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.
3rd year law student - analyst position (Originally Posted: 11/16/2006)
Hey EveryBody,
I am a 28 year old 3rd year law student in NY. I am applying for several jobs in the IB space. I have an interview coming up with Citi in Capital Markets (structuring/origination) at the end of November. I worked at Moody's Investor Service during my law school summers. I have limited modeling and risk assesment skills from these summer internships. I am older than 21, I know, but I spend 3 years in law school doing securities and business law, and have always been interested/concentrated on the markets and am willing to do put in the hours
My question is this: Am I out of my element in trying to get into IB?
You didn't have summer job with a firm before 3rd year? You have no IB shot if not.
this is sad on so many levels
you better have a really high GPA in law school and know your finance in & out for the interview, even if you didn't study it in school and have limited financial modeling experience..... maybe then you could get an associate position... maybe...
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.
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?
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.
that's all I'm trying to do.
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
For lawyers who jump to ibanking, is a background/experience in finance necessary, or is working at corporate law generally sufficient?
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
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