NYC to 200k Forum

[Anonymous User]

It doesn’t just come down to salary for me. You get different opportunities and cultures vary at different firms. Obviously want to see the scale raised across the board, but if that doesn’t happen, it’s still not so cut and dry for me.

Spotted the Recruiting Dept. troll, trying to sell "culture" and "opportunity" as more important than money for a job that i'm 95% likely to be in for less than 4 years.

[10b5]

It doesn’t just come down to salary for me. You get different opportunities and cultures vary at different firms. Obviously want to see the scale raised across the board, but if that doesn’t happen, it’s still not so cut and dry for me.

Salary differences are important for laterals, but I agree with you.

Where it really hits firms is at OCI. Remember when you were a 1L, and your only real exposure to firms was the endless series of open bar events during January and February? And all the names blended into one, and you only had Vault and sporadic rumors/info from 2L and 3L friends about who runs the best summer programs?

Well - you'd make decisions based on salary. It's why 0Ls and 1Ls always talk like crazy about WLRK, but the rest of the industry gets that its a very niche firm for a very niche kind of person. When all firms blend together, salary is something to cling onto.

[TheoO]

It doesn’t just come down to salary for me. You get different opportunities and cultures vary at different firms. Obviously want to see the scale raised across the board, but if that doesn’t happen, it’s still not so cut and dry for me.

This is why we wont go 200.

[Anonymous User]

It doesn’t just come down to salary for me. You get different opportunities and cultures vary at different firms. Obviously want to see the scale raised across the board, but if that doesn’t happen, it’s still not so cut and dry for me.

This is not helpful.

He means he doesn't wanna work at dpw

[Anonymous User]

Everyone is going to match. The legal industry is just too scared to do anything until Cravath does.

This is so bizarre to me. Cravath doesn't really take any laterals right? Why are they such an influential firm?

Aside from just being an elite firm, they've been the market leader for compensation for years now. This means they've been more willing to push associate salaries than other peer firms have been. There's concern that rather than match Millbank's 190k, they'll raise it to 200k.

Firms don't want to match until Cravath does because if they match to 190k and a firm (Cravath being the most likely one) leapfrogs them to 200k, they're kind of stuck there with egg on their face. They could match again, but it's not really a good look.

[Anonymous User]

It doesn’t just come down to salary for me. You get different opportunities and cultures vary at different firms. Obviously want to see the scale raised across the board, but if that doesn’t happen, it’s still not so cut and dry for me.

This is not helpful.

He means he doesn't wanna work at dpw

he means he'd rather work at a bodega near columbia than at dpw

[Anonymous User]

It doesn’t just come down to salary for me. You get different opportunities and cultures vary at different firms. Obviously want to see the scale raised across the board, but if that doesn’t happen, it’s still not so cut and dry for me.

This is not helpful.

He means he doesn't wanna work at dpw

he means he'd rather work at a bodega near columbia than at dpw

tbf Hamilton deli's one of the more prestigious deli's in all of Morningside

[Anonymous User]

It's the debevoise of bodegas

[Anonymous User]

It doesn’t just come down to salary for me. You get different opportunities and cultures vary at different firms. Obviously want to see the scale raised across the board, but if that doesn’t happen, it’s still not so cut and dry for me.

These are the associates you are left with if you don't match

[Anonymous User]

It doesn’t just come down to salary for me. You get different opportunities and cultures vary at different firms. Obviously want to see the scale raised across the board, but if that doesn’t happen, it’s still not so cut and dry for me.

These are the associates you are left with if you don't match

Type of guy who reports you to the temp attendance staff

[Anonymous User]

Latham has been bleeding partners

Bleeding partners? I count more in than out since January. Of the biggest outs, one was to become GC of a client, which is really a "win" for the firm.

Edited to add, but to the larger point, Latham will match but isn't going to take the lead on anything

[Anonymous User]

Managing partner of Sidley told a group of summers at a meal that Sidley will match the market.

[Anonymous User]

Managing partner of Sidley told a group of summers at a meal that Sidley will match the market.

Where was the meal?

[Anonymous User]

And what was the meal?

[Anonymous User]

And how was the meal?

[Anonymous User]

Managing partner of Sidley told a group of summers at a meal that Sidley will match the market.

Where was the meal?

[Anonymous User]

There are STB Houston first-years making $190,000 per year with a $5,000 summer surprise. They pay $1,000-2,000 (if luxe) in rent.

Cravath, Skadden, other eliTTTe firm associates: $180,000 per year, $90,000 after taxes. $2,000-3,500 in rent (for walk-up). <<<No bonus.>>>

[Anonymous User]

and what's the MARKET

millBANK NOEBUNUS?

OR SimpsonSUMMERBONEUS

[Anonymous User]

There are STB Houston first-years making $190,000 per year with a $5,000 summer surprise. They pay $1,000-2,000 (if luxe) in rent.

Cravath, Skadden, other eliTTTe firm associates: $180,000 per year, $90,000 after taxes. $2,000-3,500 in rent (for walk-up). <<<No bonus.>>>

They're not really "making $190,000 per year with a $5,000 summer surprise." The "surprise" is to get them to $190k on the year; otherwise they'd be making $185. Taxes leave you with about 60% takehome in NYC, so $90k is vastly inaccurate. You can do a lot nicer than a "walk-up" (assuming you meant that literally and also were implying a crappy place) for $3,500 in NYC—do some really quick research and you'll see. Obviously Texans pay less tax and rent, but your misstatement of the situation is borderline ridiculous.

[Anonymous User]

It doesn’t just come down to salary for me. You get different opportunities and cultures vary at different firms. Obviously want to see the scale raised across the board, but if that doesn’t happen, it’s still not so cut and dry for me.

Salary differences are important for laterals, but I agree with you.

Where it really hits firms is at OCI. Remember when you were a 1L, and your only real exposure to firms was the endless series of open bar events during January and February? And all the names blended into one, and you only had Vault and sporadic rumors/info from 2L and 3L friends about who runs the best summer programs?

Well - you'd make decisions based on salary. It's why 0Ls and 1Ls always talk like crazy about WLRK, but the rest of the industry gets that its a very niche firm for a very niche kind of person. When all firms blend together, salary is something to cling onto.

Pretty skeptical of this. I don't think only 0/1Ls are into the idea of making substantially more money.

[Anonymous User]

There are STB Houston first-years making $190,000 per year with a $5,000 summer surprise. They pay $1,000-2,000 (if luxe) in rent.

Cravath, Skadden, other eliTTTe firm associates: $180,000 per year, $90,000 after taxes. $2,000-3,500 in rent (for walk-up). <<<No bonus.>>>

They're not really "making $190,000 per year with a $5,000 summer surprise." The "surprise" is to get them to $190k on the year; otherwise they'd be making $185. Taxes leave you with about 60% takehome in NYC, so $90k is vastly inaccurate. You can do a lot nicer than a "walk-up" (assuming you meant that literally and also were implying a crappy place) for $3,500 in NYC—do some really quick research and you'll see. Obviously Texans pay less tax and rent, but your misstatement of the situation is borderline ridiculous.

Not to mention rent in TX can be more bit pricey than that. Not anywhere close to NYC, but I pay $2500 a month in Houston (for a 3 br townhome : ) ) and there are much more expensive options out there. Texas doesn't even come close to NYC but people tend to kneejerk on here "omg Texas is the cheapest place in the world." Desirable neighborhoods in Dallas/Houston/Austin can cost plenty and I wouldn't call it very far off from Chicago having lived in both. No state/city income tax is pretty sweet though.

[Anonymous User]

There are STB Houston first-years making $190,000 per year with a $5,000 summer surprise. They pay $1,000-2,000 (if luxe) in rent.

Cravath, Skadden, other eliTTTe firm associates: $180,000 per year, $90,000 after taxes. $2,000-3,500 in rent (for walk-up). <<<No bonus.>>>

They're not really "making $190,000 per year with a $5,000 summer surprise." The "surprise" is to get them to $190k on the year; otherwise they'd be making $185. Taxes leave you with about 60% takehome in NYC, so $90k is vastly inaccurate. You can do a lot nicer than a "walk-up" (assuming you meant that literally and also were implying a crappy place) for $3,500 in NYC—do some really quick research and you'll see. Obviously Texans pay less tax and rent, but your misstatement of the situation is borderline ridiculous.

Not to mention rent can be more bit pricey than that. Not anywhere close to NYC, but I pay $2500 a month (for a 3 br townhome : ) ) and there are much more expensive options out there. Texas doesn't even come close to NYC but people tend to kneejerk on here "omg Texas is the cheapest place in the world." Desirable neighborhoods in Dallas/Houston/Austin can cost plenty and I wouldn't call it very far off from Chicago having lived in both. No state/city income tax is pretty sweet though.

Im in Chicago. Would kill myself if paying 2500 for rent. Income tax here is 5% tho so gotta add that.

[Anonymous User]

There are STB Houston first-years making $190,000 per year with a $5,000 summer surprise. They pay $1,000-2,000 (if luxe) in rent.

Cravath, Skadden, other eliTTTe firm associates: $180,000 per year, $90,000 after taxes. $2,000-3,500 in rent (for walk-up). <<<No bonus.>>>

They're not really "making $190,000 per year with a $5,000 summer surprise." The "surprise" is to get them to $190k on the year; otherwise they'd be making $185. Taxes leave you with about 60% takehome in NYC, so $90k is vastly inaccurate. You can do a lot nicer than a "walk-up" (assuming you meant that literally and also were implying a crappy place) for $3,500 in NYC—do some really quick research and you'll see. Obviously Texans pay less tax and rent, but your misstatement of the situation is borderline ridiculous.

Not to mention rent can be more bit pricey than that. Not anywhere close to NYC, but I pay $2500 a month (for a 3 br townhome : ) ) and there are much more expensive options out there. Texas doesn't even come close to NYC but people tend to kneejerk on here "omg Texas is the cheapest place in the world." Desirable neighborhoods in Dallas/Houston/Austin can cost plenty and I wouldn't call it very far off from Chicago having lived in both. No state/city income tax is pretty sweet though.

Im in Chicago. Would kill myself if paying 2500 for rent. Income tax here is 5% tho so gotta add that.

Yeah I paid $1800 a month in a nice-ish high rise in south loop. Less than half the sq ft tho

[Anonymous User]

There are STB Houston first-years making $190,000 per year with a $5,000 summer surprise. They pay $1,000-2,000 (if luxe) in rent.

Cravath, Skadden, other eliTTTe firm associates: $180,000 per year, $90,000 after taxes. $2,000-3,500 in rent (for walk-up). <<<No bonus.>>>

They're not really "making $190,000 per year with a $5,000 summer surprise." The "surprise" is to get them to $190k on the year; otherwise they'd be making $185. Taxes leave you with about 60% takehome in NYC, so $90k is vastly inaccurate. You can do a lot nicer than a "walk-up" (assuming you meant that literally and also were implying a crappy place) for $3,500 in NYC—do some really quick research and you'll see. Obviously Texans pay less tax and rent, but your misstatement of the situation is borderline ridiculous.

Not to mention rent can be more bit pricey than that. Not anywhere close to NYC, but I pay $2500 a month (for a 3 br townhome : ) ) and there are much more expensive options out there. Texas doesn't even come close to NYC but people tend to kneejerk on here "omg Texas is the cheapest place in the world." Desirable neighborhoods in Dallas/Houston/Austin can cost plenty and I wouldn't call it very far off from Chicago having lived in both. No state/city income tax is pretty sweet though.

Im in Chicago. Would kill myself if paying 2500 for rent. Income tax here is 5% tho so gotta add that.

Yeah I paid $1800 a month in a nice-ish high rise in south loop. Less than half the sq ft tho

I paid $2500/month for 500 sqft in wash heights but it was next to a bodega. so worth it IMO.

[Anonymous User]

There are STB Houston first-years making $190,000 per year with a $5,000 summer surprise. They pay $1,000-2,000 (if luxe) in rent.

Cravath, Skadden, other eliTTTe firm associates: $180,000 per year, $90,000 after taxes. $2,000-3,500 in rent (for walk-up). <<<No bonus.>>>

They're not really "making $190,000 per year with a $5,000 summer surprise." The "surprise" is to get them to $190k on the year; otherwise they'd be making $185. Taxes leave you with about 60% takehome in NYC, so $90k is vastly inaccurate. You can do a lot nicer than a "walk-up" (assuming you meant that literally and also were implying a crappy place) for $3,500 in NYC—do some really quick research and you'll see. Obviously Texans pay less tax and rent, but your misstatement of the situation is borderline ridiculous.

Not to mention rent in TX can be more bit pricey than that. Not anywhere close to NYC, but I pay $2500 a month in Houston (for a 3 br townhome : ) ) and there are much more expensive options out there. Texas doesn't even come close to NYC but people tend to kneejerk on here "omg Texas is the cheapest place in the world." Desirable neighborhoods in Dallas/Houston/Austin can cost plenty and I wouldn't call it very far off from Chicago having lived in both. No state/city income tax is pretty sweet though.

Sure, you can find housing close to NYC average rent if you really try, but come on.