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

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm sorry. I'm new to how lawyers get paid. They don't create anything. Why are new lawyers getting paid $850,000 a year and complaining about it? I don't feel like they're creating anything of value. These kind of salaries seem like a tax on the people that actually do things and create things. This entire discussion reads like a bunch of parasites discussing their next victim. A completely BS profession.

Are you 12 or just dumb? Ever heard of rule of law? You need lawyers for that to happen.

So? Legalese paperwork. AI can do most of that. Still think it's nuts that new lawyers are getting paid $850,000 and whining about their troubles having three children in Manhattan.

[Anonymous]

Anonymous wrote:In NYC, I get it. I live in a MCOL place in flyover country and feel similarly with a $330 income. Three kids.

The thing is, you get NOTHING in America and everything feels like price gauging. Between student loans, saving for college for kids (which is exorbitantly priced), retirement, insurance premiums etc - even big salaries don’t go that far. We pay a lot in taxes but what are we really getting? We all know there’s no real safety net.

This!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm sorry. I'm new to how lawyers get paid. They don't create anything. Why are new lawyers getting paid $850,000 a year and complaining about it? I don't feel like they're creating anything of value. These kind of salaries seem like a tax on the people that actually do things and create things. This entire discussion reads like a bunch of parasites discussing their next victim. A completely BS profession.

Are you 12 or just dumb? Ever heard of rule of law? You need lawyers for that to happen.

Everyone hates lawyers until they need one.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm sorry. I'm new to how lawyers get paid. They don't create anything. Why are new lawyers getting paid $850,000 a year and complaining about it? I don't feel like they're creating anything of value. These kind of salaries seem like a tax on the people that actually do things and create things. This entire discussion reads like a bunch of parasites discussing their next victim. A completely BS profession.

Are you 12 or just dumb? Ever heard of rule of law? You need lawyers for that to happen.

So? Legalese paperwork. AI can do most of that. Still think it's nuts that new lawyers are getting paid $850,000 and whining about their troubles having three children in Manhattan.

Next time you get in legal trouble good luck with using AI as your lawyer. She is not a new lawyer, she is a new law partner. But I agree with you about the whining part.

[Anonymous]

Anonymous wrote:I'm not trolling when I say I get it. I make more than that and live in a LCOL area (not DC). Three kids, very low mortgage, we live well but not extravagantly. NYC has an insane COL. I'm not saying we'd struggle to survive on $850k in NYC, but we wouldn't be living large, that's for sure.

Thanks for letting us know that you make more than 850k.

[Anonymous]

Anonymous wrote:I'm sorry. I'm new to how lawyers get paid. They don't create anything. Why are new lawyers getting paid $850,000 a year and complaining about it? I don't feel like they're creating anything of value. These kind of salaries seem like a tax on the people that actually do things and create things. This entire discussion reads like a bunch of parasites discussing their next victim. A completely BS profession.

She’s not a new lawyer but a new partner. And may have 300K in educational debt. Plus 850 is not her salary. If you, for instance, are a normal emlpllyee making 100K salary, your full roll up is probably more like 160 with employer side taxes and benefits. Plus she needs to pay into the capital account at her firm. So 850 as a law firm partner is more like 600 or so as an employee at a normal place. But I agree law firm partners are ridiculously overcompensated in many places. And NYC is ridiculously expensive for anyone. Both things are true.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm sorry. I'm new to how lawyers get paid. They don't create anything. Why are new lawyers getting paid $850,000 a year and complaining about it? I don't feel like they're creating anything of value. These kind of salaries seem like a tax on the people that actually do things and create things. This entire discussion reads like a bunch of parasites discussing their next victim. A completely BS profession.

She’s not a new lawyer but a new partner. And may have 300K in educational debt. Plus 850 is not her salary. If you, for instance, are a normal emlpllyee making 100K salary, your full roll up is probably more like 160 with employer side taxes and benefits. Plus she needs to pay into the capital account at her firm. So 850 as a law firm partner is more like 600 or so as an employee at a normal place. But I agree law firm partners are ridiculously overcompensated in many places. And NYC is ridiculously expensive for anyone. Both things are true.

Law firm partners are not nearly as overpaid as the bankers.

[Anonymous]

3 kids is where the crazy property taxes of Westchester start to make a whole lot of sense. She can certainly find a house for around $1.5m with an easy train commute and great schools and local services. If anything many nice NYC burbs are undervalued due to the vast majority of pre-Covid price booms going to city properties instead. It’s crazy that houses in Scarsdale with the best schools in the country 25 minutes to NYC are as affordable as, say, Main Line Philly (albeit with higher taxes).

[Anonymous]

3 kids in nyc with a parent in buglaw is a recipe for divorce so I hope they plan financially for that

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm sorry. I'm new to how lawyers get paid. They don't create anything. Why are new lawyers getting paid $850,000 a year and complaining about it? I don't feel like they're creating anything of value. These kind of salaries seem like a tax on the people that actually do things and create things. This entire discussion reads like a bunch of parasites discussing their next victim. A completely BS profession.

She’s not a new lawyer but a new partner. And may have 300K in educational debt. Plus 850 is not her salary. If you, for instance, are a normal emlpllyee making 100K salary, your full roll up is probably more like 160 with employer side taxes and benefits. Plus she needs to pay into the capital account at her firm. So 850 as a law firm partner is more like 600 or so as an employee at a normal place. But I agree law firm partners are ridiculously overcompensated in many places. And NYC is ridiculously expensive for anyone. Both things are true.

Law firm partners are not nearly as overpaid as the bankers.

Who are not nearly as overpaid as actors or professional ball players. It is a market economy dude

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm sorry. I'm new to how lawyers get paid. They don't create anything. Why are new lawyers getting paid $850,000 a year and complaining about it? I don't feel like they're creating anything of value. These kind of salaries seem like a tax on the people that actually do things and create things. This entire discussion reads like a bunch of parasites discussing their next victim. A completely BS profession.

She’s not a new lawyer but a new partner. And may have 300K in educational debt. Plus 850 is not her salary. If you, for instance, are a normal emlpllyee making 100K salary, your full roll up is probably more like 160 with employer side taxes and benefits. Plus she needs to pay into the capital account at her firm. So 850 as a law firm partner is more like 600 or so as an employee at a normal place. But I agree law firm partners are ridiculously overcompensated in many places. And NYC is ridiculously expensive for anyone. Both things are true.

Her monthly draw is 21k— there’s a big gap between that and 850 or even 600.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm sorry. I'm new to how lawyers get paid. They don't create anything. Why are new lawyers getting paid $850,000 a year and complaining about it? I don't feel like they're creating anything of value. These kind of salaries seem like a tax on the people that actually do things and create things. This entire discussion reads like a bunch of parasites discussing their next victim. A completely BS profession.

Are you 12 or just dumb? Ever heard of rule of law? You need lawyers for that to happen.

Being a corporate attorney has little to do with the "rule of law." It has to do with papering over transactions and fund formation where the bankers and F500 executives make more and work fewer hours than big law partners. Corporate law is glorified paralegal work. No sympathy for OP here. You chose to live in one of the most expensive cities in the world and you will always be cut out of the lifestyle you think you are entitled to, which goes to the financiers and those with family money.

[Anonymous]

Anonymous wrote:3 kids is where the crazy property taxes of Westchester start to make a whole lot of sense. She can certainly find a house for around $1.5m with an easy train commute and great schools and local services. If anything many nice NYC burbs are undervalued due to the vast majority of pre-Covid price booms going to city properties instead. It’s crazy that houses in Scarsdale with the best schools in the country 25 minutes to NYC are as affordable as, say, Main Line Philly (albeit with higher taxes).

Scarsdale has nothing on NYC privates. Main Line Philly is nicer than Westchester, bigger lots and more civilized people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm sorry. I'm new to how lawyers get paid. They don't create anything. Why are new lawyers getting paid $850,000 a year and complaining about it? I don't feel like they're creating anything of value. These kind of salaries seem like a tax on the people that actually do things and create things. This entire discussion reads like a bunch of parasites discussing their next victim. A completely BS profession.

She’s not a new lawyer but a new partner. And may have 300K in educational debt. Plus 850 is not her salary. If you, for instance, are a normal emlpllyee making 100K salary, your full roll up is probably more like 160 with employer side taxes and benefits. Plus she needs to pay into the capital account at her firm. So 850 as a law firm partner is more like 600 or so as an employee at a normal place. But I agree law firm partners are ridiculously overcompensated in many places. And NYC is ridiculously expensive for anyone. Both things are true.

Her monthly draw is 21k— there’s a big gap between that and 850 or even 600.

Monthly take-home of just $21,000 for a family of 5 living in Manhattan probably qualifies for welfare assistance, free day care, and other benefits. This family has a chance if they take at least one meal a day at a soup kitchen or homeless shelter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:3 kids is where the crazy property taxes of Westchester start to make a whole lot of sense. She can certainly find a house for around $1.5m with an easy train commute and great schools and local services. If anything many nice NYC burbs are undervalued due to the vast majority of pre-Covid price booms going to city properties instead. It’s crazy that houses in Scarsdale with the best schools in the country 25 minutes to NYC are as affordable as, say, Main Line Philly (albeit with higher taxes).

Scarsdale has nothing on NYC privates. Main Line Philly is nicer than Westchester, bigger lots and more civilized people.

Amen. Agree 100%. Cannot be said loudly enough.