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.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.
2015 Biglaw Boneus Thread Forum
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Re: 2015 Biglaw Bonus Thread
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Re: 2015 Biglaw Bonus Thread
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.Monochromatic Oeuvre wrote:Rego Park, Jackson Heights, Forest Hills etc. 45 minutes to Midtown. Plenty in the $500k range.anyriotgirl wrote:if by in Queens you mean like bayside or jamaica or something, seriously what is even the pointMonochromatic Oeuvre wrote: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.AReasonableMan wrote: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.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.
- lacrossebrother
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Re: 2015 Biglaw Bonus Thread
Just live in Stamford and work in midtown MFH.
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Re: 2015 Biglaw Bonus Thread
You're probably talking about an extra 15 minutes from Jackson Heights or wherever versus UWS/UES.AReasonableMan wrote: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.Monochromatic Oeuvre wrote:Rego Park, Jackson Heights, Forest Hills etc. 45 minutes to Midtown. Plenty in the $500k range.anyriotgirl wrote:if by in Queens you mean like bayside or jamaica or something, seriously what is even the pointMonochromatic Oeuvre wrote: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.AReasonableMan wrote: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.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.
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Re: 2015 Biglaw Bonus Thread
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.
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- Desert Fox
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- UnfrozenCaveman
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Re: 2015 Biglaw Bonus Thread
Here we go!!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.
- lacrossebrother
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Re: 2015 Biglaw Bonus Thread
What's big law recruiting bonus? Ie you bring in a new associate?
- El Pollito
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Re: 2015 Biglaw Bonus Thread
yeah you get like 10K or morelacrossebrother wrote:What's big law recruiting bonus? Ie you bring in a new associate?
- bearsfan23
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Re: 2015 Biglaw Bonus Thread
You don't need good grades to get DC. That was a fun TLS myth thoughDesert Fox wrote:Part of it is that it's hard sell unless you are from the area.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.
Most people have two options: where you are from and NYC.
Maybe DC if you got good grades.
- Desert Fox
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- Actus Reus
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Re: 2015 Biglaw Bonus Thread
We're 25k. Half after hire and half when they stay for 18 months I thinkEl Pollito wrote:yeah you get like 10K or morelacrossebrother wrote:What's big law recruiting bonus? Ie you bring in a new associate?
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Re: 2015 Biglaw Bonus Thread
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?
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Re: 2015 Biglaw Bonus Thread
Don't think so since taxes are progressive.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?
- lacrossebrother
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Re: 2015 Biglaw Bonus Thread
This seems like the ticket. Just focus on recruiting.Actus Reus wrote:We're 25k. Half after hire and half when they stay for 18 months I thinkEl Pollito wrote:yeah you get like 10K or morelacrossebrother wrote:What's big law recruiting bonus? Ie you bring in a new associate?
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Re: 2015 Biglaw Bonus Thread
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.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?
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Re: 2015 Biglaw Bonus Thread
I'm pretty sure you can just look your bracket up (and figure out that's now how it works)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?
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- lacrossebrother
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Re: 2015 Biglaw Bonus Thread
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.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?
- 5ky
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Re: 2015 Biglaw Bonus Thread
wait is this a real thingActus Reus wrote:We're 25k. Half after hire and half when they stay for 18 months I thinkEl Pollito wrote:yeah you get like 10K or morelacrossebrother wrote:What's big law recruiting bonus? Ie you bring in a new associate?
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Re: 2015 Biglaw Bonus Thread
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.GeneralFile(s) wrote: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.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 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.
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Re: 2015 Biglaw Bonus Thread
190lacrossebrother wrote: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.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?
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- Monochromatic Oeuvre
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Re: 2015 Biglaw Bonus Thread
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.AReasonableMan wrote: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.Monochromatic Oeuvre wrote:Rego Park, Jackson Heights, Forest Hills etc. 45 minutes to Midtown. Plenty in the $500k range.
And as an aside, the M/R aren't my favorite but the 6 is even worse.
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Re: 2015 Biglaw Bonus Thread
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.Monochromatic Oeuvre wrote: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.AReasonableMan wrote: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.Monochromatic Oeuvre wrote:Rego Park, Jackson Heights, Forest Hills etc. 45 minutes to Midtown. Plenty in the $500k range.
And as an aside, the M/R aren't my favorite but the 6 is even worse.
- El Pollito
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Re: 2015 Biglaw Bonus Thread
being able to go home whenever you want is oddly underrated
- Mola Ram
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Re: 2015 Biglaw Bonus Thread
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.5ky wrote:wait is this a real thingActus Reus wrote:We're 25k. Half after hire and half when they stay for 18 months I thinkEl Pollito wrote:yeah you get like 10K or morelacrossebrother wrote:What's big law recruiting bonus? Ie you bring in a new associate?
Seriously? What are you waiting for?
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