2015 Biglaw Boneus Thread Forum

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.

Bonuses will be _____ from last year

Up
57
38%
Down
11
7%
Unchanged
81
54%
 
Total votes: 149

qlube

New
Posts: 7
Joined: Wed Dec 17, 2014 2:08 am

Re: 2015 Biglaw Bonus Thread

Post by qlube » Wed Dec 02, 2015 9:54 pm

Desert Fox wrote: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

Gold
Posts: 1504
Joined: Sun Sep 21, 2014 9:32 pm

Re: 2015 Biglaw Bonus Thread

Post by AReasonableMan » Wed Dec 02, 2015 10:03 pm

Monochromatic Oeuvre wrote:
anyriotgirl wrote:
Monochromatic Oeuvre wrote:
AReasonableMan wrote:
Anonymous User wrote: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.

User avatar
lacrossebrother

Platinum
Posts: 7150
Joined: Wed Jul 30, 2014 11:15 pm

Re: 2015 Biglaw Bonus Thread

Post by lacrossebrother » Wed Dec 02, 2015 10:15 pm

Just live in Stamford and work in midtown MFH.

dixiecupdrinking

Gold
Posts: 3436
Joined: Sun Oct 26, 2008 2:39 pm

Re: 2015 Biglaw Bonus Thread

Post by dixiecupdrinking » Wed Dec 02, 2015 10:22 pm

AReasonableMan wrote:
Monochromatic Oeuvre wrote:
anyriotgirl wrote:
Monochromatic Oeuvre wrote:
AReasonableMan wrote:
Anonymous User wrote: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
Posts: 431739
Joined: Tue Aug 11, 2009 9:32 am

Re: 2015 Biglaw Bonus Thread

Post by Anonymous User » Wed Dec 02, 2015 10:44 pm

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.

Want to continue reading?

Register now to search topics and post comments!

Absolutely FREE!


User avatar
Desert Fox

Diamond
Posts: 18283
Joined: Thu Sep 04, 2014 4:34 pm

DFTHREAD

Post by Desert Fox » Wed Dec 02, 2015 10:51 pm

Image
Last edited by Desert Fox on Sat Jan 27, 2018 3:29 am, edited 2 times in total.

User avatar
UnfrozenCaveman

Bronze
Posts: 474
Joined: Thu Mar 21, 2013 10:06 pm

Re: 2015 Biglaw Bonus Thread

Post by UnfrozenCaveman » Wed Dec 02, 2015 10:55 pm

Anonymous User wrote: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!!

User avatar
lacrossebrother

Platinum
Posts: 7150
Joined: Wed Jul 30, 2014 11:15 pm

Re: 2015 Biglaw Bonus Thread

Post by lacrossebrother » Wed Dec 02, 2015 10:56 pm

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

User avatar
El Pollito

Diamond
Posts: 20139
Joined: Tue Jul 16, 2013 2:11 pm

Re: 2015 Biglaw Bonus Thread

Post by El Pollito » Wed Dec 02, 2015 11:22 pm

lacrossebrother wrote:What's big law recruiting bonus? Ie you bring in a new associate?
yeah you get like 10K or more

Want to continue reading?

Register for access!

Did I mention it was FREE ?


User avatar
bearsfan23

Gold
Posts: 1754
Joined: Tue Apr 16, 2013 11:19 pm

Re: 2015 Biglaw Bonus Thread

Post by bearsfan23 » Wed Dec 02, 2015 11:24 pm

Desert Fox wrote:
Anonymous User wrote: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

User avatar
Desert Fox

Diamond
Posts: 18283
Joined: Thu Sep 04, 2014 4:34 pm

DFTHREAD

Post by Desert Fox » Wed Dec 02, 2015 11:33 pm

Image
Last edited by Desert Fox on Sat Jan 27, 2018 3:29 am, edited 2 times in total.

User avatar
Actus Reus

Bronze
Posts: 460
Joined: Mon Sep 08, 2014 8:21 pm

Re: 2015 Biglaw Bonus Thread

Post by Actus Reus » Wed Dec 02, 2015 11:36 pm

El Pollito wrote:
lacrossebrother wrote: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
Posts: 431739
Joined: Tue Aug 11, 2009 9:32 am

Re: 2015 Biglaw Bonus Thread

Post by Anonymous User » Wed Dec 02, 2015 11:41 pm

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?

Register now!

Resources to assist law school applicants, students & graduates.

It's still FREE!


mvp99

Silver
Posts: 1474
Joined: Fri Mar 14, 2014 9:00 pm

Re: 2015 Biglaw Bonus Thread

Post by mvp99 » Wed Dec 02, 2015 11:42 pm

Anonymous User wrote: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.

User avatar
lacrossebrother

Platinum
Posts: 7150
Joined: Wed Jul 30, 2014 11:15 pm

Re: 2015 Biglaw Bonus Thread

Post by lacrossebrother » Wed Dec 02, 2015 11:44 pm

Actus Reus wrote:
El Pollito wrote:
lacrossebrother wrote: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)

New
Posts: 31
Joined: Wed Oct 02, 2013 4:04 pm

Re: 2015 Biglaw Bonus Thread

Post by GeneralFile(s) » Wed Dec 02, 2015 11:48 pm

Anonymous User wrote: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

Silver
Posts: 1024
Joined: Fri Feb 13, 2015 12:05 am

Re: 2015 Biglaw Bonus Thread

Post by barkschool » Wed Dec 02, 2015 11:50 pm

Anonymous User wrote: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)

Get unlimited access to all forums and topics

Register now!

I'm pretty sure I told you it's FREE...


User avatar
lacrossebrother

Platinum
Posts: 7150
Joined: Wed Jul 30, 2014 11:15 pm

Re: 2015 Biglaw Bonus Thread

Post by lacrossebrother » Wed Dec 02, 2015 11:50 pm

Anonymous User wrote: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.

User avatar
5ky

Diamond
Posts: 10835
Joined: Mon Oct 05, 2009 4:10 pm

Re: 2015 Biglaw Bonus Thread

Post by 5ky » Thu Dec 03, 2015 1:14 am

Actus Reus wrote:
El Pollito wrote:
lacrossebrother wrote: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

Bronze
Posts: 204
Joined: Tue Mar 08, 2011 3:52 pm

Re: 2015 Biglaw Bonus Thread

Post by anonnymouse » Thu Dec 03, 2015 1:23 am

GeneralFile(s) wrote:
Anonymous User wrote: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

Bronze
Posts: 299
Joined: Wed May 23, 2012 10:19 am

Re: 2015 Biglaw Bonus Thread

Post by drive4showLSAT4dough » Thu Dec 03, 2015 1:23 am

lacrossebrother wrote:
Anonymous User wrote: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

Communicate now with those who not only know what a legal education is, but can offer you worthy advice and commentary as you complete the three most educational, yet challenging years of your law related post graduate life.

Register now, it's still FREE!


User avatar
Monochromatic Oeuvre

Gold
Posts: 2481
Joined: Fri May 10, 2013 9:40 pm

Re: 2015 Biglaw Bonus Thread

Post by Monochromatic Oeuvre » Thu Dec 03, 2015 1:33 am

AReasonableMan wrote:
Monochromatic Oeuvre wrote: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

Silver
Posts: 1397
Joined: Mon Jul 07, 2008 11:10 pm

Re: 2015 Biglaw Bonus Thread

Post by WestOfTheRest » Thu Dec 03, 2015 1:51 am

Monochromatic Oeuvre wrote:
AReasonableMan wrote:
Monochromatic Oeuvre wrote: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.

User avatar
El Pollito

Diamond
Posts: 20139
Joined: Tue Jul 16, 2013 2:11 pm

Re: 2015 Biglaw Bonus Thread

Post by El Pollito » Thu Dec 03, 2015 1:52 am

being able to go home whenever you want is oddly underrated

User avatar
Mola Ram

New
Posts: 24
Joined: Fri Oct 09, 2015 1:40 am

Re: 2015 Biglaw Bonus Thread

Post by Mola Ram » Thu Dec 03, 2015 2:24 am

5ky wrote:
Actus Reus wrote:
El Pollito wrote:
lacrossebrother wrote: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.

Seriously? What are you waiting for?

Now there's a charge.
Just kidding ... it's still FREE!


Post Reply Post Anonymous Reply  

Return to “Legal Employment”