News is Good News! Cravath's bonuses are so high that they're playing chicken with the rest of the industry.

Day 4: No News is Bad News! Cravath's bonuses are either flat or down and they're waiting to see if anyone matches last year's scale before they set 2013 for everyone!

[MCFC]

Yeah, I thought last night's effort was a work of art. http://abovethelaw.com/2015/12/where-ar ... atch-day-3

[Big Shrimpin]

Daily reminder:

BONE US BONE US BONE US

[Monochromatic Oeuvre]

You could also just not have childs. Solves lots of problems.

*forgoes single evolutionary purpose to help Joe Boomer with Biogen merger*

[jkpolk]

You could also just not have childs. Solves lots of problems.

*forgoes single evolutionary purpose to help Joe Boomer with Biogen merger*

NY to 190k breeder tears

[sinfiery]

It's a moot point anyway. Very few people with kids in NYC Biglaw are gonna be able to afford to live within 15 minutes of their offices unless they're particularly lucky or particularly imprudent.

Actually midtown east is absurdly affordable. Just looking recently, there's tons of places for 1100-1500 per bedroom after looking for like 5 minutes.

That's like a 5 minute walk to work for a huge amount of the biglaw population

NYC 190k next year!

[Single-Malt-Liquor]

It's a moot point anyway. Very few people with kids in NYC Biglaw are gonna be able to afford to live within 15 minutes of their offices unless they're particularly lucky or particularly imprudent.

Actually midtown east is absurdly affordable. Just looking recently, there's tons of places for 1100-1500 per bedroom after looking for like 5 minutes.

That's like a 5 minute walk to work for a huge amount of the biglaw population

NYC 190k next year!

You're a class conflict theorist's wet dream right now.

[BPLawl]

It's a moot point anyway. Very few people with kids in NYC Biglaw are gonna be able to afford to live within 15 minutes of their offices unless they're particularly lucky or particularly imprudent.

Actually midtown east is absurdly affordable. Just looking recently, there's tons of places for 1100-1500 per bedroom after looking for like 5 minutes.

That's like a 5 minute walk to work for a huge amount of the biglaw population

NYC 190k next year!

How many roommates are you sharing that with/where are you looking? Even studios seem to go for > $1,800 there. http://on.trulia.com/1OJKn8t

By comparison, 1500 is achievable in northwest Queens with a bedroom to yourself. http://on.trulia.com/1PBbndH

[anonnymouse]

Shut up about fucking housing already. This thread is for NOBONUS, NOCHEESE, NOBREAKFAST discussions. Take your terrible and tired MFH is teh EXPENSIVE talk to the off-topics.

[cookiejar1]

In November alone, Skadden has led $250.8 billion worth of deals, according to data tracked by Dealogic. Since January, the firm has represented a total of $1.023 trillion in deal value.

. . . Cravath Swaine & Moore LLP, which is ranked second with $817.3 billion worth of deals announced, according to Dealogic.

http://www.law360.com/articles/732624/2 ... ggest-deal

Does this mean bigger bonus or bigger cheese plate

[Monochromatic Oeuvre]

It's a moot point anyway. Very few people with kids in NYC Biglaw are gonna be able to afford to live within 15 minutes of their offices unless they're particularly lucky or particularly imprudent.

Actually midtown east is absurdly affordable. Just looking recently, there's tons of places for 1100-1500 per bedroom after looking for like 5 minutes.

That's like a 5 minute walk to work for a huge amount of the biglaw population

NYC 190k next year!

"With kids"

Foreveralones can buy all the cheese plates they can handle.

[Cobretti]

In November alone, Skadden has led $250.8 billion worth of deals, according to data tracked by Dealogic. Since January, the firm has represented a total of $1.023 trillion in deal value.

. . . Cravath Swaine & Moore LLP, which is ranked second with $817.3 billion worth of deals announced, according to Dealogic.

http://www.law360.com/articles/732624/2 ... ggest-deal

Does this mean bigger bonus or bigger cheese plate

the cheese plate was a bonus, IRS agents ate 40% of it.

[Diplock1]

In November alone, Skadden has led $250.8 billion worth of deals, according to data tracked by Dealogic. Since January, the firm has represented a total of $1.023 trillion in deal value.

. . . Cravath Swaine & Moore LLP, which is ranked second with $817.3 billion worth of deals announced, according to Dealogic.

http://www.law360.com/articles/732624/2 ... ggest-deal

Does this mean bigger bonus or bigger cheese plate

the cheese plate was a bonus, IRS agents ate 40% of it.

Here's what's left: http://tastyniblets.com/images/2009/040 ... latter.jpg

[El Pollito]

BONE US BONE US BONE US