Is it harder to become a partner at a law firm or at a financial services firm?
(Monkey, 36
Points)
on 5/16/12 at 5:29pm
Just out of curiosity, I am guessing for both roles the banker or lawyer has to prove himself.





The cock you have to suck at
The cock you have to suck at either place is just as hard.
Who are you going to believe, me or your lying eyes?
I think the consensus is that
I think the consensus is that it's harder at a law firm.
At the very least, I'm sure it's a more boring process. That I can guarantee.
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Can't speak to law in detail
Can't speak to law in detail but it always strikes me as a more long, drawn out process. Finance at least is a quick death if you suck at it and lose money. It does have that going for it. And if you make gobs of money, you'll be a partner in no time. So it depends more on the person as to which is harder.
I don't think the
I don't think the demographics of this forum will provide an accurate answer for you
"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger
Ravenous: Finance at least is
Finance at least is a quick death if you suck at it and lose money. It does have that going for it. And if you make gobs of money, you'll be a partner in no time. So it depends more on the person as to which is harder.
Basically this. A friend of mine was passed over for partner at one of the most powerful law firms in my area. He made them a shitTON of money, but didn't have the right "social network"....such a thing would not happen in finance, and if it did, you could easily jump ship and get your own department.
Finance is also pretty cut and dry: if you suck, you're out the door very quickly. Lawyers linger on for DECADES in some cases, hoping to get a big score. If I came from a rich/powerful family, I'd have done law, but I don't so finance it is.
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- accountingbyday
I would hazard a guess and
I would hazard a guess and say that it's tougher to be an MD than it is to reach partner level in a law firm. First reason is that the rate of attrition in investment banking is much higher than in law firms. You get annual culls and in times of crisis like these entire groups are being cut and IB-departments are being restructured. Whilst I am sure that law firms are also cutting jobs I don't imagine it would be the same as in finance.
Also, the skill set required for today's MD's is far more diverse than it is for aspiring partners at law firms. Not only do you need to be skilled technically (because you need to survive the analyst/associate years) but you also need strong interpersonal skills to get deals done. Lawyers don't need such strong number skills as bankers.
Finally, we have seen Merrill, Bear, Lehman and other banks radically transformed/disappear in the last few years - this is a testimony to the instability of finance. Hence why I think it's harder to make it to the top there.