Investment Banking vs. Biglaw Hours?
Hi,
I'm currently a first year associate at a biglaw firm. Unfortunately, I realized I hate the law, so I'm contemplating a career shift. I've always been interested in finance, and my current practice is finance-adjacent. The one thing I'm concerned about is the hours, and I'm curious how much of it is hyperbole. Right now, on an average week, I work about 60 hours. While I do work on the weekends, I have a lot of flexibility/control over my schedule (never have to cancel plans or anything).
How true are the "average 80 hour week" complaints on this website? I'm at a stage in my life where I can grind, but regular 80 hour weeks seem absurd to me. I've clocked 90 at my busiest (and it was hellish).
I realize that it's very firm/practice group dependent, but would like to get some data points. One thing I'm wondering is how much of that time is actually productive. As a lawyer, I have to bill my hours, and I would say that I bill about 80% of the hours that I actually spend working. My work is pretty mentally taxing, so I get pretty tired even billing 9-10 hours a day. I wouldn't mind spending 15 hours at the office as much if I only had to be "on" for 10 hours. Any insights?
Serious answers please. Really would like some insight.
Your best bang for your buck will be to stay in big-law. You might be able to enter as an associate at an IB firm (big maybe), but if not, you're looking at way worse hours for lower comp (for the first couple years). You have a degree which only works for you when you're doing legal-ish things. You could go work in compliance or something at an investment bank, or in-house legal counsel, but you will be miserable gridding it out with us analysts.
As to whether you have to be "on" for only 10 hours of the 15 hour day, that is sometimes true, but you're definitely not napping for those other 5. You're going to be in for a big shock if you usually work 60 hours. The hours are not total hyperbole. Logging on somewhere between 8:30 and 9:30 and staying on until 10pm during weekdays and working 6 hour weekend days is common. You are correct that people are not consistently doing 105 hour weeks, but the grind is real. You'll likely have a couple late nights per week (2am-ish or later), and the work isn't exactly stimulating at times. An 80 hour week is probably on the slightly high end of very normal - it is not hyperbole to pull 80s at a large bank or EB.
This is a great response and exactly the type of insight I'm looking for. Thank you. I certainly expect to be brought in as an associate (wouldn't entertain going in as an analyst). Fortunately, I have a decent pedigree.
OP is already working those banker hours if not more. They mean 60 billable hours.
Former attorney here. 60 hours a week isn’t that bad for big law so at least you have time to retool and network. Feel free to PM me with any questions. The “profession” is painfully dull and a grind, no one well-adjusted likes it, and the exit ops are lackluster.
I don't think the expectation is that you work 60 hour average weeks at any BB or MM (talking about coverage or M&A, not capital markets) until you get to senior VP or even Director. As a junior associate (once past your initial 6 month ramp up), I think it's probably 75 hours a week on average +/- 10 hours for busier (ie now) or slower times. Might be closer to 70 once you're a senior associate / jr vp.
Truth - only averaging 60 now as a VP3 and VP1/2 was averaging 70+
I’m sure plenty of lawyers work longer and harder hours and get paid more than many bankers and vica versa. Depends on each person and his or her or their situation. Some people are just more gifted in math and others in English. Beyond that jobs are pretty similar in terms of need to be a very good people person. Bankers and lawyers are good friends.
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