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My sons a partner in a big national law firm with one thousand attorneys. ….billable hours have fallen a lot once they had work from home ebven though the work load has been greater than before .
Over the next few months the entire firm will be migrating back to the office by the end of the summer .
His wife’s company , a famous hedge fund already brought all back.
The company I do part time training for has all 320 employees back in the office
It's funny, as their rival we've had the opposite, billable hours are up across the board.
And I've explained this before but for my job, which deals primarily with attorneys on the West Coast and in Florida there is almost zero reason for me to ever be in the office beyond group trainings. And my productivity has been so through the roof that I'm getting my second bonus of the year in a couple of weeks, with the third to come in December and I got the biggest raise of my entire group, double the next closest person. Today is one of the odd days where I'm waiting on others so I can pick up my piece of the puzzle so I have time to kill.
We're not going back at all until after Labor Day and then it will be hybrid, though I've already gotten permission for permanent WFH because of the several conversations I've had with supervisors about what else they can do to make sure I'm happy and stay until I retire.
If WFH employers continue or increase then this will be the death knell for the bloated NYC real estate market. A welcome development. People will have the freedom to move to different cheaper areas - maybe even different states with 0 income tax.
because of the several conversations I've had with supervisors about what else they can do to make sure I'm happy
No matter how much they beg or what they offer - Once I'm out, I'm out, remote work or not.
Hiring managers need to realize that whether remote or not, if core problems aren't addressed people will leave.
Remote work should not be used as a carrot, but rather an integral part of employee accommodation where it is sensible.
In 90% of my career I have serviced clients and collaborated with colleagues all over the country. Many white collar professional services jobs do not need to occur in person.
The only thing that increased in person in my previous and current roles was more alcohol consumption and witnessing infidelity, poor eating habits, gossip, drama and in some cases illegal gambling operations, not to mention illicit drug abuse.
In a survey of New York City companies, taken near the end of the winter, more than half expected to reopen their offices in September. But those who work in the construction and HVAC industries tell Gothamist/WNYC more clients are exploring whether to reopen sooner on a voluntary basis. And one architecture firm is now reopening after the July 4th holiday instead of waiting until after Labor Day.
“Architects, we work in teams,” he explained. “Everyone will come in as a team one day a week. We’ll see how that goes, give people an opportunity to get used to coming back to the office again and taking public transportation and all of those things.”
The financial and consulting sectors are looking to get back to the office “sooner rather than later,” but that law firms, media, and tech companies are “happy with Labor Day,” even though Facebook is welcoming people back sooner.
If WFH employers continue or increase then this will be the death knell for the bloated NYC real estate market. A welcome development. People will have the freedom to move to different cheaper areas - maybe even different states with 0 income tax.
Upper class leftists will invade the next prosperous field of crops and destroy them like the locust that they are. It's already happening. I had one foot out the door at work but will hold off on retirement until the dust settles so I can avoid the areas invaded by lefty flight and this fake real estate market.
I suggest you learn about sequence risk if you intend to generate a withdrawal rate off crypto and the effects of volatility.
It may be to late if you have most of your chips in crypto and planning on retiring in October but I suggest you read kitces’s research on the red zone
Last edited by mathjak107; 06-05-2021 at 03:37 AM..
I suggest you learn about sequence risk if you intend to generate a withdrawal rate off crypto and the effects of volatility.
It may be to late if you have most of your chips in crypto and planning on retiring in October but I suggest you read kitces’s research on the red zone
Sequence of returns won't affect me because I'm only pulling the trigger if I have 10 years buffer in cash adjusted for 10% year in inflation, factoring in the ridiculous NYC cost of living of course. Not to mention enough to buy real estate in Queens in cash.
I will also factor in doing consulting on the side, not necessarily being 100% retired. But certainly not dependent upon a six figure midtown corporate job anymore and all the BS that comes along with it.
Should the stock market decide to dump 50% in the next 10 years I will factor in enough cash buffer to eliminate Sequence of returns risk entirely as my withdrawal rate will be 0%.
Worst case scenario we get hit hard in the portfolio and inflation here gets beyond 10% we're moving to Japan where deflation is the concern over there. You may not understand there are many smart professionals such as myself that refuse to continue in the existing system and go back to the BS old ways of doing things. We're planning an exit.
My employer may lose millions over the next 5 years after my departure due to inefficiencies and being unable to find someone with my credentials in a lower cost city. But they'll figure out away to explain it via creative accounting. They don't want to hire colleagues for me here because they don't want to pay NYC salaries. Yet they want me to come into the office
In my opinion cash is trash and tying up a decade of cash is silly ..cash buffers add nothing to the equation at all despite the fact human brains seem to like to compartmentalize things .
We discuss this stuff in the retirement forum all the time . And cash instruments have sequence risk too because a safe withdrawal rate is based on all assets in the pool not just the cash portion so again I suggest you learn about this stuff and not guess at how you think things work .
As famed researcher Michael kitces points out about cash buffers , it is a mental thing and adds nothing to the equation financially nor does it do anything for sequence risk which is based on the entire portfolio not just what is laid out in cash
In my opinion cash is trash and tying up a decade of cash is silly ..cash buffers add nothing to the equation at all despite the fact human brains seem to like to compartmentalize things .
As research by famous researcher Michael kitces points out
I actually used him in factoring in my overall strategy. The problem is he hasn't caught up to Crypto or any other alternative investments yet. Because the main downside he cites is low growth. I actually need cash because I'm 100% growth at this point.
Also would he factor in NY real estate inflation that would happen concurrently? Probably not. If I buy in the next 2-3 years and re-sell 20 years from now, with the crazy asset inflation we're going to see - I'm probably getting a good enough return that with regular reappraisal I can practically offset property tax payments, which basically eliminates housing as an expenditure.
People are still going to want to live in NYC, just not Manhattan. Queens home prices haven't dipped as much and will become more valuable with WFH arrangements are forced upon employers with mass departures in Talent. Our vendor has a skeleton crew right now because they can't get people willing to relocate to Dallas. The traffic there is about to become insane because everyone and their mother is moving there.
All of this is connected, but apparently I'm only one of a few who can see this obvious trend.
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we've had the opposite, billable hours are up across the board.
