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Younger professionals in DC are paid exceptionally well. Considerably more than other regions of the nation and that includes NYC and the SF Bay Area.
Married professional couples in lucrative occupations such as law, medicine, executive-salaried federal officials or corporate management are the main drivers of sky-high cost of living here. But the salary and incentives earned by 20-somethings and early-30somethings are also skewing the averages upward for DC and surrounding suburbs.
The professions that are the highest in demand and the highest rewarded in the National Capital region are Law AND Software/IT Network Engineering. Newly minted law grads start out in the $100-$140,000 per year range at the bigger DC law firms. Lawyers are probably vaulting into the $200-$250,000 income category by their early 30s as they make the climb to the partner status when they reach their 40s. Of course, we have to keep in mind that the law school loans are taking a nasty bite out of the paycheck. But the 20 and 30-something DC lawyers are still doing pretty well in the lifestyle and bank account departments.
Computer Science grads who have security clearances can clear $100,000 per year before they hit 30 years of age. Some computer/network professionals make way more than $100,000 if they are exceptionally skilled at developing new programs. IT engineers are highly valued by many Beltway Bandit firms and a few of the private-sector consumer oriented firms. I have heard of 22 year old VA Tech graduates getting offers starting in the $70,000 range because they have a CS degree and some sharp skills. Think of those $70,000+ income, single 22 year olds blowing their cash at restaurants, bars, retail outlets and you wonder why so many places that cater to 20-something crowds LAST SO LONG in Washington, DC.
In a way, Computer Science graduates have more disposable income than lawyers because they are not saddled with heavy student loan debt from a professional degree program. I would rather be an IT geek than a lawyer in DC because my money will go farther.
It's no wonder we are seeing late 20-somethings shop around for real estate TO BUY in some of the up & coming DC neighborhoods. A young couple can plop $40,000 from their savings accounts for that down payment and get a sweet deal from the mortgage interest rates. Oh yeah, I think The District still pays people to buy property.
So, if you don't work in Law/Lobbying or Information Technology then you will be seeing a smaller paycheck and you will struggle more with the high cost of living here.
Do you realize just how many lawyers there are in DC??? I know far too many DC attorneys who have not taken the path that you speak of.
The problem with your dissertation is that VERY FEW new law graduates enter the workforce through the "big law firms" in DC. Part of the reason is that those "big law firms" are merging and/or going out of business, subcontracting out work, downsizing, etc. Or, the newly-minted lawyer just doesn't have the experience to land a job with these firms. You are talking about a very, very small percentage of new grads entering the the law industry through this channel. Most are counsel to non-profits or work for the government, of which salaries are not anywhere in the ballpark that you speak of.
It certainly doesn't hurt to be an attorney in DC, but I think you've given the wrong impression that the average 20/30-something attorney new-hire being a lucrative position from the outset. I believe your loose use of numbers and factoids is absolutely misleading and I don't believe can be backed up with factual salary statistics. ( I notice you didn't provide any).
Do you have any data on this? I mean the number of young computer scientists making that much? And I always thought it was only a few lawyers who managed to make a ton of money like that.
All anecdotal. From conversations. You know, "did you hear So&So is pulling $XXXXXX this year?" Trust me, the IT professionals are making above the median salaries at ALL age levels. And newly-minted associates at major DC corporate law firms are pulling six-figures straight out of law school.
There are several topics about it and when the cost of living it's not that uncommon for someone to mention young professionals making a lot of money.
Do you have any data on this? I mean the number of young computer scientists making that much? And I always thought it was only a few lawyers who managed to make a ton of money like that.
We are talking Big-Law firms that have platoons of attorneys and a big pit of revenue. Washington, DC has many Big Law offices spread through out the city. We aren't talking ambulance chasers or Father & Son law offices.
Younger professionals in DC are paid exceptionally well. Considerably more than other regions of the nation and that includes NYC and the SF Bay Area.
Married professional couples in lucrative occupations such as law, medicine, executive-salaried federal officials or corporate management are the main drivers of sky-high cost of living here. But the salary and incentives earned by 20-somethings and early-30somethings are also skewing the averages upward for DC and surrounding suburbs.
The professions that are the highest in demand and the highest rewarded in the National Capital region are Law AND Software/IT Network Engineering. Newly minted law grads start out in the $100-$140,000 per year range at the bigger DC law firms. Lawyers are probably vaulting into the $200-$250,000 income category by their early 30s as they make the climb to the partner status when they reach their 40s. Of course, we have to keep in mind that the law school loans are taking a nasty bite out of the paycheck. But the 20 and 30-something DC lawyers are still doing pretty well in the lifestyle and bank account departments.
Computer Science grads who have security clearances can clear $100,000 per year before they hit 30 years of age. Some computer/network professionals make way more than $100,000 if they are exceptionally skilled at developing new programs. IT engineers are highly valued by many Beltway Bandit firms and a few of the private-sector consumer oriented firms. I have heard of 22 year old VA Tech graduates getting offers starting in the $70,000 range because they have a CS degree and some sharp skills. Think of those $70,000+ income, single 22 year olds blowing their cash at restaurants, bars, retail outlets and you wonder why so many places that cater to 20-something crowds LAST SO LONG in Washington, DC.
In a way, Computer Science graduates have more disposable income than lawyers because they are not saddled with heavy student loan debt from a professional degree program. I would rather be an IT geek than a lawyer in DC because my money will go farther.
It's no wonder we are seeing late 20-somethings shop around for real estate TO BUY in some of the up & coming DC neighborhoods. A young couple can plop $40,000 from their savings accounts for that down payment and get a sweet deal from the mortgage interest rates. Oh yeah, I think The District still pays people to buy property.
So, if you don't work in Law/Lobbying or Information Technology then you will be seeing a smaller paycheck and you will struggle more with the high cost of living here.
meh. That may have been true for lawyers back in the late 90s/early00s. Not too many lawyers are coming out of school and getting jobs at firms these days. The company I used to work for has now started hiring law grads as legal assistants--and grads are gratefully taking those sorts of jobs. If that's any indication to job prospects for law grads, I'd say the pickins are pretty slim.
newly-minted associates at major DC corporate law firms are pulling six-figures straight out of law school.
Right, but at least the first few years, they're working close to 80 hour weeks (many nights and weekends in the office). So you could argue they're basically working two 60k/yr full time jobs. It's a hazing/weeding out process similar to what hedge funds firms will do to new associates. I know many folks who quit and head for public sector and/or boutique firms because of the stress and competition.
I would agree that most IT professionals are making above the average salary. I am a 24 y/o IT professional and I started out making a $35k salary when I was 17 years old straight out of high school. IT would be the way to go in the DC area. There are TONS of jobs for the IT professional nowadays.
meh. That may have been true for lawyers back in the late 90s/early00s. Not too many lawyers are coming out of school and getting jobs at firms these days. The company I used to work for has now started hiring law grads as legal assistants--and grads are gratefully taking those sorts of jobs. If that's any indication to job prospects for law grads, I'd say the pickins are pretty slim.
Exactly. He's talking a VERY small percentage and extrapolating it to a cross-section in an attempt to link it to the whole. Even in big markets like DC, attorney's aren't starting out at 6 figure salaries like many people think they are. In fact, I believe the common refrain from many young attorney's in DC these days is that they're just happy to be employed, many of which seek the big umbrella of government for job security reasons.
Law grad incomes are very similar to investment banking/high finance grad incomes. Top of the top (Top of graduating class of Harvard/Yale/Insert Ivy League here) go to large firms for a large wage for a large work week. The rest of the top and the scores of plebes get normal jobs living comfortably middle class and happy to have a job.
^ anotherwords, not quite busting their butts and brains working 24/7, right?
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