Probably a fairly unpopular opinion, but if you’re in NYC and have any normal level of student debt, it’s very difficult to feel like you’re actually financially ahead or winning with this job. Saying this as a first gen who is the highest earner in their family’s history lol.

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Thats why yall should leave NYC and join us in the mid-size markets where we make market pay but have reasonable costs of living.

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For those who can separate their political partisanship from objective financial decisions (which apparently is not all), TX is hands down the best choice for the latter. Moved from the NE to TX a few years ago, save $40k plus per year on taxes, bought a condo, and saved even more with lower COL while paying about the same in property taxes and earning the exact same salary as if I lived in SF or NYC. Btw, all BL cities in TX are blue.

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Not unpopular at all. It’s a weird thing being well-off on paper but feeling very regular in reality. NYC COL + kids + student loans will do that. On the bright side, my retirement and investment accounts tell the other side of the story.

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Humbles you for sure

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Also, 40%+ of your money going to tax alone makes the actual headline salaries a lot less appealing.

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How is promoting a 1% tax on earnings over $1 million incompatible with working in biglaw and making money off corporations?

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I think that’s correct. Even without student loans, the COL here makes our comp not feel so impressive

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Meh. You can get out of debt very quickly even in NYC. You objectively make multiples of what most people survive on in the city.

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If you’re trying to get out of debt and use that median/average 160k figure (very generous since most of us probs went to t20s if you’re v50 biglaw and may have more), 5k a month gets you out of debt in just under 3 years, if we’re taking principal only. As a first year you’d bring in less so that be a larger share of your salary, and as a third year, you’d bring in a bit more, so that’s a little less. You still have approximately 6k per month after tax and loans for 401k contributions, savings, and living expenses in nyc after all that from years 1-3 lol.

Hi this was me as a junior and early midlevel ☺️ eventually you do pay it off and slowly start building up money that is yours. Now eight years in and in a place where I am taking care of my own young family and able to support my mom. I am grateful and dedicating a lot of time to this job has paid off in that sense.
I also genuinely like living in NYC. For me, it is an easier lifestyle than moving to the suburbs, commuting and taking care of a home and yard.

You are goals! I also generally think the pros of living in NYC outweigh the cons.

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You shouldn’t go to some random unranked law school if you’re biglaw or bust but folks need to really consider whether they need to go to the fanciest or most expensive school they got into. I got a full ride to a T20 and then went to Texas biglaw (I didn’t go to UT btw). I’ll never get to have a T6 on my resume but when I take my paycut to get outta the biglaw hell hole I’ll have an absurd amount of savings and I’ll have still gotten to enjoy my life (aka not live like a pauper) in my 20s. We all more or less end up in the same place if you’re smart and hardworking and hustle.

There were a few moments early on where I sometimes regretted not going to a more prestigious school given the elitism in this industry but not now. You don’t have to go to Harvard or Columbia. Schools like UT and Georgetown are perfectly acceptable…

Yep we’re totally in agreement on the “don’t just go to the fanciest school you get into” advice!

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