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Hello Fishes, please let me know how are projects in BCMA department under ICG group in city bank. I have an offer from city which I have not yet accepted considering many negative reviews of work culture in City. However HR said I am not sure about other departments but you can check for BCMA dept with friends or on LinkedIn. Please help.
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I left biglaw with way less than that. Depends on your goals. My priority was my health and sanity.
Ditto
For me personally, my goal post was paying off my loans. Now I'm trying to last as long as possible beyond that, but I'll be ok leaving at any time.
Current savings of 330k.
Sounds obvious but people forget - the money is a really good perk. Every marginal year you can stick it out is great for your nest egg, and you’ll be able to save over 100k per year once you get your loans paid off (if any) and move to the mid level salary range.
At the same time, you only get one life. If you’re absolutely miserable, look for something else. But if you feel like you are developing marketable skills and managing your personal life, stick it out for a few years and give your future self a cushion.
^^similar savings as associate 2 and exact same thought. Will last as long as I can especially with the raises but fine leaving any time. Will also leave quickly if I see it’s affecting my health and sanity.
Might be a matter of your class year as I’m a senior associate whose always been in biglaw so mine is likely higher just due to time. I’m an 8th year and I think I saved less in the beginning (closer to 3-4K) but have increased my monthly savings with market salary increases and salary going up as I got more senior. The best tip I have is to not raise your lifestyle just because you get paid more and more. I definitely don’t live like a pauper or try to and I like nice things, traveling and going out to eat. But I’m always mindful of budget/saving a certain amount each month (currently aim for 9-10k/month - would be more but now have a mortgage) and keeping my lifestyle as an 8th year at 8th year DPW pay similar to my lifestyle when I was a 2nd/3rd year other than some added costs like mortgage, moving to a higher col market etc. For a tangible example of avoiding lifestyle creep personal to me, I love cars and can certainly afford a high end luxury car now but I’m also very content with my paid off, lower end lux car from 2013 with low mileage for its age and will probably drive it for two more years before selling/trading it in. It’s still a nice car so I don’t see it as depriving myself as I’m happy with it and it allows me to put more in savings. Wont deprive myself if a fun, fancy car forever but am content right now. It also admittedly helps that wife and I don’t have kids.
A3’s comment to avoid “lifestyle creep” is spot on. The problem with the traditional financial advice of saving 10-20% means you get accustomed to living off 80-90% of a Biglaw salary. That’s a sure way to winch tight those proverbial golden handcuffs…
Yeah, I think the aim in biglaw should be to save 50% of what you make (of course loans factor into this).
Left as a 6/7yr with about 500k in savings. But also clerked for a year in which I didn’t save at all.
Is this outside of your retirement or retirement included?
What year are you? I’m a 2nd year and will have about 75k outside of my 401
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It is equally important where you want to retire “to” after big law.