NYC law partner w/ kids: "$850K gross is not enough to live on"

[Anonymous]

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

[Anonymous]

Anonymous wrote:The COL in nyc is insane. My friends who I estimate earn 800-2m in nyc all live in a 2-3 bedroom apt. My one friend who probably earns around 500 and her DH probably earns close to 1m live in a 2 bedroom/den apt. Their daughter’s room is the “den”. This den is a wall off the living/dining room.

We live in close in dc suburbs (McLean) and live in a 15,000sf house and I’m fairly certain our house is the same price as their apt. Their kids’ rooms are smaller than my closet.

But you live in McLean. That’s a sacrifice that’s too much to bear for many.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

+10000. The people who insist on doing this are insufferable.

They also are typically lifelong renters.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The whole post by the NYC lawyer makes no sense to me. She basically claims that her $850k per year translates into just $21k per month take home pay. Even with self funded retirement it should be close to $40k per month after tax. The poster is either dishonest or dumb.

Had to buy into partnership and pays taxes in many states quarterly.

And not all compensation is in the form of base salary.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

+10000. The people who insist on doing this are insufferable.

They also are typically lifelong renters.

Reddit guy and their cheerleaders watched too many Friends, Seinfeld, and Sex in the City reruns. On 800k a year you don’t get a nice 4br, private school, a car, and a decent amount for spending money on clothes travel and dining. No one here is a magician who can make it work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

+10000. The people who insist on doing this are insufferable.

They also are typically lifelong renters.

Yep. You need to have family money, be in finance, or be an entrepreneur to live the life the redditor wants. Being a non-rainmaker partner doesn’t cut it and their NW will be a fraction of what it would be if they lived in the suburbs or a lower cost of living metro.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

+10000. The people who insist on doing this are insufferable.

They also are typically lifelong renters.

Yep. You need to have family money, be in finance, or be an entrepreneur to live the life the redditor wants. Being a non-rainmaker partner doesn’t cut it and their NW will be a fraction of what it would be if they lived in the suburbs or a lower cost of living metro.

Again - the density of law and finance jobs cannot be paralleled in other cities. People move to NYC because they want the NYC lifestyle- which yes, includes less square footage but much much more to do outside of the home and higher power work. If you don’t want that then don’t move there, but don’t delude yourself into thinking New Yorkers are crying themselves to sleep over your McMansion.

[Anonymous]

JFC. My best friend lives in NYC. She is a teacher, and her husband is a librarian. They rent and apartment and their two daughters share a room. It's not ideal, but they have enough "to live on," without family money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

+10000. The people who insist on doing this are insufferable.

They also are typically lifelong renters.

Yep. You need to have family money, be in finance, or be an entrepreneur to live the life the redditor wants. Being a non-rainmaker partner doesn’t cut it and their NW will be a fraction of what it would be if they lived in the suburbs or a lower cost of living metro.

Again - the density of law and finance jobs cannot be paralleled in other cities. People move to NYC because they want the NYC lifestyle- which yes, includes less square footage but much much more to do outside of the home and higher power work. If you don’t want that then don’t move there, but don’t delude yourself into thinking New Yorkers are crying themselves to sleep over your McMansion.

No one is arguing that the density of jobs (in almost any industry) is higher in Manhattan than elsewhere. Anyone with the ability to do decently well in law or finance in NYC has the ability to plan and execute on a law or finance career in a less financially constraining locale. The Redditor could have targeted Chicago, Boston, and DC, all have robust big law markets. That does not even include satellite offices that pay well.

Not everyone trades square footage to live in Manhattan. Rich people have 4,000+ SF apartments the same size of what they would have if they live in the suburbs. The Redditor isn't rich, and that is the problem here. The Redditor will most likely never be rich on this trajectory, as in buy a 4BR condo and send his three children to private school while growing a nest egg commensurate with a 800k income. I hope access to artisanal niche sushi at 3am was worth the sacrifice, along with the symphony performances he has not been to in six years.

I don't live in a McMansion or in Philly.

[Anonymous]

Anonymous wrote:JFC. My best friend lives in NYC. She is a teacher, and her husband is a librarian. They rent and apartment and their two daughters share a room. It's not ideal, but they have enough "to live on," without family money.

Way fewer people than you think are reading "two daughters share a room" while calculating a teacher and librarian salary and think this is palatable. Go on Zillow, look at townhouses under 750k in Logan Circle with 3BR. Then tell us that the sacrifice to call yourself a New Yorker makes any sense here. Your best friend isn't living. She is a wagie and being super selfish trying to live out some weird fantasy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

+10000. The people who insist on doing this are insufferable.

They also are typically lifelong renters.

Yep. You need to have family money, be in finance, or be an entrepreneur to live the life the redditor wants. Being a non-rainmaker partner doesn’t cut it and their NW will be a fraction of what it would be if they lived in the suburbs or a lower cost of living metro.

Again - the density of law and finance jobs cannot be paralleled in other cities. People move to NYC because they want the NYC lifestyle- which yes, includes less square footage but much much more to do outside of the home and higher power work. If you don’t want that then don’t move there, but don’t delude yourself into thinking New Yorkers are crying themselves to sleep over your McMansion.

This is debatable, especially when you have kids. Whenever I’m in NYC visiting family/friends I’m struck by how the only thing to do is go out to eat or to a playground. If you’re actually wealthy with multiple nannies then maybe you’re living a fabulous NY lifestyle. But the average $800k lawyer is hardly living it up. They aren’t doing anything you can’t do in any metro area in the US. They are just doing it with less square footage and less disposable income.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

+10000. The people who insist on doing this are insufferable.

They also are typically lifelong renters.

Yep. You need to have family money, be in finance, or be an entrepreneur to live the life the redditor wants. Being a non-rainmaker partner doesn’t cut it and their NW will be a fraction of what it would be if they lived in the suburbs or a lower cost of living metro.

Again - the density of law and finance jobs cannot be paralleled in other cities. People move to NYC because they want the NYC lifestyle- which yes, includes less square footage but much much more to do outside of the home and higher power work. If you don’t want that then don’t move there, but don’t delude yourself into thinking New Yorkers are crying themselves to sleep over your McMansion.

This is debatable, especially when you have kids. Whenever I’m in NYC visiting family/friends I’m struck by how the only thing to do is go out to eat or to a playground. If you’re actually wealthy with multiple nannies then maybe you’re living a fabulous NY lifestyle. But the average $800k lawyer is hardly living it up. They aren’t doing anything you can’t do in any metro area in the US. They are just doing it with less square footage and less disposable income.

Correct. They have 2-3 regular neighborhood restaurants (not Le Bernadin) like they would in Scarsdale or Bethesda and they take advantage of NYC's artistic offerings to a similar degree (almost never).

No one is jealous of or impressed by your living in NYC, unless you have a 30+mm net worth, big apartment, weekend house, and place in Florida or Aspen for the winter. Then yes, lord it over us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

+10000. The people who insist on doing this are insufferable.

They also are typically lifelong renters.

Yep. You need to have family money, be in finance, or be an entrepreneur to live the life the redditor wants. Being a non-rainmaker partner doesn’t cut it and their NW will be a fraction of what it would be if they lived in the suburbs or a lower cost of living metro.

Again - the density of law and finance jobs cannot be paralleled in other cities. People move to NYC because they want the NYC lifestyle- which yes, includes less square footage but much much more to do outside of the home and higher power work. If you don’t want that then don’t move there, but don’t delude yourself into thinking New Yorkers are crying themselves to sleep over your McMansion.

No one is arguing that the density of jobs (in almost any industry) is higher in Manhattan than elsewhere. Anyone with the ability to do decently well in law or finance in NYC has the ability to plan and execute on a law or finance career in a less financially constraining locale. The Redditor could have targeted Chicago, Boston, and DC, all have robust big law markets. That does not even include satellite offices that pay well.

Not everyone trades square footage to live in Manhattan. Rich people have 4,000+ SF apartments the same size of what they would have if they live in the suburbs. The Redditor isn't rich, and that is the problem here. The Redditor will most likely never be rich on this trajectory, as in buy a 4BR condo and send his three children to private school while growing a nest egg commensurate with a 800k income. I hope access to artisanal niche sushi at 3am was worth the sacrifice, along with the symphony performances he has not been to in six years.

I don't live in a McMansion or in Philly.

The redditor IS rich wtf. Stop it. (Also she’s a woman.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:JFC. My best friend lives in NYC. She is a teacher, and her husband is a librarian. They rent and apartment and their two daughters share a room. It's not ideal, but they have enough "to live on," without family money.

Way fewer people than you think are reading "two daughters share a room" while calculating a teacher and librarian salary and think this is palatable. Go on Zillow, look at townhouses under 750k in Logan Circle with 3BR. Then tell us that the sacrifice to call yourself a New Yorker makes any sense here. Your best friend isn't living. She is a wagie and being super selfish trying to live out some weird fantasy.

lol ok. We know you’d say the same thing if she was living in DC too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Main Line and Westchester are not much comparison. Philadelphia is a very poor city. It has so much history and good food but the people are so provincial and often don't leave the state ever. The politics of the state are ridiculous and stuck in the 1800s.

yep. Not at all the density of high-powered legal jobs as NYC. so it’s not really a comparison for most NYC partners, except in that if they believe they are “poor” in NYC then yes, maybe they need to trade some of the prestige and money of NYC for something slower paced. I went to law school in NYC and practiced in Philly at the beginning of my career and the cool thing is that most of my cohort went on to do a broad variety of interesting stuff in/around Philly (small firms, legal aid, DA, AG, opened own non-law businesses) specifically because Philly is so much more affordable and you are not locked into the law firm track the way you are in NYC.

Exactly. No one is arguing Philly is more exciting or even overall better. But it is better not to live in a shoebox and shoehorning three kids into a tiny space so you can brag about being a New Yorker. Go look at Rittenhouse if you want an urban neighborhood in Philly.

+10000. The people who insist on doing this are insufferable.

They also are typically lifelong renters.

Yep. You need to have family money, be in finance, or be an entrepreneur to live the life the redditor wants. Being a non-rainmaker partner doesn’t cut it and their NW will be a fraction of what it would be if they lived in the suburbs or a lower cost of living metro.

Again - the density of law and finance jobs cannot be paralleled in other cities. People move to NYC because they want the NYC lifestyle- which yes, includes less square footage but much much more to do outside of the home and higher power work. If you don’t want that then don’t move there, but don’t delude yourself into thinking New Yorkers are crying themselves to sleep over your McMansion.

This is debatable, especially when you have kids. Whenever I’m in NYC visiting family/friends I’m struck by how the only thing to do is go out to eat or to a playground. If you’re actually wealthy with multiple nannies then maybe you’re living a fabulous NY lifestyle. But the average $800k lawyer is hardly living it up. They aren’t doing anything you can’t do in any metro area in the US. They are just doing it with less square footage and less disposable income.

Just because your idea of “doing something” is driving to an exurban trampoline park doesn’t mean that’s everyone. NYC has everything and if you don’t want that then yeah, don’t live there.