I hear Bob Kindler is a legend and been around on the IB side of m&a at JP and MS.
Why go back to law? Sure going to Paul Weiss but still scratching my head. Guaranteed supersize bonus at Paul Weiss?
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Rob Kindler is approaching his 70s and if i had to take a wild guess, I’d say that the majority of the rationale behind the move comes down to the different styles of work, as well as the ability for lawyers, in some cases, to work as sort of a partner emeritus, where they want to be semi retired. As lawyers bill by the hour, they can generate revenue for the firm despite only working part time. This is simply not possible with banking, as the bulk of fees are paid on completion. I’m not sure if this is exactly the case but i’ve got a hunch that it may be a contributor.
Additionally, whilst i’m not sure if this is the case in the US, most MDs retire or move up by age 65 where I am, because they’re simply perceived as being too old or not being able to cut it anymore. This can’t really happen with lawyers who are all partners in the firm and as such, can’t really be ousted as they don’t really have anyone to answer to other than their fellow partners.
Again, this is all just me speculating - i’m sure there’s a nice financial incentive involved too.
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