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What would be the sufficient monthly salary required for a single in Krakow? I can share my place of living with another colleague who is coming along with me. It would be helpful if you could also share the current visa processing time. My company has just initiated the process. #krakow #poland #hcl HCL Technologies
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Yes, it's amazing how out of touch people can be. I practice at a large-ish firm in a LCOL state. I'm paid 100k as a first year with a pretty easy to earn 10 to 20% bonus. My wife complained about how "poor" we were a few days ago. She makes the same as I do (household income in $250k range) Her jaw hit the floor when I showed her data stating we were top 3% earners in the state.
All of my grandparents were poor. One was an immigrant who grew up in complete poverty. No running water or ac/heat. Dirt floors in home with detached toilet and quit school at 12 to work 12 hour days because his father could not pay for food. It's often hard to stomach how out of touch some people can be. Life is easy here.
Enthusiast
My parents’ combined salary was between $160-$200 a month when I was a teenager.
But I never tell other lawyers about this because I feel they were fortunate and born into wealthy and happy families.
I am a first year at a small firm and make more than both my parents combined for most of my childhood.
I’m convinced that the average American really has no concept of money beyond, let’s say, $100k. They view a six figure salary as almost the very top of the ladder.
What about at Goldman? What’s average VP?
The average American makes under $40k/yr.
You are not underpaid compared to 2007. The amount of inflation from then to the end of last year has been minimal.
What we pay in taxes is more than what most make in a year, as are some of our bonuses. Wild when thought in that perspective.
Exactly. Same here.
You need to have a dual track mind as an associate 1) we are very lucky to make this much money, even for lawyers and other people with grad degrees; AND 2) any money my firm doesn’t pay me goes to a person much wealthier - it doesn’t go to charity.
So be thankful, and also pressure partners to pay us more at all times.
Enthusiast
This is the way 😂
My parents (relatively well off probably pull in around $400k together) we’re genuinely shocked that I was out earning them individually my first year at a firm at the age of 25. These are my upper middle class parents, and it still surprises them. There are just so few (I can’t think of a single other) job: where someone with 0 practical work experience gets paid $200k+
That said, it’s not like everyone can sustainably work in big law for 30+ years. The salaries are high because the burnout rates are high as well. People make as much as they can in a few years and transition to a role with less absurd pay and less absurd hours.
Enthusiast
That’s a good point, I think especially when you’re talking to a professional from the baby boomer generation our salaries sound astronomical. My parents are engineers and didn’t start making six figures until their 40s so when I told them my salary as a first year associate as far as they were concerned it seemed like I was making millions in comparison to what they made fresh out of grad school
Thank you for the reality check. It is needed once in awhile
Seriously. I was complaining the other day about earning less than $250k as a fourth year. This post really puts things in perspective.
I don't know. Make all the money you can as a mid/big-law atty cos those student loans are no joke. Most times I ask why I'm not making even more $$ for the great work I do for clients that make $$$$$ in revenues.
Enthusiast
Oh I misread your original post. Totally agree about wanting more in a vacuum. It’s true your employer will always try to pay you the least amount they can while remaining competitive. but posts like the one I originally talked about make me feel incredibly grateful if nothing else. It’s an outlier to make it this far and do this well. I personally try to appreciate what I have rather than get angry over what I could have 99% of the time, maybe I’m passive idk
Coach
Is this the salary transparent street one in philly with the big law woman? I loved reading the comments of people refusing to believe someone with no experience makes over $200k
My first thought at those comments: “They’re like children.” I’m pretty sure that level of elitism cancels out my soul.
I think even in our community it’s shocking to some. As a first year making 100k in a LCOL state I had no idea there were big firm lawyers making 200k+ doing the same work in the same city at the same level. Thankful for this app that gave me to insight and motivation to lateral where I’m making 2.5x my first year salary as a 3rd year
Subject Expert
It’s also interesting watching competition reality shows etc where the grand prize is $100k (or often less!) and what they go through to get it. A life changing amount of money to most people, less than expected yearly bonus for Cravath scale seniors.
Subject Expert
Lol I mean depends on the show but I would not find any reality show to be easy or stress free! These are often people v good in their field (best baker or chef or sword maker or glass blower or ninja warrior or professional hottie on the bachelor etc) and they go through intense competition and scrutiny for just a chance (!) at not that much money and a ton of judgment from everyone in the world. And most people can’t make a career of it, you get your 15 minutes of fame and then need to go back to regular life to keep earning money to live but also random people think they know everything about you now …
I used to think lawyers were paid a lot then I managed a business with about 25M in revenue a year. Most of my employees (even college educated ones) read on a 8th or 9th grade reading level. (Average level for an average American adult is 7th/8th grade level on the Flesch-Kincaid scale).
So 200K to understand complex 250+ page documents and distill their contents into 4 paragraphs of 3-4 sentences each doesn’t seem wack to me.
I totally agree. I remember a couple of weeks ago, I was talking to a non lawyer friend about how one of my other lawyer friends is house hunting with a budget of 5 to 7k a month for a mortgage. My non lawyer friend was like “wow she must make really good money as a lawyer then? Does she make like 150k?” My lawyer friend is at a firm that doesn’t even pay market but she still rakes in at least 230k pre bonus. It’s surprising how little people outside of big law really know how lucrative it can be and that associates can top out at 400k plus. To most Americans, even making 100k is the ultimate pinnacle of success.
I don’t mean any of that in a condescending manner. I know from first hand experience. Before I landed at a below market big law firm, I started off at plaintiffs firms where I dreamed of making 100k. I remember getting my first plaintiffs side job offer for 105k and wanting to cry from happiness.
I feel a huge sense of gratitude and accountability to be responsible with my income, because I know so so many people who struggle to make it by, while I, due to opportunities beyond my efforts, am able to live a very comfortable life in comparison.
This is a good reality check that I try to have with myself somewhat often. I grew up in a fairly blue collar family and have lived paycheck to paycheck so the idea of making even a 100K/year was a stretch to think about. I know everyone here has worked hard to be where they are, but we are beyond privileged to make this type of money.
I felt underpaid when I did vc transactions … the sheer incompetence of those rich founders was demotivating af and made me question transactions so much I quit. Lol.
These founders sound smart
Yeah the American Income IG page is full of people accusing the individuals in the videos of being liars lol.
Yeah I follow salary transparent street on IG and they asked a second year what she made. It was market and people all said she was lying.
Enthusiast
What got me was the yahoos in law school who had never had a job would outright state that they felt they deserved big law salaries because they “worked hard.”