Ex-lawyers in senior IB positions?
I noticed that a lot of senior MDs/heads are having a prior background as lawyers. Curious to know why is that?
See some examples below:
- Lloyd Blankfein, ex-CEO, Goldman - ex-Prokauser
- James Gorman, ex-CEO, Morgan Stanley - ex-lawyer (Australia)
- Brian Moynihan, CEO BofA
- Bruce Wasserstein (RIP), ex-CEO Lazard - ex-Cravath
- Andrew Bednar, CEO/President Perella - ex-Cravath
- Kevin Costantino, Co-CEO/President Greenhill - ex-Wachtell
- Jim Millstein, Co-chairman Guggenheim - ex-Cleary Gottlieb
Probably deal and execution experience. At the senior level, it's less about the numbers or analysis, and more about negotiation, process, deal strategy - all attributes that corporate lawyers are very good at, probably better than most other bankers
I'm at an EB and a handful of our MDs are ex-lawyers. I'd guess it probably has to do with deal management & execution experience? Not sure, but at the senior level that becomes vastly important
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