Biglaw1990 wrote:krads153 wrote:Monochromatic Oeuvre wrote:anonQs2019 wrote:pancakes3 wrote:DA is gov and so are state/municipal legal departments. Don't look at "gov" placement and think "bigfed"
Right so my point is that those kids graduating from W&M and getting jobs with gov (outside of BigFed) all have jobs with reasonable hours, benefits, and although they might not start at 6 figures but they can get there within a few years right?
In NYC getting to six figures takes 7-10 years, and I would have to imagine it's one of the more favorable jurisdictions.
If you find that sufficient to buy a house in a good school district around here, go ahead, but the average person who wants a UMC lifestyle for their kids in a high COL area is gonna need more than that.
Didn't read the rest of this discussion, but biglaw in NYC isn't UMC lifestyle either...
so unless you're an i-banker, or whatever, or old money or have free family housing in NYC, I'm not sure how anyone can afford to have a UMC lifestyle with kids in NYC area. Personally, I don't know how people even raise kids in NYC - it's practically like child abuse given the conditions I've seen (kids sleep in the living room/closet, etc.). Daycare is like 3k a month (lol) and NYC public schools are trash for the most part.
How do you figure that NYC Biglaw does not provide one with an UMC lifestyle? Associate salaries provide an UMC lifestyle, and partner salaries (at the profitable firms) provide one with an UC lifestyle. Please explain your line of reasoning?
Associate salaries do not provide you with an UMC lifestyle in NYC. Yes, partners have UC lifestyle, but they also make 10 to 25 times more than associates....
Reasons why:
- COL keeps going through the roof in NYC. Rent alone has increased on average over 50% in the past 8 years in NYC. I see no end in sight in the near future with rent increases. I wouldn't be surprised if in a few years the average one bed costs 5k while salaries stay stagnant. (Right now the average is around 3200 a month for a one bed in MFH.) At that point people will just cram 5 to an apartment or whatever.
- 45% of your income goes to taxes.
- You will likely only be able to afford to rent a 1 bed in MFH....nothing particularly ritzy, it just won't be in the ghetto.
- If you want a family, anything over 1 bedroom in MFH will cost you 6k or more....I don't see how a biglawyer could afford that (maybe if both spouses were in biglaw). You could commute from Jersey or far out in Brooklyn, but I doubt people want to commute 45 minutes to over 1 hour everyday if they didn't have to.
- Healthcare costs in biglaw are insane - it's like 400 bucks per person and for a family it may be 700-800 a month. If your spouse works, you should not use biglaw healthcare.
- With a solo biglaw salary you could not afford rent and afford to send your child to daycare - you simply couldn't, or you may be living paycheck to paycheck.
I don't know why we're arguing - an associate biglaw salary in NYC is clearly not UMC lifestyle . It gives you a very average lifestyle. And before you say "oh but the average salary in NYC is X" remember that the people who were born and raised here 40 years ago have rent-controlled or rent-stabilized apartments or own their own place already from 30 years ago, etc. and don't have to deal with COL increases like transplants do. The only people I know (aside from biglaw partners) who have UMC lifestyle in NYC are in finance/i-banking.
Also maybe my perspective is slightly different because pretty much everyone I know makes/has made more money than me (in my family and my friends in other professions)....and they don't for the most part live in NYC.
Going into the biglaw for the money is just plain stupid - if you want to become UMC/rich, don't go into law.