Do senior bankers make more than Big Law partners?
I know junior big law associates enjoy higher base with lower bonus (currently $205k+$15k bonus for first years, then +$10-15k lockstep/year), but at what point, if ever, do MDs, partners, etc. begin to pull away from their Big Law counterparts? Does it depend on the bank? Seniority?
At that level compensation is too variable to say, not just between firms in both law and banking but also between individual bankers / lawyers and between years. Additionally it depends what you mean by "senior banker". A normal MD is going to make a lot less than a group head, for example. I would say on average that senior bankers make more than senior lawyers but that's about as definite of a statement that's possible probably.
That’s a helpful distinction. Let’s assume I’m talking about firms at the top end (V10 vs. EB/GS, etc). Also, in law I know the issue is whether one is willing to grind to equity partner level for ten 8-10 years, and that there’s significant associate attrition before then. What’s the comparable uncertainty in banking? Is making MD/Partner/group head a similar grind and/or crapshoot? And then at that level, does the comp variability you described typically skew way higher than the $1-5M that law partners tend to make?
What are you trying to get from this information? It seems like a relatively worthless exercise, as the variability is large at those levels and the probability of getting to those roles is low. If it’s just curiosity that’s fine, but I hope you aren’t using this to inform your career path, as you can make lots of money in either and both are a grind (and you won’t make it if you don’t love it).
Yes, in banking there is also high attrition. Yes, becoming MD is a grind, and getting higher than that (group head, etc) is a grind and a crapshoot. Just think about it, there are 1000’s of analyst roles, then as you hit MD (and a bit at VP) there are much fewer spots, and keep playing that forward (only one group head per group, etc). So you have a lot of competition for very few roles.
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