* Undergrad from non-target * JD/MBA from mid-tier school * 5+ years in LMM M&A at a boutique shop * Cold called into my first role in investment banking * Lateraled through another cold call Ask Me Anything
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| +137 | UBS Catastrophic Q1-Q3 26, M&A -17%, Outside Top 10 in Americas, EMEA & APAC | 37 | 1d |
| +59 | PWP acquisition by Piper cancelled | 22 | 2h |
| +29 | Evercore poaches Baird DC Defense Team | 18 | 6h |
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| +17 | Lack of talent in IB! | 19 | 2h |
| +17 | Internal lateral from coverage to M&A (focused on coverage) | 4 | 16h |
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| +15 | Discussion Transaction Experience in Lateral Interviews | 3 | 3d |
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do most lawyers enjoy their work? how is the M&A work in law diff. from banking?
1) Which industry between law and finance is more interesting and prospective? 2) Are finance and law closely related? Has JD served you well in IB?
Thanks for AMA!
1) Emerging technologies. A lot of attorney's I work with are trying to develop a niche in AI and advanced materials (battery tech., chemicals, etc.). Having experience in finance / M&A is important here as these companies start generating significant revenue and attract funding.
2) Somewhat, but not entirely. The JD was really helpful with reading, writing, issue spotting and negotiating. Typically, those aren't emphasized as heavily in finance courses. The JD really helps when reading and understanding 100+ page purchase agreements.
The attorney's I know enjoy it. I would venture to guess working on transaction is more fulfilling than ambulance chasing.
I got right into M&A, so passed the bar, but never practiced full time. Legal M&A work is more or less documenting a deal. Banking is actually creating a market and negotiating the most important points of the deal (EV).
What size of deals do you do, and the rank of your MBA?
How come you are not pursuing a BB IB job?
1) Typical deal size is ~$35M. Rank of MBA is top 125. 2) Great question! - Being in the LMM gives me different opportunities. For example, being able to invest in small privately held companies. More freedom outside of work. I am fairly involved with local technology companies as an advisor.
Fellow LMM banker. Maybe this forum is too focused on prestige but I fully agree with you here. Flexible lifestyle, good comp, deals are deals regardless of #'s, I get to equity coinvest, and the biggest point is I feel very needed in every process due to lean deal teams and not financially savvy clients / management teams (which has its downfalls)
LMM is a fun place to be in my opinion. Comp may be more limited at the top end, but as a junior its actually a cool place to exist. Paycut compared to peers but I cleared $100k last year and work 7-6 plus one or two hours at home most days and very limited weekends.
In terms of JD + MBA, could you apply to MBA first, got accepted and then apply to JD, or you must apply to both at the same time? Besides, do you need to take both the GMAT and LSAT?
Thank you.
Good question.
You do not need to apply to both at the same time. I applied to the MBA after the first two years of law school.
Since I took the LSAT, it substituted for the GMAT. I did not need to take both.
Appreciate you doing this and congratulate you on your continued path.
I’m in the process of lateraling as an analyst at a small boutique no-name M&A shop having a hard time so wanted to know how you were able to cold-call these folks. Cold-email is not working out for me and mind you I’m sending some really good ones tailored to the team and past vertical experience. Anyway you were able to convince them? How was the timing like for them? Thanks in advance!
You're welcome.
I left a couple voicemails for the president and followed up with email. A lot of times these folks are very hard to contact.
Maybe try reaching out to a VP or Associate.
What does typical compensation look like for Analysts and Associates at your LMM? Is your firm generalist or industry specific? Hours / lifestyle? Fellow LMM banker here as well.
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