Dallas to D.C. Forum

[Anonymous User]

Has anyone here relocated from Dallas to D.C.? I am contemplating the move because the offering firm is huge and down the road this could prove very beneficial. Recently the workload in Dallas has tremendously slowed. I, like others, am beginning to be a bit concerned.

Does anyone know if DC is in lockstep with NYC in regards to pay? I ask mainly because DC is very pricy as compared to here. If NYC is really going to $180 (or thereabouts) and if DC is in lockstep, that would be terrific.

[Anonymous User]

You're going to be just fine making $160k in DC. Yes, DC is pricey, but you're making literally $160,000. Calm down.

[checkers]

What sector are you in that's so slow? Oil and gas related?

[kalvano]

You're going to be just fine making $160k in DC. Yes, DC is pricey, but you're making literally $160,000. Calm down.

If OP has a high loan balance, the cost of living difference between DC and Dallas is pretty damn big, and it's a legitimate concern.

[BruceWayne]

You're going to be just fine making $160k in DC. Yes, DC is pricey, but you're making literally $160,000. Calm down.

If OP has a high loan balance, the cost of living difference between DC and Dallas is pretty damn big, and it's a legitimate concern.

Yeah seriously. You're talking about moving from one of the lowest cost of living major metro areas, in a state with no income tax, to moving to one of the absolute most expensive in the country that also taxes the hell out of you. Obviously you won't be eating Ramen making 160K (which by the way you won't really be making after taxes and benefits come out) but that's going to make for a drastic lifestyle change. And to your loan point, it's a hell of a lot different paying $2500K in loans a month when your rent is now $2500 as well vs. when it used to be $1,000. Honestly, I wouldn't do it unless the work is slowing down to the point where the OP's job is actually at risk.

[Anonymous User]

Yeah seriously. You're talking about moving from one of the lowest cost of living major metro areas, in a state with no income tax, to moving to one of the absolute most expensive in the country that also taxes the hell out of you. Obviously you won't be eating Ramen making 160K (which by the way you won't really be making after taxes and benefits come out) but that's going to make for a drastic lifestyle change. And to your loan point, it's a hell of a lot different paying $2500K in loans a month when your rent is now $2500 as well vs. when it used to be $1,000. Honestly, I wouldn't do it unless the work is slowing down to the point where the OP's job is actually at risk.

After a bit of due diligence it is as bad, or worse, than you outlined. Primarily because of housing. I bought a new home last year (so I have no equity to speak of). The same house in a nearby DC area would cost twice as much and I do not have access to the necessary six figure cash down payment. I have not looked into the tax ramifications.... I believe you, it will not be pretty. In addition, my $3K monthly tuition payments would (and can) be halved (extending my tuition payout by at least three years).

Aside from a $25k boost in pay, the perceived upside is that this DC firm will provide solid exit options. One hope is that if NYC goes to $190 and DC is in lockstep, the increase would be $55k (perhaps too much wishful thinking).

So the question: is a solid exit strategy worth the short term hassle?

Also, those who are working in DC (lateral or otherwise), thoughts?

(FWIW: The work flow here has been slow for several months).

[First Offense]

Eh - if you live in VA, state taxes aren't bad.

[Anonymous User]

Which practice group are you in, if you don't mind sharing? I ask because I'm looking at relocating to Dallas and would be interested in know which way the wind is blowing at the moment. Also, have you looked at lateraling to another firm in the city.

[grand inquisitor]

come for the brunch, stay for the trump presidency

[Anonymous User]

I'm in Dallas at a firm with a large corporate practice and every one of our associates is on pace to make hours. O&G has slowed but there's still plenty of work and if prices stay this bad there are going to start being a significant number of fire sales fairly soon.

[Anonymous User]

Yea, Dallas transactional practices generally seem busy. I'm also at one of the big firms in a non-M&A group and the associates on our floor are pacing anywhere from 2000 to 2500 at this point. Friends in transactional groups at other firms in town are generally keeping busy as well.

If you are in litigation and things are slow, that's not really unique to Dallas.

[Anonymous User]

We had a really good and cordial associate lateral up to DC and she is not a particularly a happier camper. I think what initially unsettled her was leaving a firm where she was respected for a firm where she is a question mark until she proves herself. Plus, she gave up great weather/tropical lifestyle for the harshness of DC. I don’t know how much more she earns but I am assuming $30K, she told me the pay bump scarcely covers her salary increase. What makes a nice difference are the bonuses and the predictable annual pay increases.

She says the upside is that DC itself is certainly a fascinating city. The people at the firm are extremely smart and the firms provides a first class support staff. Outside of work there is plenty to do and it’s easy to meet professional people. We have never discussed exit options (I have no idea why someone would voluntarily want to exit to a top 10 firm).

[Anonymous User]

We have never discussed exit options (I have no idea why someone would voluntarily want to exit to a top 10 firm).

QOL/Better relative work-life balance.

EDIT: Didn't mean to be anon.

[FeraFera]

Yeah seriously. You're talking about moving from one of the lowest cost of living major metro areas, in a state with no income tax, to moving to one of the absolute most expensive in the country that also taxes the hell out of you. Obviously you won't be eating Ramen making 160K (which by the way you won't really be making after taxes and benefits come out) but that's going to make for a drastic lifestyle change. And to your loan point, it's a hell of a lot different paying $2500K in loans a month when your rent is now $2500 as well vs. when it used to be $1,000. Honestly, I wouldn't do it unless the work is slowing down to the point where the OP's job is actually at risk.

Not if you're living anywhere good.

[IrwinM.Fletcher]

Yeah seriously. You're talking about moving from one of the lowest cost of living major metro areas, in a state with no income tax, to moving to one of the absolute most expensive in the country that also taxes the hell out of you. Obviously you won't be eating Ramen making 160K (which by the way you won't really be making after taxes and benefits come out) but that's going to make for a drastic lifestyle change. And to your loan point, it's a hell of a lot different paying $2500K in loans a month when your rent is now $2500 as well vs. when it used to be $1,000. Honestly, I wouldn't do it unless the work is slowing down to the point where the OP's job is actually at risk.

Not if you're living anywhere good.

lol.

I lived in a ~1000 sf loft the last few years in Deep Ellum for almost exactly that amount. It wasn't palatial, but it was definitely a decent and fun spot. You have to be an immense snob to say that roughly a thousand bucks a month gets you nothing nice in Dallas.

[Desert Fox]

[FloridaCoastalorbust]

And its not like 2,500 bucks will get you much in DC in areas that are livable.

'
nah i got a solid place for 2k fwiw

[Desert Fox]

[FloridaCoastalorbust]

And its not like 2,500 bucks will get you much in DC in areas that are livable.

'
nah i got a solid place for 2k fwiw

How many sq ft?

English basement on 30th and O in Georgetown, about 700 sq ft, with a garden/backyard included. It was the shit. Landlady was awesome. Sry she's married and 80 y/o tho.

[Desert Fox]

[kalvano]

I have a 3100 square foot house for not much more than that in the Dallas area. Dallas is, comparatively, very cheap.

[FloridaCoastalorbust]

And its not like 2,500 bucks will get you much in DC in areas that are livable.

'
nah i got a solid place for 2k fwiw

How many sq ft?

English basement on 30th and O in Georgetown, about 700 sq ft, with a garden/backyard included. It was the shit. Landlady was awesome. Sry she's married and 80 y/o tho.

2k to live in someones basement. That's DC fine, but it's still shitty for a someone making that much money.

True. Sucks making 6 figs. But she was hot for an 80 y/o.

[Desert Fox]

[Anonymous User]

OP

I have heard through a responsible source that NYC is actually moving to 190. If so, that should mean that DC will follow in lockstep. To me that would make a huge difference, approximately 3K a month net. Can anyone confirm the 190 or that DC usually keeps pace with NYC?

[LA Spring]

As you well know Texas (and Florida) does not withhold state taxes. To me this is a big deal, I pay $1k every month to the state. So if you swap Dallas for DC you’ll gross $20k more (figure 14k net) but after state tax you might be $2k ahead. The only way this makes good sense is if you’re going to a white shoe DC firm offering limitless exit options. Should DC lockstep with NYC and IF the salary jumps to 190k, the numbers go in your favor. I am writing from a CA prospective where everything costs too much, not sure what Dallas is like but guessing less expensive than DC (or CA).