Question about the M&A law to banking pipeline
Friend of mine wants to leave his V10 m&a law firm to have a go at banking. Is this a possible pathway?
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Based on the most helpful WSO content, transitioning from a V10 M&A law firm to investment banking is indeed a possible pathway. Here are some key points to consider:
Experience and Skill Set: Lawyers, especially those with M&A experience, have valuable skills that can be leveraged in banking. They understand deal structures, documentation, and risk mitigation, which are crucial in banking transactions.
Challenges: One of the main challenges is addressing the question, "Why Law School and Law, instead of doing finance out of undergrad?" It's important to stand behind the choices made and articulate how the legal experience adds value to the banking deal team.
Targeting Specific Banks: It might be beneficial to target banks that could use specific legal expertise. For example, TMT boutiques might value a patent litigator's background.
Networking: Networking is crucial. Engaging with professionals in the banking sector and leveraging connections can facilitate the transition.
Career Progression: The transition might involve starting at a junior level again, similar to an analyst or associate, and working up from there.
Comparison of Roles: Bankers focus on valuation and strategic angles, while lawyers focus on documentation and risk mitigation. Both roles are essential but different in their approach.
In summary, while the transition from a V10 M&A law firm to investment banking is challenging, it is certainly possible with the right strategy and preparation.
Sources: M&A - Bankers vs. Lawyers, Banking to Law?, Ask CompBanker, Law to Investment Banking (One Monkey's How-To Guide), Law to Investment Banking (One Monkey's How-To Guide)
(M&A lawyer here) It’s definitely possible, but it completely depends on the state of the market. At the moment, outside of RX, the law to banking pipeline is harder because while M&A transactions may be picking up, there are so many unemployed bankers who have experience in IB already who will likely be first choice for any open positions.
Your friend is going to have to network a lot and have some luck. They should also be prepping the technicals and doing WSP/other modeling courses to showcase their skills.
Best of luck to your friend. Feel free to DM me if any other questions.
May you mind elaborating a bit on the RX law to RX IB pipeline?
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I personally see it happen more with MM firms, so it depends on comfort with deal size, prestige, etc.
I worked at a v5 for two years. Went to a bulge bracket as an associate. Just made director.
It's possible, but not particularly easy. Some banks love ex-lawyers - lazard in particular can't get enough of them. Others aren't as receptive.
A few things to note:
there won't be another down year for the next 15 years. The US avoided two recessions in 2020 and 2023. There is no more economic crisis; banks and institutions are well-prepared for any downturn
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