Transition - Thoughts on transitioning from corp law to banking?
Hi, new to the boards. Been reading for the past couple weeks just to get some information, but I figured I would finally post.
So, I wanted to ask everyone's thoughts on transitioning from Corporate law to banking. Here is my deal:
Went to Lehigh ('01) and majored in Finance. Lets say I did a bit too much socializing and didn't graduate with the greatest grades - 1 year as pre-med didn't help either. Wanted to be involved with M&A and deals but obviously the grades weren't there, so I went to law school. Went to Hofstra Law and graduated with pretty good grades. Unfortunately, coming from a crap school with no corporate exp it was tough to get corp job. But being persistent and networking paid off and I finally landed one with a Chicago based international firm (very big firm). Low and behold I was caught up in the layoffs this past year.
I have been rethinking things and I really would like to try and get into banking because I always felt I was better off on the business side. Lawyers pretty much make me sick haha. So anyways I know the market is terrible to attempt a transition, but I have been reading up here and on Mergers and Inquisitions. I have been networking with some Lehigh alum and I have some contacts in PE and banks as a result of my work exp, but I wanted to ask what people thought about this.
People I spoken with say that I should be focused on Associate positions because of my JD. Also, would I need to wait till places are hiring laterals as opposed to graduate recruiting? I spoke with Houlihan and HR informed me that I could not be considered for the 2010 (FT) class because I was not graduating this year. I have been looking at and applying to the boutiques.
Thanks in advance guys.
Having a JD and experience in corp. law can certainly help you transition into banking. I would recommend looking at restructuring groups or restructuring-focused investment banks because corp. law and restructuring have many cross-overs. A few MD's in my restructuring group at my prior firm were all former lawyers, and they did very well as bankers.
If you want to get into a industry group like healthcare, it might be harder but its still definitely achievable with your corp. law experience and JD.
No offense. But lets be honest, so you know what your up against. You went to lehigh undergrad, which gets no respect and then you went to an even worse law school. And again this isn't an ad homineon attack, however if you want to get in somewhere worth while you have to be objective and realistic.
Why would one of the top restructuring shops hire a Lehigh/Hofstra J.D. when there are people with 1) BB banking experience 2) from target schools with some finance experience 3) and a reputable J.D's. It doesn't make much sense. What could you possibly offer them? From the way you sound it seems like next to nothing at this point.
There are a couple of ways to change that. One is learning how to build models, learning about finance and being absolutely impeccable at handling the numbers aspect of deals that are honestly expected out of you when you are a 2nd year analyst and expected to stay with you and get better as you move up the chain. If you want to go to a smaller shop that's less prestigous (which is honestly all you can do at this point, if that), you'll still need to be able to do this, but you obviously won't have to go as above and beyond as if you were going to a top tier firm. And once you have some experience than you can leverage that into something better.
Second, perhaps you can get an MBA. If you graduate from Harvard business you will be an old associate but you'll at least be in the front door to make MD by the time your in your 40's.
Third, perhaps passing the CFA, which will show that while you have no experience you are still pretty smart when it comes to finance.
you need to recognize that coming on these forums to hear from a bunch of ivy league college kids isn't the right way to approach this. You need to get started right away a) learning the business b) hounding the shit out of alum from you school and bankers who may be willing to help you, on a good day (obviously need to impress them for them to take a chance)...
At this point, your chances are very slim to make it into banking. You need to hear this, so you stop acting like a freshman sorority girl, grow a pair, and learn that you aren't special and no one gives a sh*t about you.
Maybe just some clarification on some other points. Other than a direct listing for a specific industry group or maybe product group like M&A are Analysts/Associates usually brought in as a class and they filter out to industry/product groups over time?
Also, what is the best way to go about this? In other words is applying via websites a hopeless cause - I have seen a few posts say that it wont get you anywhere.
I realize this may not happen soon, but I want to make this happen (even though Im 30 now haha) and I will keep trying. Just need to get ideas of an approach.
No offense taken. I appreciate your honesty and I was expecting an answer like that and that's why I am here asking people who are in the business and maybe someone who has transitioned about approaches.
If I were you, I would go after an MBA. I know that isn't a cheap decision, but it will take you where you want to be, if you do it right. Study your ass off for the GMAT and get a 700+, which will get you to a good (name recognition) school (since it seems you have good work experience and a JD already). By getting into a good MBA program AND having a JD, you will probably be in a competitive position for a Summer Associate role, which will lead to a FT offer if you play your cards right.
I didn't read anyone else's comments except for OP, but I think there is one easy solution here:
Get your MBA.
as a fly by analysis, the same you're going to get on a first pass of a resume, you've jumped around a ton. luckily the year pre-med year won't show anywhere or it would seem worse. pretend it didn't happen, i wouldn't even use it to explain the grades. if you can network well enough to get in front of people your major obstacle is proving dedication to banking. make the resume walk thru flow like it was a natural progression to banking, no matter how it seems. you'll also have to spend quite a bit of prep time previous to the interview nailing the tech side, you have no room for error.
all that being said, you still have a tough road in front of you. network like crazy, do informational interviews as they can act similar to a real one in proving fit and dedication. MBA is going to dig you a fairly big whole and probably detract from the story. most people with both degrees do them at the same time and use them for entry into a law area, not the other way around. they'll see the short stint at a law firm then going back to get your MBA as another jump around and you're probably dead in the water. that being said, if you can ace the GMAT you still could convince a nice MM or boutique shop to take a chance.
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