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San Francisco rent is so expensive that a law firm bought a $3 million plane to
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Date: December 12th, 2017 1:07 AM Author: Black stock car resort San Francisco rent is so expensive that a law firm bought a $3 million plane to fly its people in from Texas instead of having them live there
Tanza Loudenback
Dec. 6, 2017, 8:25 AM 192,603 private jet "Rent is so high they can't even afford a car," a partner at Patterson and Sheridan told The New York Times. Justin Sullivan/Getty Images
San Francisco's median rent is $4,450, nearly three times that in Houston. Instead of hiring expensive talent in the Bay Area, one Houston-based law firm flies its lawyers in on a private jet once a month to meet with clients. The firm uses the jet — which costs $2,500 an hour to operate — as a tool for recruiting top talent.
Rent and home prices in the Bay Area are so high that one Houston-based law firm is using an alternative to hiring expensive local talent: a private jet.
Patterson and Sheridan, an intellectual-property law firm headquartered in Houston, bought a nine-seat plane to shuttle its patent lawyers to clients in the Bay Area once a month.
Though the jet cost $3 million, the Houston Chronicle's L.M. Sixel reports, it's cheaper than hiring local lawyers, and even less expensive than relocating the Texas lawyers with business in Silicon Valley to the area.
"The young people that we want to hire out there have high expectations that are hard to meet," Bruce Patterson, a partner at the firm, told The New York Times. "Rent is so high they can't even afford a car."
According to Zillow, the median rent in San Francisco is $4,450, while the median home price is just under $1.2 million. Rent in San Jose, a nearby city popular among Silicon Valley workers, while lower, is still more than double the median rent in Houston.
Each flight for the firm costs about $1,900 a passenger — adding up to $2,500 an hour in operating costs — but since the lawyers are working in-flight, the three-to-four-hour ride is billable, the Chronicle described Todd Patterson, a managing partner, as saying. Plus, private flights protect any confidential work and save the firm's lawyers about 36 collective hours they would spend arriving early, waiting in security, and checking bags on a commercial flight.
The firm says it's "still able to offer companies and inventors lower costs because most of the patent work is done in Houston, where commercial real estate is 43% cheaper, salaries 52% lower, and competition for technical talent far less fierce," according to Sixel, who rode on the jet last summer while reporting the story.
"We fly it full," Patterson said. "It's not a luxury item."
It's also "a selling point to recruit young lawyers" who want to work with top tech companies but can't afford Silicon Valley's cost of living, Sixel reported. The firm's frequent visits to California have also brought in new clients including Intuit, Western Digital, and Cavendish Kinetics.
Perhaps some companies looking for talent in Los Angeles, Silicon Valley's neighbor to the south, could benefit from this strategy.
A report from the University of Southern California and the Los Angeles Business Council published earlier this year found that exorbitant housing costs in Los Angeles were inhibiting employers from attracting "high performers" or top talent to their companies.
About 60% of the employers surveyed said Los Angeles' high cost of living affects employee retention, with 75% naming housing costs as a specific concern. And nearly all said they viewed high housing costs as a barrier to hiring new mid- and upper-level employees. |
Date: December 12th, 2017 1:10 AM Author: Copper yarmulke organic girlfriend (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34895948) |
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Date: December 12th, 2017 1:12 AM Author: Burgundy shrine lmfao dude country is shot (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34895951) |
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Date: December 12th, 2017 11:29 AM Author: Frisky crotch (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34898143) |
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Date: December 12th, 2017 1:12 AM Author: Beady-eyed mad-dog skullcap useless brakes all cash chinese buyers will eventually buy all the private planes and airports too (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34895952) |
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Date: December 12th, 2017 1:22 AM Author: Slap-happy bossy temple (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34895988) |
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Date: December 12th, 2017 1:33 AM Author: bespoke misanthropic library fanboi (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34896023) |
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Date: December 12th, 2017 10:42 AM Author: soul-stirring dopamine parlour (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34897765) |
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Date: December 12th, 2017 1:12 AM Author: dun swollen half-breed who the fuck would willingly live in SF. 4500 for rent? fu (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34895956) |
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Date: December 12th, 2017 1:13 AM Author: stirring nudist abode gaming laptop guy who enjoys first world real estate economics here, sup (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34895957) |
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Date: December 12th, 2017 1:15 AM Author: stirring nudist abode gaming laptop "The young people...Rent is so high they can't even afford a car."
and xoxo wonders why me buying a 13 year old used accord actually gets me more pussy than a 6 figure NOCARpwn3d poor in america. just goes to show you how fucking retarded some posters are here |
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Date: December 12th, 2017 10:28 AM Author: Laughsome bbw pit Let's be clear. A 13yo Honda accord does nothing to contribute to you "getting pussy" (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34897664) |
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Date: December 12th, 2017 1:13 AM Author: pungent charismatic indian lodge (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34895958) |
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Date: December 12th, 2017 1:13 AM Author: Translucent electric stead jewess "but since the lawyers are working in-flight, the three-to-four-hour ride is billable, the Chronicle described Todd Patterson, a managing partner, as saying."
Jesus christ.
Also, mid and "high" level employees can't even afford a place to LIVE.
Meanwhile that dude you went to middle school with who broke a pencil off in his ear is making BANK in flyover, no debt, with a house with a hot tub and he's got a huge lifted truck and jetskis and his wife has big fake tits and they drink bud light all the time. |
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Date: December 12th, 2017 1:16 AM Author: Sapphire deranged goyim (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34895969) |
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Date: December 12th, 2017 10:57 AM Author: Slap-happy bossy temple Just as long as I don't have to stop doing what I love. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34897882) |
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Date: December 12th, 2017 2:34 PM Author: marvelous mediation only problem is there are NO JOBS in flyover (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899681) |
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Date: December 12th, 2017 1:13 AM Author: bespoke misanthropic library fanboi (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34895961) |
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Date: December 12th, 2017 1:48 AM Author: swashbuckling house (1) what's median rent in nyc? no way it can be that high
(2) are these houston bros all CA licensed? |
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Date: December 12th, 2017 10:12 AM Author: Up-to-no-good toilet seat box office median rent in NYC is lower, but there are 5 boroughs.
the apt comparison is SF to MFH south of 96th street. |
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Date: December 12th, 2017 2:27 PM Author: Indecent internet-worthy step-uncle's house If they're just doing patent prosecution they don't need to be CA licensed. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899637) |
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Date: December 12th, 2017 1:50 AM Author: white meetinghouse What do they pay (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34896091) |
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Date: December 12th, 2017 10:09 AM Author: Black stock car resort (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34897541) |
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Date: December 12th, 2017 10:45 AM Author: Up-to-no-good toilet seat box office not a horrible idea if the firm is big enough.
private jets are actually not THAT expensive if you live in the middle of the country, because the shorter range circle allows you to get a much smaller and cheaper jet.
living on the coasts requires you to get a much bigger plane in order to make it coast to coast, unless you want to stop and refuel which takes a lot of time and comes with extra costs. |
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Date: December 12th, 2017 10:52 AM Author: stimulating lettuce ape GC has to figure out at some point that it's a gigantic waste to pay employee salaries and office space costs in expensive as fuck cities when they can just base them somewhere cheap and fly on the rare occasion they need to be somewhere in person.
they justify being in SF or NYC because they want to "attract talent", meanwhile the employees leave for lower paying, less prestigious jobs because they want to gtfo. |
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Date: December 12th, 2017 11:02 AM Author: Up-to-no-good toilet seat box office i've often felt this way about biglaw. given that so many partners and staff live outside MFH, and given that (a) MFH rent is insanely expensive, (b) commuting time = money, and (c) law firms distribute almost all profits out to partners every year, i've never understood why, for example, a 400 person MFH office didn't split office space 50/50 between MFH and a location outside the city. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34897914) |
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Date: December 12th, 2017 11:05 AM Author: Slap-happy bossy temple David Boies dominating the Armonk scene. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34897937) |
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Date: December 12th, 2017 11:06 AM Author: Up-to-no-good toilet seat box office i mean, it really makes a lot of sense when you think about it. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34897946) |
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Date: December 12th, 2017 11:23 AM Author: swashbuckling house Bc partners are self important faggots (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34898070) |
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Date: December 12th, 2017 11:32 AM Author: pungent charismatic indian lodge (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34898162) |
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Date: December 12th, 2017 1:31 PM Author: stimulating lettuce ape there is this too (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899207) |
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Date: December 12th, 2017 1:32 PM Author: Up-to-no-good toilet seat box office i've talked to many who wouldn't mind not having a commute (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899217) |
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Date: December 12th, 2017 1:35 PM Author: stimulating lettuce ape it's not like sticking the office in greenwich will save ppl that much $ (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899256) |
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Date: December 12th, 2017 1:40 PM Author: Up-to-no-good toilet seat box office Greenwich is particularly expensive though.
Could be in White Plains, Stamford, Darien, Nassau County, Northern NJ
what are psf rental prices in midtown manhattan now? |
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Date: December 12th, 2017 1:57 PM Author: at-the-ready coldplay fan cruise ship Because not all partners are created equal (sup Earl). The ones actually making the decisions aren't sweating a couple extra thousand dollars a month, but they would be sweating the loss of prestige from moving to Nassau County. The guys Making 400 grand, who would have the most to gain, also have the least say. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899422) |
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Date: December 12th, 2017 2:00 PM Author: Self-centered idiot I agree with you man, but reality is that you can bill more for a Magna Fordham grad sitting at White & Case in MFH than you can bill for a Stanford grad and Sid Thomas clerk sitting at a desk at Holland and Hart in Billings Montana. You’d basically have to be super selective in admitting where your lawyers actually work, and strategic about getting them to client meetings and shit in New York. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899450) |
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Date: December 12th, 2017 2:18 PM Author: stimulating lettuce ape sorry, but lawyers are 100% interchangeable faggots and i wasn't talking about law specifically anyways. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899576) |
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Date: December 12th, 2017 2:20 PM Author: Self-centered idiot To you and me they are. There’s no doubt that NYC firms can demand higher rates in the market, whether justified or not. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899586) |
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Date: December 12th, 2017 2:24 PM Author: Up-to-no-good toilet seat box office You think the NYC office of White & Case can bill substantially more than the Billings, MT office of White & Case? (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899619) |
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Date: December 12th, 2017 2:29 PM Author: Self-centered idiot White & Case doesn’t have a Billings Office. But if it did, yes. It’s pretty typical for firms’ local offices to have billing rates that match the local market. So for example the Phoenix folks I know at biglaw satellite offices bill out at half the rate of their NYC counterparts. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899645) |
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Date: December 12th, 2017 2:30 PM Author: at-the-ready coldplay fan cruise ship Yes. a Manhattan office of white and case could bill more than a Queens office of white and case. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899655) |
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Date: December 12th, 2017 2:29 PM Author: stimulating lettuce ape does anyone actually know or care where the associate doing the billing is physically sitting? (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899644) |
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Date: December 12th, 2017 2:33 PM Author: Self-centered idiot I’m not sure. But if not, why do the 3rd years at Greenberg Traurig’s Phoenix Office bill out at half the rate of GT’s NY market? Same question with respect to Ballard Spahn and Perkins Coie and Bryan Cave. If it doesn’t matter at all that those associates aren’t sitting in New York, why don’t they have the same rates? (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899671) |
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Date: December 12th, 2017 2:36 PM Author: Up-to-no-good toilet seat box office Because often times those offices were acquisitions and the local firm that was acquired has different clients and historically lower billing rates, so when they get acquired a partner in the acquired office can't just up his billing rate from $575 an hour to $875 an hour because the firm name changed.
That's a different proposition than White & Case opening a satellite office and servicing existing clients from that office. |
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Date: December 12th, 2017 2:41 PM Author: Self-centered idiot Then why doesn’t Greenberg Traurig stop putting its new Pace grads in the New York office and instead send them to the Arozona office, where they can bill the same high rate but cost way less in terms of overhead cost? Because part of what biglaw sells is the aura that you’re getting the best that money can pay for legal representation. Biglaw partners have a vested interest in getting clients to believe that they can’t get adequate service from a cut rate firm in Arkansas. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899752) |
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Date: December 12th, 2017 2:48 PM Author: Up-to-no-good toilet seat box office You'd need to have a certain number of partners with books move.
Look at it this way, if a set of partners in NYC moved their books and associates to Concord, NH, do you really think clients would demand 25% cuts in hourly rates just because they were now physically sitting in Concord?
Note also that I'm not advocating for drastic moves, but just cuts from extraordinarily expensive midtown office space to materially less expensive White Plains or Stamford office space. |
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Date: December 12th, 2017 2:59 PM Author: Self-centered idiot I actually think they might, but I’m not certain. Here’s why: Ive seen a few top dog lit partners leave, open their own shop, and take all their clients. Every time the partners dropped their rates as part of the pitch to take the clients along. That never made sense to me - it’s the exact same lawyers these guys have always trusted for $800 an hour. Why all of a sudden is their time only worth $500? I think part of it is bargaining. But I think part of it is that it’s easier to sell shareholders and management committee and the board of directors that you’re going with Sullivan & Cromwell than it is to convince them that you should go with Smith and Wilson. Even if Smith and Wilson have been your guys forever. I think there’s a general idea that a big firm name in New York has the credentials to charge more for business cases. Even if it’s total bullshit. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899875) |
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Date: December 12th, 2017 3:02 PM Author: Up-to-no-good toilet seat box office You're misunderstanding me.
I'm saying suppose those same lawyers from Sullivan & Cromwell moved their entire practice to Concord, NH as a satellite office of Sullivan & Cromwell.
I agree they'd lower their rates if they formed a new firm, but that usually ends up being a win-win because the clients simply pay for less overhead. |
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Date: December 12th, 2017 3:09 PM Author: Self-centered idiot I get your point and I agree that my example isn’t on all fours. The point of my story is that when you’re selling yourself as a corporate lawyer it’s not like there’s a consumer reports telling people which lawyer is the best value, which lawyer is a lemon, etc. and as a result there’s a lot of bullshit posturing by lawyers trying to sell their credentials as the reason they’re the ones to hire. I think having a Manhattan address is part of that. It’s bullshit like the name of your firm, where you went to school, whether you’re listed as a superlawyer, that’s used for signaling. So you might be right that it wouldn’t matter much — Boies is doing fine in Armonk — but I think there’s a good chance that you’re not. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899941) |
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Date: December 12th, 2017 11:33 AM Author: irate lodge trust fund As someone who lives in SF, one often overlooked aspect of living in a city with stupid rent is that the only people left are egotistical tools. Chill people don't pay that kind of rent or mortgage. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34898167) |
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Date: December 12th, 2017 11:33 AM Author: honey-headed passionate skinny woman doesn't san franscisfo have WOODS nearby? just live in them (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34898168) |
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Date: December 12th, 2017 11:34 AM Author: pungent charismatic indian lodge Cr (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34898174) |
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Date: December 12th, 2017 1:30 PM Author: Slap-happy bossy temple Have you seen the prices for organic fair-trade hammocks at REI? (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899192) |
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Date: December 12th, 2017 1:31 PM Author: sable spot gunner holy fuck lol (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899210) |
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Date: December 12th, 2017 1:31 PM Author: Bearded crackhouse striped hyena Did they even look into tiny houses at all? (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899211) |
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Date: December 12th, 2017 1:33 PM Author: diverse boltzmann whorehouse are libs going to go after them for emitting all that greenhouse gas into our atmosphere? (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899228) |
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Date: December 12th, 2017 1:39 PM Author: mewling home affirmative action (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899283) |
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Date: December 12th, 2017 1:35 PM Author: mewling home affirmative action (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899253) |
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Date: December 12th, 2017 2:43 PM Author: Obsidian party of the first part "GO, GO, GO!" screams the partner as the light turns green over the drop zone. A gruff Deal Team Six fifth year kicks open the plane door and steps into the wild blue yonder, his "GERONIMOOOOO" scream drowned out by the engine noise and the anti-aircraft explosions clouding the sky. (http://www.autoadmit.com/thread.php?thread_id=3825645&forum_id=2#34899766) |