Shift from Biglaw into Bulge Bracket
What kind of level can a fifth year NYC biglaw corporate attorney expect if he makes a lateral move into banking?
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probably a mid-level associate
Any tips for transitioning from law firm -> BB IB? (Originally Posted: 11/06/2010)
Hey all,
I'm a new associate at a V5 NY firm, doing banking/finance work, and hope in the medium-term to transition over to an ibank as an associate. Pre-'08 I heard this was fairly common, but that now it's more of a challenge. I consider myself well-versed in finance/m&a, but have no business or finance background and have never done any modeling.
I would like to accomplish the transition in a couple years time, but figure I should try to be positioning myself to make this possible.
Anyone who's made this jump, or any IB associates: do you guys have any advice on making this work? One tip I got was to get in touch with an IB recruiter, but it seems that might be a bit of a crapshoot, and certainly premature at this stage.
Any advice would be greatly appreciated.
Thanks
To make the transition a little smoother, you could first work for the IB Compliance group at one of the BB's. If you can afford the pay cut from the law firm, it would be easier to network your way into FO banking.
haha man you think this guy is going to go from associate at a V5 law firm to COMPLIANCE?! you have got to be crazy man.
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I'd put in a few years and then try to make the leap. I met 2 associates in a BB energy group who had recently come from biglaw, but they came over with specific experience in the space (on the legal side) and with a few years of law under their belt. Network, meet people involved in deals on the other side of the table, then position yourself for a move down the line.
Thanks for all the responses, really helpful stuff. I need to figure out a way to network w/ clients, since a lot of the deals we do seem to involve one-off relationships with a team over at the bank. so you might deal with an associate or vp on one deal, and then never talk to them again. but you guys are definitely right, and maybe i'll try to go the alumni route.
one more thing: would passing the CFA level 1 be worthwhile? obviously without the actual finance experience I can't be certified, but i thought maybe it would be useful in establishing i can work a calculator. just wondering whether it would be worth it, given that from what i've heard studying for it is a serious time commitment.
CFA is not worth your time. Do you have any M&A work under your belt at the law firm? If you do, I imagine you've worked with a ton of bankers. I'd tap them on the shoulder.
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