2015 Biglaw Boneus Thread Forum

[qlube]

Your rents are inflation, it's you being bent over by the market in other areas.

That's not really your employers fault.

Plus in NYC, some of the northern subrubs are really affordable.

LOL at bay area though. no relief there.

A 2014 sixth year in the bay area would've bought a place in 2010-2011, meaning they're reaping the benefit of insane housing increases.

[AReasonableMan]

Median income in NYC is about the same as the national level. New York is expensive, but the idea that it's somehow only for some kind of uber elite is just nonsense.

It's the fact with a sub-300k salary you'll never own anything, and the fact that >50% of residential property being rent stabilized annihilates the middle class.

Y'all really need a new benchmark for living in NYC. You people could cop large homes in good neighborhoods for $700k in Westchester or $500k in Queens (assuming you paid a little for private and your kid isn't too TTT for Stuy), but instead everyone here has to confront the STRUGGLE of not being able to afford a 3BR in the Village two blocks away from Whole Foods, Soulcycle, and that adorable litle wine bar they've been meaning to check out.

if by in Queens you mean like bayside or jamaica or something, seriously what is even the point

Rego Park, Jackson Heights, Forest Hills etc. 45 minutes to Midtown. Plenty in the $500k range.

That's all fine and good, but that is a different kind of lifestyle. From what I've observed, you can do the hour commute and be successful, but it comes with sacrifices. You won't have that half hour every day to have a casual lunch with your coworkers or be able to sneak home for a half hour between team meetings on that around the clock matter. You're forced to always be rushing, and I'd imagine this could cross over into your personal life too. You're also speaking about towns with lousy school districts, and being way too dependent on the F line, which isn't the most reliable.

[lacrossebrother]

Just live in Stamford and work in midtown MFH.

[dixiecupdrinking]

Median income in NYC is about the same as the national level. New York is expensive, but the idea that it's somehow only for some kind of uber elite is just nonsense.

It's the fact with a sub-300k salary you'll never own anything, and the fact that >50% of residential property being rent stabilized annihilates the middle class.

Y'all really need a new benchmark for living in NYC. You people could cop large homes in good neighborhoods for $700k in Westchester or $500k in Queens (assuming you paid a little for private and your kid isn't too TTT for Stuy), but instead everyone here has to confront the STRUGGLE of not being able to afford a 3BR in the Village two blocks away from Whole Foods, Soulcycle, and that adorable litle wine bar they've been meaning to check out.

if by in Queens you mean like bayside or jamaica or something, seriously what is even the point

Rego Park, Jackson Heights, Forest Hills etc. 45 minutes to Midtown. Plenty in the $500k range.

That's all fine and good, but that is a different kind of lifestyle. From what I've observed, you can do the hour commute and be successful, but it comes with sacrifices. You won't have that half hour every day to have a casual lunch with your coworkers or be able to sneak home for a half hour between team meetings on that around the clock matter. You're forced to always be rushing, and I'd imagine this could cross over into your personal life too. You're also speaking about towns with lousy school districts, and being way too dependent on the F line, which isn't the most reliable.

You're probably talking about an extra 15 minutes from Jackson Heights or wherever versus UWS/UES.

[Anonymous User]

Honestly though, given how obsessed people here are with small changes in costs/relative pay, why isn't there more of a consensus about non-NYC biglaw being the best case outcome? 160k somewhere like Denver, Irvine, or Houston just seems like such a slam dunk by comparison.

[Desert Fox]

[UnfrozenCaveman]

Honestly though, given how obsessed people here are with small changes in costs/relative pay, why isn't there more of a consensus about non-NYC biglaw being the best case outcome? 160k somewhere like Denver, Irvine, or Houston just seems like such a slam dunk by comparison.

Here we go!!

[lacrossebrother]

What's big law recruiting bonus? Ie you bring in a new associate?

[El Pollito]

What's big law recruiting bonus? Ie you bring in a new associate?

yeah you get like 10K or more

[bearsfan23]

Honestly though, given how obsessed people here are with small changes in costs/relative pay, why isn't there more of a consensus about non-NYC biglaw being the best case outcome? 160k somewhere like Denver, Irvine, or Houston just seems like such a slam dunk by comparison.

Part of it is that it's hard sell unless you are from the area.

Most people have two options: where you are from and NYC.

Maybe DC if you got good grades.

You don't need good grades to get DC. That was a fun TLS myth though

[Desert Fox]

[Actus Reus]

What's big law recruiting bonus? Ie you bring in a new associate?

yeah you get like 10K or more

We're 25k. Half after hire and half when they stay for 18 months I think

[Anonymous User]

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?

[mvp99]

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?

Don't think so since taxes are progressive.

[lacrossebrother]

What's big law recruiting bonus? Ie you bring in a new associate?

yeah you get like 10K or more

We're 25k. Half after hire and half when they stay for 18 months I think

This seems like the ticket. Just focus on recruiting.

[GeneralFile(s)]

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?

Just in case you are confused about how marginal tax rates work, you do not save money by keeping your total income below any given bracket. Only income in excess of the next bracket is taxed at that bracket's rate. You always make more money by reporting more taxable income. Apologies if you already knew that and I misunderstood your question.

[barkschool]

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)

[lacrossebrother]

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?

If you are receiving social security disability insurance benefits, after your ninth month trial period, you should ensure that you earn less than $1130 per month.

[5ky]

What's big law recruiting bonus? Ie you bring in a new associate?

yeah you get like 10K or more

We're 25k. Half after hire and half when they stay for 18 months I think

wait is this a real thing

[anonnymouse]

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?

Just in case you are confused about how marginal tax rates work, you do not save money by keeping your total income below any given bracket. Only income in excess of the next bracket is taxed at that bracket's rate. You always make more money by reporting more taxable income. Apologies if you already knew that and I misunderstood your question.

If you were planning to donate anyway, then maybe think about keeping your MAGI below $54,000 which is the beginning of the phase out for the Lifetime Learning Credit.

If your MAGI before donation is $64k, then making a donation of $10k costs you a net $5.5k (-$10k donation +$2.5k reduced MAGI +$2k LLTC). You don't make more money by giving money away, you just give the charity $10k at a net cost to you of $5.5k.

[drive4showLSAT4dough]

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?

If you are receiving social security disability insurance benefits, after your ninth month trial period, you should ensure that you earn less than $1130 per month.

190

[Monochromatic Oeuvre]

Rego Park, Jackson Heights, Forest Hills etc. 45 minutes to Midtown. Plenty in the $500k range.

That's all fine and good, but that is a different kind of lifestyle. From what I've observed, you can do the hour commute and be successful, but it comes with sacrifices. You won't have that half hour every day to have a casual lunch with your coworkers or be able to sneak home for a half hour between team meetings on that around the clock matter. You're forced to always be rushing, and I'd imagine this could cross over into your personal life too. You're also speaking about towns with lousy school districts, and being way too dependent on the F line, which isn't the most reliable.

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.

[WestOfTheRest]

Rego Park, Jackson Heights, Forest Hills etc. 45 minutes to Midtown. Plenty in the $500k range.

That's all fine and good, but that is a different kind of lifestyle. From what I've observed, you can do the hour commute and be successful, but it comes with sacrifices. You won't have that half hour every day to have a casual lunch with your coworkers or be able to sneak home for a half hour between team meetings on that around the clock matter. You're forced to always be rushing, and I'd imagine this could cross over into your personal life too. You're also speaking about towns with lousy school districts, and being way too dependent on the F line, which isn't the most reliable.

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.

[El Pollito]

being able to go home whenever you want is oddly underrated

[Mola Ram]

What's big law recruiting bonus? Ie you bring in a new associate?

yeah you get like 10K or more

We're 25k. Half after hire and half when they stay for 18 months I think

wait is this a real thing

Yes, talk to your recruiting/talent coordinator about referral bonuses and if they have a referral bonus policy (they should). Given that recruiter fees usually amount to something like 25% of the placed person's salary, handing out $10-20k is much, much cheaper.