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Author Topic: Jr. BigLaw Associate in NY Taking Questions  (Read 25160 times)

TruOne

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #60 on: July 10, 2009, 02:40:16 PM »

before I answer that - Market in Colorado is $120,000/yr???!?!?!?!?!?!!  Say what!?  That's better than Kansas City!  Do you know how far that would go in Colorado. Your rent in CO is what, 6-700 a month?  Wow. I did not know that market was that high there.

Cost of Living in Colorado is fairly high compared to other States. Granted, it ain't no $2k/mo like Manhattan or close to being as expensive as Miami or Cali, but it is still considerable.

$120k in the south or midwest would carry a person further than in Colorado.
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Matthies

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #61 on: July 10, 2009, 02:53:27 PM »

before I answer that - Market in Colorado is $120,000/yr???!?!?!?!?!?!!  Say what!?  That's better than Kansas City!  Do you know how far that would go in Colorado. Your rent in CO is what, 6-700 a month?  Wow. I did not know that market was that high there.

Cost of Living in Colorado is fairly high compared to other States. Granted, it ain't no $2k/mo like Manhattan or close to being as expensive as Miami or Cali, but it is still considerable.

$120k in the south or midwest would carry a person further than in Colorado.

I don't I don't think its that bad, no not as cheap as say Lousiville or Indy, but cheaper than most or the more populated western states. Pheonix has good cost of living now that its RE market has tanked as well.
*In clinical studies, Matthies was well tolerated, but women who are pregnant, nursing or might become pregnant should not take or handle Matthies due to a rare, but serious side effect called him having to make child support payments.

TruOne

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #62 on: July 10, 2009, 03:17:49 PM »
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.
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T. Durden

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #63 on: July 10, 2009, 04:25:16 PM »
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! ;)


Matthies

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #64 on: July 10, 2009, 05:02:42 PM »
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.

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.

Thatís just insane, and Iím a slumlord. I have two houses (not renatals one in CO and one in AZ) and combined my mortgages are not that high. How can anyone ever afford to buy there?
*In clinical studies, Matthies was well tolerated, but women who are pregnant, nursing or might become pregnant should not take or handle Matthies due to a rare, but serious side effect called him having to make child support payments.

T. Durden

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #65 on: July 10, 2009, 05:39:30 PM »
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.

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.

Thatís just insane, and Iím a slumlord. I have two houses (not renatals one in CO and one in AZ) and combined my mortgages are not that high. How can anyone ever afford to buy there?


they don't, esp at $1300 sq. ft.

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #66 on: July 10, 2009, 05:41:24 PM »
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.

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.

Thatís just insane, and Iím a slumlord. I have two houses (not renatals one in CO and one in AZ) and combined my mortgages are not that high. How can anyone ever afford to buy there?


they don't, esp at $1300 sq. ft.

I'd hate to live there, but I'd like to wown rental properyy there! :P
*In clinical studies, Matthies was well tolerated, but women who are pregnant, nursing or might become pregnant should not take or handle Matthies due to a rare, but serious side effect called him having to make child support payments.

Burning Sands, Esq.

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #67 on: July 11, 2009, 12:55:01 AM »
Durden once again speaks the truth.

If these market rates are based on cost of living for their respective cities, then one of 2 things needs to happen - other markets need to be starting much lower than New York since their cost of living is, accordingly, lower than New York

or

Keep everybody where they are and move the New York associates much higher.

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TruOne

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #68 on: July 11, 2009, 11:23:13 PM »
Durden once again speaks the truth.

If these market rates are based on cost of living for their respective cities, then one of 2 things needs to happen - other markets need to be starting much lower than New York since their cost of living is, accordingly, lower than New York

or

Keep everybody where they are and move the New York associates much higher.

Or..or..or...

NYC Associates learn to live a happier life with $65k take-home pay.

/hating
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T. Durden

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Re: Jr. BigLaw Associate in NY Taking Questions
« Reply #69 on: July 12, 2009, 01:37:39 AM »
Durden once again speaks the truth.

If these market rates are based on cost of living for their respective cities, then one of 2 things needs to happen - other markets need to be starting much lower than New York since their cost of living is, accordingly, lower than New York

or

Keep everybody where they are and move the New York associates much higher.

Or..or..or...

NYC Associates learn to live a happier life with $65k take-home pay.

/hating

such a hater