Which, sad to say, is a joke in NY. Honestly if the going market rate for associates in other cities is in the $120k to $145k range, then New York needs to be at about $190k. Associates in other markets, even making less money, are still taking home more money than are associates in New York.
Call me a waaaaaaaambulance!
Yer makin' $160k, you don't need another $30k to do the same amount of work. I WISH my firm was gonna start me off at $160, 145, hell, even $120 would be great for a single man like myself with no kids, no mortgage and just student loans.
I don't know. Think of it this way: in NYC on the 160k base you're going to pay out 39-41% of your outcome in taxes depending upon how good your accountant is. So, splitting the difference, at 160k you're giving ~64k back to the fed, state, and city govs. That leaves you with ~96k. Liveable studio apts in the city run from 2100-3100; again, splitting the difference you have $2600x12 = ~31k, which leaves you with 65k in take home for the year. Don't get me wrong - this is a decent post tax / rent figure, but compared to other markets @ 160 (DC, TX, CA, IL), NYC associates are at the bottom of the pile in terms of their post tax / rent take home. Of course, this was a "legitimate" complaint when I was a SA in '07 and I remember more than one lunch where a partner was asked if / when we were going to 190 but time has a way of, well, rendering things ... moot. NY (back) to 145!