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Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!

Anonymous User wrote:Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!

All of the large NY firms do an advance - almost invariably 8-10k but there may be some variance (and it may chance year to year).

2014 wrote:

Anonymous User wrote:Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!

All of the large NY firms do an advance - almost invariably 8-10k but there may be some variance (and it may chance year to year).

Awesome, thanks for the response. Do they then just take the amount out of your paycheck through the first 6 months of working or something like that?

2014 wrote:

Anonymous User wrote:Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!

All of the large NY firms do an advance - almost invariably 8-10k but there may be some variance (and it may chance year to year).

Actually, there are some big firms that do stipends instead of the usual combination of bar course billed to firm + salary advance, but I don't think SullCrom is among them. The firms with stipend policies that I'm aware of are Latham, Paul Hastings, and Covington, though there are probably a few more.

I think at the stipend firms the money comes in lieu of the stub bonus, but the bar stipends are sometimes larger than most firm's stub bonuses (which are like, what, 5k?), and a stipend attributed to your 3L/stub year will likely get a more favorable tax treatment than a stub bonus that arrives at the beginning of your first full working year.

At the risk of playing Captain Obvious, why not just call and ask HR?

TheSpanishMain wrote:At the risk of playing Captain Obvious, why not just call and ask HR?

Yeah, I could and probably should. Just kinda feel weird about asking about money I guess

I wouldn't. It's a perfectly reasonable question.

Anonymous User wrote:

2014 wrote:

Anonymous User wrote:Haven't heard yet from HR and am trying to plan finances for the upcoming year until I start working. Thanks!

All of the large NY firms do an advance - almost invariably 8-10k but there may be some variance (and it may chance year to year).

Actually, there are some big firms that do stipends instead of the usual combination of bar course billed to firm + salary advance, but I don't think SullCrom is among them. The firms with stipend policies that I'm aware of are Latham, Paul Hastings, and Covington, though there are probably a few more.

I think at the stipend firms the money comes in lieu of the stub bonus, but the bar stipends are sometimes larger than most firm's stub bonuses (which are like, what, 5k?), and a stipend attributed to your 3L/stub year will likely get a more favorable tax treatment than a stub bonus that arrives at the beginning of your first full working year.

Fair point, but i would note that these are all non-NY firms with major NY offices. Presumably their policies originate in LA/LA/DC where market norms are different (read: better) than NY.

S&C provides a salary advance of your choice up to $10,000 which is repaid in the first year in 24 equal bimonthly installments out of your paycheck

Anonymous User wrote:S&C provides a salary advance of your choice up to $10,000 which is repaid in the first year in 24 equal bimonthly installments out of your paycheck

Just what I was looking for. Thanks