Set in New York City during the early 1980s, the story revolves around two recent graduates, Alice Kinnon and Charlotte Pingress, who have just completed their studies at New Hampshire College. They find themselves working as underpaid readers at a local publishing house. One night, after work, they manage to gain entry to an exclusive disco nightclub where Alice hopes to connect with Jimmy Steinway. Unfortunately, Jimmy is in a bad mood after being prohibited from bringing clients to the club, leading to a confrontation with his friend Des McGrath, who works as the club's manager and is on thin ice for letting Jimmy and his associates inside.
When Jimmy is kicked out, Alice takes the opportunity, encouraged by Charlotte, to spend the night with her back-up choice, Tom Platt. The following day at work, the two friends discuss strategies to expedite their careers and decide to share an apartment with another friend, Holly. Although Alice hesitates, they eventually agree on a railroad apartment.
Drama unfolds when Alice discovers that Charlotte has feelings for Jimmy, which disturbs her, especially after Tom reveals that he had a long-term girlfriend during their one-night stand, and feels compelled to return to her. Meanwhile, Des shows an interest in Alice, leading to a complex web of relationships.
Alice takes a bold step by advocating for the publication of a book on Buddhism, previously dismissed by Charlotte. Although it’s discovered that the author is not truly the brother of the Dalai Lama, Alice stands her ground, claiming the book as one of her favorites. As she gains respect at work, Charlotte’s insecurity grows, especially after she embarrassingly announces Alice’s medical condition at the club, mistakenly thinking it will make her more appealing to men. Intriguingly, Des becomes more attracted to Alice afterward, leading to casual dating.
The dynamics complicate when Alice confronts Tom about her illness, where he initially deflects blame but ultimately confesses to giving her herpes as well. Enter Josh Neff, a district attorney and friend of Jimmy, who expresses interest in Alice during a lunch, revealing his own struggles with manic depression. Their relationship deepens as they go on proper dates, but things take a dramatic turn when Charlotte suffers a miscarriage and is devastated to learn that Jimmy plans to leave for Barcelona. Tension escalates when Charlotte questions Alice about Jimmy's feelings for her.
Amid these tumultuous events, the nightclub faces a police raid due to tax fraud, and Des, filled with anxiety over Josh’s affection for Alice, tries to escape. The state of the nightclub mirrors the decline of disco as a whole, as Alice and Charlotte watch the fallout from their jobs at the merging publishing house that leads to layoffs.
Not long after, the trio—Charlotte, Josh, and Des—emerge from an unemployment office with pink slips. However, Alice celebrates her promotion after successfully changing her book to a self-help genre, much to their surprise. As they head to Lutèce for a celebration, they discuss the challenges and joys of being with individuals whose personalities clash with their own vibrant lives. The film concludes on a light-hearted note with Alice and Josh breaking character on the subway, dancing to "Love Train," as fellow passengers join in their spontaneous celebration, symbolizing a moment of joy amidst the chaos.
