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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]New Yorker here. Ridiculous. Lawyers are so striver (I’m one btw). I work in house, am a single mom and make far less and have raised two kids here. I bought in an up and coming neighborhood which has gotten nicer over the years but still isn’t exactly park Avenue (oh well) and my 2 kids went to public, although one went to a parochial for high school. Very happy here, the city has so much to offer and I loved having teens in a city where I didn’t have to worry about drunk driving.

It’s people like this who only want to send their dc to private schools (why? There are amazing public options) and[b] have a house in the hamptons and a huge apartment in the west village[i] who think they’re ‘poor’.

Again, striver. [/quote]

It’s not unreasonable that a person earning close to a million a year thinks they should have more purchasing power than a dumpy apartment in Brooklyn.

It sounds like you have lower standards if you are okay being a single parent, NY public schools and live on much less in NY. [/quote]

It is unreasonable to think you’re going to live like the hedge fund guys, the oligarchs, the famous entertainers, the real estate owners in NYC.  You need an 8 figure income to live in the nicest parts of Manhattan and private schools and activities for your kids.

Find the best NYC public schools and let your kids live like Mew Yorkers.   [/quote]

Your average 22 year old entering a T13 law school doesn’t get how big a gap there is between big law partner and hedge fund PM. They also don’t know what lifestyle a big law partner’s finance allow (it doesn’t justify the lifestyle she leads now). You are right that it is unreasonable for someone with full knowledge, most don’t though. [/quote]

What is big law?  Big law firms.  But all are not the same.  The higher end firms pay partners more.  I may take a couple of years but 1.5 million is your base line for the better firms.  Many of those firms pay prtners 5 million plus with stars now at 10-15 million.  The lower ends of biglaw are not that.[/quote]

And those all star big law partners’ counterparts in PE and hedge funds make them look like paupers. They are the ones buying the BK townhouses and UES 4BR that the reddit lady wants. And she hasn’t even gotten into second home ownership, which most successful NYC professionals desperately want. [/quote]

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