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

[sublime]

How much does your standard draft beer cost in NYC? It's probably like 5-6 bucks in Texas.

How about a pound of pasta? Probably like 1.50-2.00 in Texas.

Is NYC wildly more expensive than that?

Glad to see this thread taking a step in the right direction.

I enjoy that beer and pasta are the two go to determinations of cost of goods.

[BigZuck]

How much does your standard draft beer cost in NYC? It's probably like 5-6 bucks in Texas.

How about a pound of pasta? Probably like 1.50-2.00 in Texas.

Is NYC wildly more expensive than that?

Glad to see this thread taking a step in the right direction.

I enjoy that beer and pasta are the two go to determinations of cost of goods.

Beer was obvious. Originally thought soup but that seems kind of prole and I don't buy enough soup to know how much a can costs off of the top of my head. Pasta was the best I could come up with.

[TLSModBot]

How much does your standard draft beer cost in NYC? It's probably like 5-6 bucks in Texas.

How about a pound of pasta? Probably like 1.50-2.00 in Texas.

Is NYC wildly more expensive than that?

Glad to see this thread taking a step in the right direction.

I enjoy that beer and pasta are the two go to determinations of cost of goods.

Beer was obvious. Originally thought soup but that seems kind of prole and I don't buy enough soup to know how much a can costs off of the top of my head. Pasta was the best I could come up with.

Also beer and pasta is likely all CovingTTTTTon and peers can afford for groceries.

[sublime]

It's just the stereotypical, what do students spend money on stuff. Can we get a Top Ramen comparison anybody?

[beautyistruth]

The CPI charts are dumb because they're attempting to compare like goods without adjusting for the average lifestyle in a place. I'm sure a 2000 sq ft house is 2x as expensive in NYC as it is in Dallas, but people simply don't do that in Manhattan. Tax-independent, the average person in NYC doesn't really spend all that much more in living expenses than the average person at Dallas. If you equalize the cost, then you have a better idea of the differentials you look at (4BR, but in Dallas, versus 1BR, but in Manhattan). Different people make different choices, so there's no point in making an argument.

I agree with your overall point but don't think this is true at all. Not many single people buying huge houses even in secondary markets.

I never know if I can trust the data. I read shit like this that says Manhattan transportation is 20% more expensive than Dallas and I start wondering whether they know that most people in Manhattan aren't spending more a lot more than $118 a month, and that if something like that is so blatantly wrong, how dumb might the rest of the methodology be. It's hard to measure substitute effects, but the NYC metro area isn't all that much richer on the whole than most other areas, and people somehow get by.

People in NY never take Taxis places?

I take a taxi maybe once a month, unless it's being paid for by the firm. Subways get you almost anywhere you need to go just as quickly as a cab does, and when you can pay for the monthly card pre-tax it costs like $75 a month. It's nothing.

Can back this up. There were times as an SA where I didn't even bother to take the free car home after events because the subway would get me back faster.

[BigZuck]

It's just the stereotypical, what do students spend money on stuff. Can we get a Top Ramen comparison anybody?

I buy grown up stuff sometimes but I assumed Bed Bath and Beyond's prices were the same across the board

[sublime]

It's just the stereotypical, what do students spend money on stuff. Can we get a Top Ramen comparison anybody?

I buy grown up stuff sometimes but I assumed Bed Bath and Beyond's prices were the same across the board

I know dude. I just thought it was entertaining.

Also, I kinda just hope to be able to be close enough to shop at Trader Joe's for most shit, tbh.

[jbagelboy]

ppl in NY take cabs and uber all the time. if its 3:30am and you're trying to get back from LES there's no way you're gonna wait 20 min on the platform for a B/D train. and ppl are always late for shit or lazy and call ubers. now that lyft is big in the city its even easier.

but transportation and food aren't where the biggest gaps lie. it's definitely going out and rent. you probably spend $1000 more on rent and at least $500 more on going out in NY per month than in a market that's not DC or SF.

[DELG]

ppl in NY take cabs and uber all the time. if its 3:30am and you're trying to get back from LES there's no way you're gonna wait 20 min on the platform for a B/D train. and ppl are always late for shit or lazy and call ubers. now that lyft is big in the city its even easier.

but transportation and food aren't where the biggest gaps lie. it's definitely going out and rent. you probably spend $1000 more on rent and at least $500 more on going out in NY per month than in a market that's not DC or SF.

Actually, if you live in Crystal City, you can pay rents competitive with parts of Atlanta.

- Covington Compensation Committee

[wiz]

The CPI charts are dumb because they're attempting to compare like goods without adjusting for the average lifestyle in a place. I'm sure a 2000 sq ft house is 2x as expensive in NYC as it is in Dallas, but people simply don't do that in Manhattan. Tax-independent, the average person in NYC doesn't really spend all that much more in living expenses than the average person at Dallas. If you equalize the cost, then you have a better idea of the differentials you look at (4BR, but in Dallas, versus 1BR, but in Manhattan). Different people make different choices, so there's no point in making an argument.

I agree with your overall point but don't think this is true at all. Not many single people buying huge houses even in secondary markets.

Yeah, COL calculators overstate the difference when they say 180k in Dallas is like 410k in NYC, but this is overstating the difference in the other direction. There's a pretty obvious difference in rent between Dallas and NYC ($1500+/month), and rent is weighed most heavily in the COL calculation.

Also don't get why someone living in a 1BR in NYC would look for a 2-4BR in Dallas just because it's Dallas. Plus, as others have said, if you like to drink or go out in NYC, then good luck. You pay the premium for living in NYC because it's MFH and supposed to be awesome, so higher QOL, not because you're gonna have comparable living expenses.

[star fox]

I don't understand why "people are living in mansions in Dallas, closets in Manhattan!" overstates the difference. Isn't that what the difference is covering?

[TLSModBot]

Wtf happened to this thread. Quit comparing your shitty city with some other shitty city and let's get back to mocking CovingTTTon and it's cowardly cohorts (WH, Hogan, et. al.), and how they're trying to turn DC into a poverty-stricken third world hell hole.

[jbagelboy]

Wtf happened to this thread. Quit comparing your shitty city with some other shitty city and let's get back to mocking CovingTTTon and it's cowardly cohorts (WH, Hogan, et. al.), and how they're trying to turn DC into a poverty-stricken third world hell hole.

Just trying to reduce the tension bro. Its a weekend so we know we won't hear shit from firms for at least another 40 hours, which prolly has everyone on edge

[LaLiLuLeLo]

Wtf happened to this thread. Quit comparing your shitty city with some other shitty city and let's get back to mocking CovingTTTon and it's cowardly cohorts (WH, Hogan, et. al.), and how they're trying to turn DC into a poverty-stricken third world hell hole.

Implying it already isn't a hell hole.

[Anonymous User]

Wtf happened to this thread. Quit comparing your shitty city with some other shitty city and let's get back to mocking CovingTTTon and it's cowardly cohorts (WH, Hogan, et. al.), and how they're trying to turn DC into a poverty-stricken third world hell hole.

Just trying to reduce the tension bro. Its a weekend so we know we won't hear shit from firms for at least another 40 hours, which prolly has everyone on edge

Except Baker Botts, they got it done, even on the weekend.

[wiz]

Wtf happened to this thread. Quit comparing your shitty city with some other shitty city and let's get back to mocking CovingTTTon and it's cowardly cohorts (WH, Hogan, et. al.), and how they're trying to turn DC into a poverty-stricken third world hell hole.

Are you new here? Every thread ever on TLS eventually converges into the same shitty city comparison and how much you should tip in said cities pre-COL adjustment. Nice try to stay on topic.

[BigZuck]

Wtf happened to this thread. Quit comparing your shitty city with some other shitty city and let's get back to mocking CovingTTTon and it's cowardly cohorts (WH, Hogan, et. al.), and how they're trying to turn DC into a poverty-stricken third world hell hole.

[TLSModBot]

Wtf happened to this thread. Quit comparing your shitty city with some other shitty city and let's get back to mocking CovingTTTon and it's cowardly cohorts (WH, Hogan, et. al.), and how they're trying to turn DC into a poverty-stricken third world hell hole.

Implying it already isn't a hell hole.

Before it was made into our Capital, the area was home to a Piscatawny/Nacotchtank village called Tohoga, which roughly translates to "land of eternal swamp ass."

[Anonymous User]

Even Baker Botts and Cooley are beating CovingTTTon in DC. What a world we live in.

[Johann]

of course hobos have the same COL in NYC, Atl, Chi, Dallas, SF, and Delaware. you guys need to live a little.

[Anonymous User]

Even Baker Botts and Cooley are beating CovingTTTon in DC. What a world we live in.

Covington will raise before too long. The new salaries aren't even effective yet. Chill out guys. Everyone is going to raise - that's how the game works.

[wiz]

I don't understand why "people are living in mansions in Dallas, closets in Manhattan!" overstates the difference. Isn't that what the difference is covering?

DAL @ Gunderson 125k scale



MFH @ Cravath 180k scale





(Federal Poverty Level)





DC @ CovingTTTon 160k scale

[wiz]

Baker Botts to 180, all U.S. offices.

Level 1: 180k
Level 2: 200k
Level 3: 260k
Level 4: 305k

Are the levels some kind of black box system to screw people?

My understanding is the levels equate to years.

Level 1 = 1st year = $180k
Level 2 = 2nd & 3rd years = $200k
Level 3 = 4th, 5th, & 6th years = $260k
Level 4 = 7th+ years = $305k.

I've only anecdotally heard of someone being moved up a year early for excellent performance. I'm assuming it's also possible to be held back a year for poor performance, too. If you're hitting yours hours, though, it seems like you can expect to progress as I've noted above.

I think the most common reason for not being promoted on schedule is switching practice groups, but I guess it's also possible to be held back for poor performance (maybe if they want to try to push someone out?). I also don't think it's that uncommon for people to be bumped up early, especially from Level 3 to Level 4 as a 6th year. That seems to happen whenever a group is lacking in senior associates, and it works out well for the firm since they get to bill that associate out at a higher level.

Levels seem great for 2nd/4th/7th years and potentially not so great for 3rd/6th years. But that's just base, and I've heard bonuses for 3rd/6th years make up for it to an extent while associates at the lower end of level bands sometimes get lower bonuses, so I wouldn't be surprised if it all ends up being a wash in the aggregate.

[Johann]

seems like the time value of money actually makes that slightly above NYC comp.

[MAHamlin]

Baker Botts to 180, all U.S. offices.

Level 1: 180k
Level 2: 200k
Level 3: 260k
Level 4: 305k

Are the levels some kind of black box system to screw people?

My understanding is the levels equate to years.

Level 1 = 1st year = $180k
Level 2 = 2nd & 3rd years = $200k
Level 3 = 4th, 5th, & 6th years = $260k
Level 4 = 7th+ years = $305k.

I've only anecdotally heard of someone being moved up a year early for excellent performance. I'm assuming it's also possible to be held back a year for poor performance, too. If you're hitting yours hours, though, it seems like you can expect to progress as I've noted above.

I think the most common reason for not being promoted on schedule is switching practice groups, but I guess it's also possible to be held back for poor performance (maybe if they want to try to push someone out?). I also don't think it's that uncommon for people to be bumped up early, especially from Level 3 to Level 4 as a 6th year. That seems to happen whenever a group is lacking in senior associates, and it works out well for the firm since they get to bill that associate out at a higher level.

Levels seem great for 2nd/4th/7th years and potentially not so great for 3rd/6th years. But that's just base, and I've heard bonuses for 3rd/6th years make up for it to an extent while associates at the lower end of level bands sometimes get lower bonuses, so I wouldn't be surprised if it all ends up being a wash in the aggregate.

This sounds right based off what I've heard.

(Qualifier: only an incoming associate, so take anything I've heard with a grain of salt. I'm certainly far from the most informed or best qualified to answer questions with respect to these details.)