Advice for Current Law Student
Hi all- I wanted to start out by saying thanks for all the information made available on the website- has been very helpful thus far.
I'm a current law student at a T10 school and have recently decided that law is not for me. I would eventually like to end up in PE, but obviously have some very large obstacles to overcome. I worked some years in-between undergrad and law school at a bank in a non-investment role, so know how to crunch numbers/excel. I'm also taking related classes at my school's b-school next academic year.
I know that the traditional route of 2 years analyst, etc. has passed, and as a result I am looking to pivot to an associate role at a bank upon graduation. How often do i-banking associates exit to PE? Is this an unlikely exit op? The second option would be to continue on as an attorney, network with PE's through deal work, and eventually make my way to a shop as many posts in the forums advised for current attorneys, although that seems even more unlikely to occur. Thanks in advance.
What year are you? If you're only an L1, I would strongly consider dropping out and doing an MSF or MFin instead, or at the very least seeing if you can do a joint MBA/law degree.
" I am looking to pivot to an associate role at a bank upon graduation. "
Law school is NOT going to position you well for this. Every associate with a law degree in IB that I encountered did like a MBA/JD program, never just a JD. I'm sure it's possible to do JD -> big law -> IB associate, but a) that's a long long time for a speculative option, and b) I said possible, not probable.
"How often do i-banking associates exit to PE? Is this an unlikely exit op? "
Not super common but definitely not unheard of either. Don't expect to go to super brand name firms with super structured junior programs. HF may be a better route since they're more open to diverse backgrounds and not usually as structured in recruiting.
"The second option would be to continue on as an attorney, network with PE's through deal work, and eventually make my way to a shop as many posts in the forums advised for current attorneys, although that seems even more unlikely to occur."
Would not recommend this.
This is all assuming you're targeting "vanilla" finance. If you want to do distressed investing, I can see an argument for doing BK law and then transitioning to an RX group and then distressed PE or something.
As CHItizen correctly asked, what year are you? If you just finished 1L, transition out now and walk away. If you did well, it won't bite you in the ass at all. Work for a year or two, get your MFIN/MSF and look to get in that way. If you just finished 2L, you have a very long hard road ahead of you to decide this one because you are 2/3 the way done and have sunk a good deal of capital into this. If you're at a T10 school, getting into Big Law wouldn't be the worst thing you could do.
The problem here is that you don't have a "investment role" under your belt, which makes it harder to justify an immediate offer for an associate role. Second, look at who you are competing with to get it. That makes it significantly harder to do. Third, and this is the most important part, you need to show an interest in finance through your coursework. This means taking Federal Income Tax, M&A Law, Bankruptcy, and any other finance oriented classes you can. This way you can back up your interest and desire. If I were in your shoes and about to enter 3L, I would take as many finance courses as you can and start working for Big Law doing Transactional Law (Corporate, Business, Bankruptcy or Tax) and use that as a stepping stone to move out. You won't immediately jump into a PE role, but it becomes a much easier sell than leaving after 2 years, getting your MSF/MFin and starting out later. Can you get your MBA from the same school? That might help as well, even though it means 2 years of school on top of things.
Thank you for the responses. I just completed my first year and am strongly considering dropping out, although I'm apprehensive of how grad schools will view me when I apply. I know I could pick up an MBA at my current school (have already spoken to MBA admissions). It is not an M-7, but is one of the schools that is typically listed as just outside the M-7.
Would the MSF or MFin degree be more valuable over the MBA at this point? What is the typical career route for someone holding a MSF or MFin in PE? It seems like some employers do not know how to view these relatively new degree programs, but they are gaining strength- is this true from your perspectives?
I'm guessing you're at Cornell, UVA, Duke or Cal; do the JD/MBA, network hard and target lower middle market and MM PE, but also IB, breaking into PE will be a somewhat uphill battle.
If it is still a reputable school but not M7 I would still go with the MBA program, didn't realize that was an option. Maybe look into the employment report from the MBA program and see where people are going. There ought to be a fair share headed to finance.
"Would the MSF or MFin degree be more valuable over the MBA at this point? What is the typical career route for someone holding a MSF or MFin in PE? "
Nah, just go for the MBA at this point. Career route for MSF would ideally being able to get into IB at an analyst level then recruiting for PE as standard. However, many MSF grads do not get into IB as well, and if you are JD/MBA that will position you much better for IB associate recruiting.
Go for the JD/MBA. This is the only scenario where a JD/MBA makes sense.
As others have said, it is possible to eventually work in PE, but I would not say that it is probable. Anecdotal evidence: I have a friend who took the JD/MBA path after his first year of law school, worked in IB, then transitioned to PE.
OP, if you are going to a T-10 Law School, and, as you said, your school's BSchool is just outside the M-7, I would highly consider getting the JD/MBA. Given the T-14, I don't think you would have any issues if you wanted to pick up the MBA as well.
I think, given that you started law school, the MBA as a dual degree would be far more beneficial than getting the MSF or MFin unless you really can't stomach law at all. At which point, I think the MBA would be a bit more suited for your goals. However, I can't really speak for the MSF or the MFin, so there is that.
Thank you everyone - your advice has been invaluable. What other types of signaling would you recommend? I'm going to join b-school clubs and am looking into CFA.
CFA won't really help for PE. As the others have said, you're in a tough spot here. Best bet is to focus on IB (much more realistic than PE at the moment). Do well there and try to move to a PE firm, although that is it's own tough uphill battle.
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