Biglaw Perk Watch: All Things Housing-Related
Oops, we briefly dropped the ball on our continuing series about perks or fringe benefits provided by legal employers. In prior posts, we covered technology allowances, gym memberships, and marriage bonuses.
Recently a tipster asked us if any law firms out there would help him out with buying a house. We believe he was thinking in terms of financial assistance (e.g., a low-interest home mortgage).
We're not sure about that. But we do know that some law firms will help out associates with other real estate and housing-related matters, such as moving expenses and broker fees.
Here's an open thread for discussion of fringe benefits related to housing and real estate. Have at it!
Earlier: Prior ATL coverage of perks and fringe benefits (scroll down)
(50) Comments
First.
Just wanted to try this out. Not as great as I had hoped.
firssssssssssssstttttttttttttttttttttt@!#$%@!#$^!
Is it true that most NYC Biglaw firms will pay your brokers' fee?
My firm said I could live at the office if I wanted.
S&C will lend up to $75k from CitiBank as a down payment. Loan is payable in 5 years and carries an interest rate of CibiBank's base rate + 1%.
12:22 -- very very interesting. Wonder if Charney took advantage of that to buy his fancy condo?
Morgan Lewis (NY) has negotiated a lower fee with two brokers and will reimburse moving expenses.
I've heard S&C has some program to help with a down payment when purchasing, but I'm not sure and haven't heard the details.
Sidley has a "private banking" arrangement with a couple of big banks. Their programs are quite a bit more attractive than traditional lenders - - e.g., the bank services the loan itself, so it does not have the same "conforming" requirements; same interest rate for jumbo loans; etc.
Fried Frank will assign a real estate department associate to represent you in your closing. And another unrelated perk -- they'll also assign a Trusts & Estates associate to help you draft your will.
Davis Polk gives a 40k loan repayable in 5 years for a down payment.
12:28 - I believe that Wachtell will also provide you with a lawyer to handle your closing if you a buy a place.
(I don't know if they will provide a T&E person to draft your will though. That's nice! Even after you leave the firm, you have the benefit of that.)
Is that 40k loan from DPW interest-free?
Skip the NYC Biglaw scene and come down to Memphis! My new employer, Bendini, Lambert & Locke, hooked me up with a sweet mortgage. They're even encouraging me to start a family!
12:36, LOL. Best comment of the day so far.
Mitch,
Get back to work. This is a waste of firm resources.
Simpson Thacher also provides legal counsel in your closing.
Who the hell is B Clerker?
Allen & Overy reimburses up to $3k for moving expenses and $3k for a broker's fee for incoming associates until 12/31 of your first year.
Wilford/Devasher: Yes, sir! Oh, hey, thanks for the marriage advice!
12:47, B Clerker is one of the other writers for ATL (along with Laurie Lin and Billy Merck).
But this seems like a Lat post. I bet that the byline is an error.
If you work in real estate, it is easy enough to find a title company to insure the title cheaply (which can be a fairly significant expense in some states)
Jones Day will provide a backstop guarantee for a bank loan for 25k to be used as a downpayment for a home.
12:24 - the DPW loan is at prime plus 1% (same as S&C) and also is through Citi. The firm guarantees the loan provided by Citi.
The firms should just give a cash bonus for buying home, say $10,000. By encouraging their associates to take on more debt through such a subsidy and encouraging setting down roots in one city, the firms could get higher retention.
I think B Clerker took that great picture of Merck and his briefcase.
Balch & Bingham (Birmingham Atlanta DC) has a package similar to the Sidley one described at 12:28 with one of their regional banking clients.
Squire Sanders provides assistance with a home loan in Cincinnati, Ohio, but I'm not sure about the details.
At Sidley, there's enough work so you have no time to bother with commuting back and forth to some expense "house." The rest of you are real suckers!
2:00--WTF?
Banks will provide the kind of financing described for the S&C for any big firm, usually they don't even require the firm to guarantee the loan. Chase and Citi love to do this, and if you're willing to just ask them, they'll go much lower than Prime + 100 bps.
2:14 makes a good point. There are a lot of benefits out there that you can get as long as you ASK. So don't be shy...
isn't the prime rate around 8.25%? why is 1%+ prime a good deal for anyone?
yeah, a 50,000 loan at 9% interest doesn't sound like much of a perk
Bang[el], Bang[el] & Bang[el] will help you walk like an Egyptian.
You have to be willing to work in Asia (Tokyo, Hong Kong, Singapore, etc.), but there are firms there that will usually pay your rent on top of NY salaries and bonus, up to around $5,000/month, plus throw in a COLA for hookers and blow to keep you working those crazy hours. If you can still manage to raise a family while spending that COLA, many firms will also pay for the kid(s)'s education at private international schools.
What's the deal with brokers fees in New York? It seems that to find a halfway decent place you have to go through a broker.
-- Will firms pick that up?
-- What about moving expenses?
-- Does it matter if I already live in New York (because I went to law school here)?
Cravath picks us brokers fees, I believe, and moving expenses.
5:04 - What's the COLA for hookers in Hong Kong? Can you find any that don't look *too* Asian?
6.28 - there are plenty of russians. Particularly in Macau
Gogo Yubari: What kind of work is that in Asia? I presume not litigation.
Twang!!!!!
My firm pays for breast implants. The moral among male associates and partners is very high.
morale, even
July 17, 2007 12:28 PM
Fried Frank provides a junior know-nothing associate to work on your closing for free. However, they charge you their expenses (e.g., photocopies, faxes) at the same exorbitant rates they charge clients. You're better off hiring someone who does closings for a living. It runs more smoothly and costs about the same.
8:10 -- it's mostly corporate, securities and real estate, but there is some litigation/arbitration about. Hong Kong and Singapore, in particular, have become arbitration centers with all the torrid business activity in China.
Sidley will represent associates for free (up to 50 hours, I think) in the purchase of your first or second home.
DPW pays up to a $2500 brokers fee, which ends up being about half for your typical rental in NYC.
Sidley will represent associates for free (up to 50 hours, I think) in the purchase of your first or second home.
Who is taking 50 hours to close title on a residential matter?
Cahill pays NOTHING for broker's fee. But will pay moving expenses, only if you're moving from somewhere other than tri state area to NYC.
i get $30 for dinner which I regularly exceed using the following comments "Its 10 Pm. And I'm fucking hungry--THATS WHY,"