3L to Analyst

Hi,

I'm a third-year law student with a accounting undergraduate degree. This summer I discovered that the law really isn't for me. I didn't attend a top undergrad, but my law school is fairly respectable. Not, top 14, but respectable. After doing some research, I became interested in investment banking. I know some investment banks hire law students as associates, but I probably don't attend the right law school or have the right grades for that.

Therefore, I was wondering if I could start as an analyst.

Would that be possible? Would I have any edge on students from prestigious undergrads because of my law degree? Any suggestions on where to apply?

I'm not considering NYC BB, but rather MM banks in Pennsylvania, Maryland, Virgina, and DC.

Thanks in advance.

 

Your dream of becoming an IB analyst from your law background is very noble. Even if you don't go to a stellar law school (ie T14), you can get your foot in the IB door by networking with other IBers. It is amazing how powerful connections can be in compensating for your lack of target school.

You may have to overcome some overarching questions of why you want to be an analyst after going to grad school for three years and why you do not want to pursue law. Committment and devotion are key things to highlight. You seem to be amazingly flexible in terms of what position you enter IB at. Which is good.

Good luck in your IB search.

 

Your dream of becoming an IB analyst from your law background is very noble. Even if you don't go to a stellar law school (ie T14), you can get your foot in the IB door by networking with other IBers. It is amazing how powerful connections can be in compensating for your lack of target school.

You may have to overcome some overarching questions of why you want to be an analyst after going to grad school for three years and why you do not want to pursue law. Committment and devotion are key things to highlight. You seem to be amazingly flexible in terms of what position you enter IB at. Which is good.

Good luck in your IB search.

 

Also curious about this possibility. Have a big law return offer. Straight from UG, guessing this makes associate roles unlikely. Please PM if you have relevant knowledge.

 

So you have an interview with Citi CM soon and you're a 3rd year law? That's interesting. You're not out of your element to want IB 'cuz everyone and their mother wants IB. My manicurist wants IB :-)

Question, is your undergrad in Fin/Acctg?

My hypothesis is that you must be tall and extremely good looking. Citi likes to hire rico suave types into Capital Markets... who are good in the art of schmooz.

Again, just a hypothesis...

 

My undergrad is in Political Science/Economics.

And I'm average height and extremely good looking ... I've got a great blue steel though.

Why is it so crazy to be coming into Capital markets from law?

I hear people say that alot, but I see the backgrounds of a lot of top guys in finance (Bruce Wasserstein for instance) that have law degrees. He's got the MBA too, but I think the law degree would have come first.

 
Best Response

Sure, folks like Wasserstein and others have made the transition to IB but they did so significantly later in their legal careers after they've structured a gazilion M&A deals and they usually come in at a very senior level, not out of law school.

For example, arguably the country's most notorious corporate restructuring attorney is Jamie Sprayregan. He's from the Chicago practice of Kirkland & Ellis who recently left to join Goldman Sachs as an investment banker. However, Jamie Sprayregen's acumen includes restructuring United Airlines among other mammoth transactions.

Interestingly, more CEOs have law backgrounds than they do business backgrounds. Did you know that? A law degree is a very powerful background to have.

BTW, I've known a few candidates out of law school make it into GS PWM... GS loves hiring attorneys into PWM.

Likewise, I've seen lawyers straight ouf of law school go into a capital markets position but they've generally had a convincing sales presence which complements the function of CM.

 

We recently had a meeting at Goldman. PALS (Practicing Atorneys for Law Students) hosted an event there. One of the speakers was a Yale Law graduate, she started at GS as an IB associate straight out of Law school. She had done a summer as an associate and took 2 finance courses while in law school. She then told us that JDs are definitely encouraged to apply as associates in IB so don't listen to what some people here have to say.

 

Except you're giving the example of a Yale law student.

Anyone coming out of any academic program from Yale can be an associate. It's the baptism.

Also being "encouraged" to apply vs. getting a job is different, is it not?

 
KingKong:
We recently had a meeting at Goldman. PALS (Practicing Atorneys for Law Students) hosted an event there. One of the speakers was a Yale Law graduate, she started at GS as an IB associate straight out of Law school. She had done a summer as an associate and took 2 finance courses while in law school. She then told us that JDs are definitely encouraged to apply as associates in IB so don't listen to what some people here have to say.

um.. sure, if you go to harvard/stanford/yale law school (and columbia/nyu/and some of the other top ten). also as noted earlier in this thread, most of these lawyer-turned-banker JDs have been summer associates @ BBs. otherwise, its going to be an uphill battle for you. there are tons of lawyers who want to be bankers. according to HLS students I know, law students have an easier time getting jobs as consultants than bankers.

 

I can kind of talk the banking talk, and I am familiar with accounting and balance sheet principles as well as the structures of most financial instruments ... fixed income, hybrids, CDOs and other stuff (mostly credit) I also have some risk assessment knowledge from time spent at Moody's.

What I don't have is a lot of background in financial modeling and and valuation other than the obvious ... P/E, PEG ... etc. ....

Can anyone suggest the best type of position to go after (someone above mention PWM)?
Woody

 

It was pretty informal, and the people that I talked with said that at the end of the day, alot of what they do is legal. In fact, on the trading floor I went to, there were alot of lawyers there. That said, I think it is also necessary to understand the markets, bond pricing, valuation and a host of other financial jargon and concepts.

Mainly, you really have to know what they are doing in ibanking before you get there, so you can bullshit with your interviewer and answer any questions he might have relating to finance.

 

you are out of your element...my old group had a guy who came out of law school. If you go into a capital markets structuring/orgination group, a law degree would be very helpful since a lot of it is document based. Of course analysts are expected to model and put together the pitchbooks, but it's by no means rocket science. Definitely go for it you are interested and I think coming out of law school will help you. And it should be pretty similar (if not better) than a 1st year associate position at a law firm. When I used to be leaving doc sessions, the associates at law firms would be just starting the night of editing our docs

 

Est accusamus quos sit exercitationem consequatur adipisci aliquam. Rerum exercitationem dolor quo saepe fuga veritatis dolor. Quia quam dolores natus voluptatem. Fugiat voluptas nulla sunt ut id totam expedita nesciunt. Ut magnam sint esse saepe. Ratione omnis deserunt voluptas modi nobis. Magni sequi ratione optio maxime optio soluta aut.

Enim numquam odio qui et. Laudantium repellendus temporibus consectetur est. Commodi et mollitia iste sint est est. Sed dolore et quia omnis et vero.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
DrApeman's picture
DrApeman
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
kanon's picture
kanon
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”