Do exits with WLB exist in NYC? Forum

[Anonymous User]

Anon because I'm considering lateraling to a V10 in NYC. 6th year in lender-side finance. I want to live in NYC (and honestly think it would be really cool to raise a family there), but I'm not sure if it'd be worth the extra cost if, even after exiting biglaw, I'll never have actual WLB in an NYC-based job. Currently making NYC market in a MCOL city. I guess this is a really broad question -- open to any and all thoughts/discussion.

[Anonymous User]

Whether it is worth the extra cost and whether the WLB would be sufficient are dependent to some extent on why you want to live there and why you think it would be really cool to raise a family there. Could you elaborate?

[existentialcrisis]

They definitely exist in house.

Will be harder from a finance practice but not impossible. In house hours at a bank seem to be mostly fine hours wise and that's at least realistic based on your current experience.

[The Lsat Airbender]

NYC in-house WLB isn't noticeably worse than elsewhere. It's just that in-house pay is harder to stomach in NYC, especially for V10 alumni who feel entitled to better. It's a huge metro with the usual spectrum of in-house corporate jobs, fedgov, and some special stuff like banking compliance on top of that.

[Anonymous User]

I want to live in NYC (and honestly think it would be really cool to raise a family there)

There many reasons to live in NYC, but raising a family there is absolutely not one of them. Most New Yorkers are intent on LEAVING once they have to raise a family.

Source: ex-New Yorker who knew that raising a family there would be a terrible idea.

[Lesion of Doom]

I think OP can secure a landing spot with WLB, but the absolute and especially relative paycut likely is going to be brutal for a 6th year/7th year arriving from a lower CoL city getting paid NYC market.

[Anonymous User]

I think OP can secure a landing spot with WLB, but the absolute and especially relative paycut likely is going to be brutal for a 6th year/7th year arriving from a lower CoL city getting paid NYC market.

Also one with a family, NYC childcare/school/food costs are insane in addition to housing costs. I came to NYC from another major-market, not that cheap metro and am still shocked by the cost of everything.

[Anonymous User]

Childcare is truly insane in New York. Then for schools, you're in a bind: you either live in a very expensive neighborhood where the public schools are good (so your housing costs are very high), or you live in a cheaper neighborhood where public schools may not be great and you may choose private school (so your education costs are very high). I have kids in NYC and lucked into a reasonable apartment in a good school district. The neighborhood is not my favorite for lots of reasons, but we can't afford to move because our school and/or housing costs would crush us.

The other thing to remember is that for people with kids used to living in lower COL areas, you are probably used to much bigger spaces, so that can take some getting used to. We have 3 kids in an 1100 square foot two bedroom, and people think our place is huge, but with three active kids it sometimes feels very small. I'm ok with it because I have been in NYC for years and so am used to small spaces, but some transplants hate the small(er) quarters. Then with kids you factor in that playing outside becomes kind of a thing -- you always have to go to a park or playground, which is much more involved than just running out the back door. I'm honestly not sure that NYC is a great place for little kids -- they have so much less physical freedom than kids in the burbs or the country. Overall, I think NYC is a great place when your in your 20s or older with no kids, and then again when you're an empty nester/retired -- it's not the best for young kids or middle-aged parents.

[lawfan2012]

Just to counter balance the opinions about raising kids in NYC—many people chose to do it and prefer it to moving to the suburbs/to another city. Benefits include living within walking distance of parks/playgrounds/kids activities, not having to get into a car to do basically everything, having lots of other kids within walking distance, having kids who grow up in a more diverse environment by a lot of measures, and having tons of access to cool, diverse experiences.

Also, on the point of kids having less “physical freedom,” that’s only true up to a certain point (roughly middle school-ish age). For middle school and older, kids have WAY more physical freedom than in a location where, to do anything, they need someone with a car to drive them.

NYC with kids is not for everyone, but some people really like it.

[Anonymous User]

I realize we’re getting off topic, and this is more of a personal finance question, but surely it’s possible for your average in-house (ex-biglaw) attorney to afford a nice lifestyle with 1-2 kids in an nyc commuter suburb, right? Upper middle class, good school district, etc.

Or does your average in-house salary ($250K-350Kish as you get more senior) not go as far in the tristate area as I think it does?

[lawfan2012]

I realize we’re getting off topic, and this is more of a personal finance question, but surely it’s possible for your average in-house (ex-biglaw) attorney to afford a nice lifestyle with 1-2 kids in an nyc commuter suburb, right? Upper middle class, good school district, etc.

Or does your average in-house salary ($250K-350Kish as you get more senior) not go as far in the tristate area as I think it does?

Yes that’s perfectly doable and many people do it.

[Anonymous User]

I realize we’re getting off topic, and this is more of a personal finance question, but surely it’s possible for your average in-house (ex-biglaw) attorney to afford a nice lifestyle with 1-2 kids in an nyc commuter suburb, right? Upper middle class, good school district, etc.

Or does your average in-house salary ($250K-350Kish as you get more senior) not go as far in the tristate area as I think it does?

Yes that’s perfectly doable and many people do it.

This.

... But also, however far you think a certain amount of money would go in NYC, the reality is almost certainly way less. It’s difficult to overstate how outrageously expensive life is in NYC and outsiders never seem to fully grasp the scale unless they came from a place like SF.

[Anonymous User]

I grew up in NYC (still live here) and can see why a lot of people don’t want to raise their kids here. But city kids are different, and if you want to raise a family here there’s no reason you can’t. And I mean in the city, which is different from even the outer boroughs and very different from westchester or Long Island.

A lot will depend on your savings (do you have enough to buy and continue to pay the mortgage and HOA after you leave your firm?) and how important private schooling is to you. But you might also decide to head to the suburbs eventually, especially if you get an in house job that allows you more time to commute.

I worked for a firm in DC and a firm in NYC and I will say the hours in NYC were more intense. Might be firm specific but just throwing that out there.