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]She should have bought a small condo in Manhattan or Brooklyn before becoming partner or having kids. If she's a second year partner at a top firm (I'm a little thrown by her saying it's "Vault 50" -- I thought only law students cared about Vault rankings? Partners look at AmLaw which ranks by revenues and profits per partner), she's likely about 12 years into her legal career. What has she been doing? Especially if she's married, they could have bought a one bedroom years ago, and since it's NYC, it would have appreciated. Plus they'd have the equity. Then they'd be in the position to rent it out or sell it to move up the ladder.

She also should understand that early partnerhood can be a weirdly cash poor (very relatively) existence. Why is this a surprise to her? I never understand when young partners are surprised or frustrated by this. It's true for everyone except those with family money or other revenue streams (like rental income from the condo you bought as a fifth year associate).

And yes, the fact that they are on their third kid before sorting this out is monumentally stupid. Most NYC lawyers I know have one or two kids, max, because that's what keeps private school a manageable option and allows you to live in smaller but nicer homes, closer in. The ones a know with more kids moved to the suburbs years ago and mostly have SAHPs or family nearby.

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A couple of things wrong with this.

I doubt she had the ability to buy a place --- probably student loans and the like.

I would not attack people for their choices on kids.  Who knows if it was even a choice.

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it's not "attacking people" for their choices on kids.  99.9% of the time, kids are preventable if you don't want them/cannot afford it/not ready for it.  Unless you are wealthy, most in NYC do not have more than 1-2 kids, because it means $$$$ for private schools and more space in your condo/apartment/etc.  So for a Lawyer working as a partner in a major NYC law firm, I'd hope they would know how to avoid getting pregnant until they can figure out housing/etc with extra kids.  
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