Why are BigLaw websites more detailed than Banks'?
If you go to a website of a BigLaw firm, you can easily look up partners, associates, etc. and what transactions they've worked on during their careers. Additionally, any recent transaction or conference the firm was featured in is usually on the front page with a shoutout to the lawyers that were involved.
Contrast that with banks (especially BBs) where you cannot look up individual bankers or what deals the bank was on. EBs (EVR, MOE, CVP, PWP, etc. come to mind) usually have their senior bankers listed accompanied by a short bio of their experience and a page that lists the bank's transactions, but overall it's still not as detailed as law firms.
Recruiting timelines, procedures, HR info, and more are also clearly laid out on law firm websites.
Law and IB have similar amounts of employee turnover and both are competitive fields. What incentivizes the law firms to have more up-to-date and detailed firm info than banks?
I see this is what people in corporate finance do with all their free time
Lawyers have brain damage
I am in the process or hiring a legal firm for my personal business and I have recently "interviewed and screened" a number of legal firms in the Southwest of the USA.
- you hire an external legal firm for a very specific task you are tackling in business or personal life
- there are many legal firms out there that look, act and facilitate very similar services
- legal firms are spread across many different regions of the country (or even world, if the transaction is international)
- Highlighting their focus areas, KPIs, and leaders is a proven way to push potential clients to click on the inquiry form.
- Legal firms are often setup as "practices" and therefore in direct competition with other firms.
- The legal framework is often "alienating" to potential customers and showcasing their own staff may humanize this field.
- Legal professionals often have a worse reputation than professionals in financial services (maybe clients remember their own divorce or a DUI or other incident and how they were "ripped off" by a lawyer once)
- whether you win a certain legal case or not may depend more on the legal professional you hire; this is often the nature of how legal processes are handled and decided. Less common in banking. (i.e. see how Saul Goodman is treated at the courthouse compared to Jimmy McGill)
You will also often see that important case-related KPIs are not visible - they often show the successful cases, but not the lost ones.
Thank you for the helpful answer.
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