the future
I am a junior going through the internship application process and I am slightly worried about getting into I-banking (or, more accurately, S&T)
The dollar is falling fast, we are about to have a democrat in office, and it just seeems as if the wall street bubble may be about to burst.
are these insane thoughts? is job security going to be a huge problem at BB firms in the near future?
Thanks!
if you're worried about dems in office, think about who presided over this credit bubble. also consider how well the dems are responding to olive branches from high finance. the dollar will probably strengthen under a dem, since the rest of the world will think higher of our government. the bubble is up in the air.
BBs may have a couple rough years but I really can't claim to have any industry experience to back that up with.
There is no job security in life.
********"Babies don't cost money, they MAKE money." - Jerri Blank********
And think who it was who forced banks to give out mortgages to those who were previously redlined in the spirit of the American Dream...Thank the dems for the subprime mess.
This is the kind of crap that has me wondering if I should go to law school in a country other than the US....if IB's hurting, the cash flow into biglaw may run thin....
This is the kind of thing that makes ME think that law school in the US will pay very well. Think about all the trouble these banks are getting into. There is always a need for finance people if you want to do that, and Bankers are always paid well, just don't calculate that on an hourly basis. The problem with your line of thought is that by the time you are really making a decent income (25-30 yr old) you don't know where the market will be. Unless you are a true visionary (and risk taker).
Omg you're right, these banks are probably gonna get into mega legal trouble and they need armies of lawyers to make it go away. Biglaw salaries have been going up for the past...like 6 years, though....they pay $160k base and announced $35k bonus at major firms (Cravath, Sullivan & Cromwell, etc) for first years, and the compensation is upped about $15k-$20k each year.
The problem with law school is this, is that you need to be at the top of your game in order to get a job in law. Go to a great school, be at the head of your class, etc....it's just as competitive if not more.
For example, let's use my ex's bro.
He graduated from yale law, harvard undergrad. You know where he's working now? For some circuit judge in the boonies. Like North Dakota or something.
Some highlights from my favorite blog (forwarded to my ex, who now also wants to be a lawyer)
From March 28th 2007 (website can be found here: http://barelylegalblog.blogspot.com/ )
From a reader:
"I ran across your blog tonight and I felt compelled to write in with my own diatribe. I never really gave much thought to going to law school until I was halfway through my master's program. I have come to conclude this has been the worst mistake of my life, to date.
My grades were fine - I made the Dean's List, got an award, even graduated with honors. I clerked for a small firm my 2L year, volunteered for varies legal groups, networked, etc. Everything the good law student should do. During my 3L year I submitted an article to a law journal and it was accepted for publication. I also graduated with honors. I thought all of these things would guarantee me a job. Seriously, Master's degree, work experience, honors, publication - my firm bio would look beautiful. I was WRONG!
I graduated in May of 2006 and now it is March 2007 and I finally got a job - as a frickin' document reviewer...second shift. I'm not even good enough to get a 9-5 job. I'm pretty sure in my next few interviews I'm going to explain the gap in my resume as being caused by a very sick relative who eventually died.
I never understood why lawyers always told me never to go to law school. Now I do. Bar review is the closest thing to hell on Earth. When you do finally pass the bar you either stay unemployed or get a soul-draining job as a document reviewer. My advice to law students is - quit while you're ahead!"
********"Babies don't cost money, they MAKE money." - Jerri Blank********
No one here knows about Loyola2L? It even made WSJ front page few weeks ago.
Hows that different from IB? You need to be at the top of your game to get a job in IB too.
If you're looking across the top tiers, biglaw comp doesn't even come close to comparable work in IB/PE/HFs.
For some reason, being a lawyer kind of fascinates me....it's kind of an obsession since I started watching boston legal. I think I'm gonna actually follow through with this obsession. Besides, I used to want to be a corporate lawyer since like, 10th grade in high school. But then I realized that I had to take the bar.
Now, the bar doesn't scare me so much. It's just like any other type of standardized exam; you study your ass off for it, learn a few strategies and take the exam. Same with the LSAT, GMAT, GRE, SAT, ACT, CFA, AP, you name it.
You know that the TV show you like is a TV show, right?
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