GMAT for lawyer making transition to consulting/IB/corporate gig? Other tips for law --> biz??
I have read a lot of forum posts saying that it is a hell of an experience for a junior lawyer 2-3 years out of law school to suffer through 2 years of an MBA just to become a junior consultant/banker all over again.
However, even if a lawyer doesn't end up pursuing an MBA, can a great gmat score still be useful on an application to a consulting, IB, or other corporate development type of role?
I am a second year corporate lawyer at a Canadian law firm, one of the bigger ones in the country, and I find the business end of the deals I'm working on to be far more interesting than the legal side. Any other advice on how to make this transition?
How's your lsat /act/sat?
LSAT is 97th percentile. 170. ACT/SAT isn't required for Canada undergrad programs.
I reckon nailing the GMAT would kill two birds with one stone by helping with management/consulting applications + opening door to an MBA within 5 years..?
I've seen lawyers make the transition without getting an MBA, for what it's worth. Would make sense if you're an M&A / capital markets lawyer
i doubt that a comparable gmat score (740+) alone will help you make the transition but an M7 MBA definitely will so GMAT could be worth the time investment. I recently finished up first year at an M7 and there are a bunch of former corporate lawyers in my class.
Thank you for this input. The more info the merrier. Do you know how US MBA programs look at Canadian law students/lawyers?
Did my undergrad at a target Canadian business school and currently doing a JD/MBA at a target. No, don't take the GMAT for the sole point of impressing IBD and consulting firms, that's a complete waste of your time and money. The GMAT doesn't actually relate to any substantive business concepts. In fact, half of the test is very similar to the LSAT. All it does it prove your general aptitude, not business acumen. If you wanted to, just list your LSAT score for those purposes.
You are a corporate lawyer at a Sister or similar. Make some connections with your financial sponsor clients (IBD, PE and otherwise). There are quite a few lawyer -> IBD associates at the Big 5 and MM Canadian banks (Canaccord, GMP) and Boutiques (Trimaven Advisors are ex-lawyers) on Bay St. There are also a few JD -> BigLaw -> MBB consulting converts as well. Do some linkedin searches and start a dialogue.
Learn the basics of business valuation. Start with the Pearl/Rosenbaum book and Paul Pignataro book and the Vault guides. You can transition directly into an Associate role in IBD without blowing 100k and two years on an MBA with good networking. You have an advantage over other applicants in that firms know you can 1) burn the midnight oil 2) Have good attention to detail and 3) Know the players and the game. Your perceived weaknesses are 1) Can you do any math? 2) Are you actually motivated to be in IBD/Consulting or just want to leave law? and 3) Are you too old? Associates in IBD work just as hard as the analysts (100+ hours), especially someone without a business and modelling background.
It sounds like you more driven by leaving the mundane-ness of law rather than solely the pursuit of IBD and Consulting (which are quite different roles). Make sure you do you your due diligence. Being an IBD Associate is not luxurious or prestigious. You will work very hard, as hard or harder than you work now in law. Make sure you are truly interested in the role and understand the career opportunities that it offers.
In summary no, don't write the GMAT yet. You should the credentials and pedigree to network into an Associate role. Save yourself a few 100k in tuition with a few 100K in lost opportunity cost...
Thank you for the info! It is not solely about leaving the law - the law is not as bad as people make it out to be. It is not about having easier hours either. I am most interested in consulting as I feel they consult more on the business end whereas in law we consult on the legal end. Eventually I would like to be in management and strategy at a corporation, or at least learn entrepreneurial skills to spin-off something of my own.
So it is more about inherent interest than it is about trying to leave my current situation.
No, I am not too old. On the younger end for law (30 is a long ways away). And I actually do have a strong math background in my first few years of undergrad I took calculus and some heavy math economics, acing all of them. Just need to brush up in that area.
I will heed your advice, though, and do that networking stuff.
Thanks so much.
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