Former lawyers in finance
I thought it's interesting how some successful financiers come from a legal background.
The list that I have for the moment:
- Charlie Munger (Harvard Law): Investor and Warren Buffet's wingman
- Lloyd Blankfein (Harvard Law): Goldman Sachs CEO
- David Rubenstein (UChicago Law): Carlyle Co-Founder
- Sam Zell (Michigan Law): Real Estate mogul
- David Bonderman (Harvard Law): TPG Capital Co-Founder
- James Gorman (Melbourne Law): Morgan Stanley CEO
- Paul Singer (Harvard Law): Eliott Management Founder
- Robert Rubin (Harvard Law): US Treasurer & Goldman Sachs Co-COO.
Honorable mentions:
- Matt Levine
- Jim Cramer
- Jim Donovan (apparently an IB symbol on YouTube)
Would you add anyone else?
Bruce Wasserstein
HLS and HBS grad
"Starting his career as an attorney at Cravath, Swaine & Moore, Wasserstein then moved to First Boston Corp. in 1977 and eventually rose to co-head of that company's then-dominant merger and acquisition practice. In 1988, with colleague Joseph Perella, he left First Boston to form investment bank boutique Wasserstein Perella & Co., which he sold in 2000, at the top of the late 1990s bull market, to Germany's Dresdner Bank for around $1.4 billion in stock. In 2002, he left the unit Dresdner Kleinwort Wasserstein (formed by merging Dresdner's United Kingdom unit Kleinwort Benson with Wasserstein Perella) to become head of the financial services firm Lazard. In 2005, he led the initial public offering of Lazard and became the public firm's first chairman and CEO. Wasserstein controlled Wasserstein & Co., a private equity firm with investments in a number of industries, particularly media. In 2004, he added New York Magazine to his media empire. In July 2007, he sold American Lawyer Media to Incisive Media for about $630 million in cash. He was credited with the term "Pac-Man defense", which is used by targeted companies during a hostile takeover attempt."
Bruce Wasserstein - Wikipedia
Finance is all about enforcing legal documents/agreements. Not surprising at all that lawyers make their way to the top.
Based on the most helpful WSO content, it seems that you've compiled a comprehensive list of successful financiers with a legal background. A few additional names that come to mind from the WSO threads include:
It's interesting to note that many of these individuals have been successful in finance due to their strong legal backgrounds, which provide them with unique skills and perspectives. For instance, they are often excellent at structuring deals, going through the intricacies of each deal point with a fine-tooth comb, and understanding the legal aspects of financial transactions.
However, it's also worth noting that the finance industry has evolved over time, and the hiring process is now more structured. While a legal background can still be beneficial, there is an increasing preference for those with a solid financial foundation, especially at the lower levels in finance.
So, while the path from law to finance is less common today, it's clear that those who have made the transition have been able to leverage their legal skills to achieve great success in the finance world.
Sources: Why do lawyers do so well in finance?, Q&A: Currently at a Credit Hedge Fund, Path to Distressed, Good credit funds?, Today's Top Bankers on The Street. Who are they?
Based on the most helpful WSO content, it seems that you've compiled a comprehensive list of successful financiers with a legal background. A few more names that come to mind from the WSO threads are:
It's interesting to note that many of these individuals have made significant strides in the finance industry, demonstrating the transferability of skills from law to finance.
Sources: Why do lawyers do so well in finance?, Q&A: Currently at a Credit Hedge Fund, Path to Distressed, Good credit funds?, Today's Top Bankers on The Street. Who are they?
Jim Millstein was a restructuring lawyer before joining Lazard. Left to be the Chief Restructuring Officer for the Department of the Treasury under the Obama Administration. Started his own restructuring advisory firm before being acquired by Stone Point then Guggenheim. I think he’s still Co-Chairman there but anyone from Gugg can correct me if I’m wrong.
He’s on the IC at Mill Point Capital. Worked on some high profile RX cases (i.e., AIG, Caesars)
Love Matt's newsletter. Keeps me sane often. My goal in life is to reach that point where i can explain stuff the way he can. Must be a great guy in real life.
Brian Moniyahan (I definitely butchered the spelling)
Jerome Kohlberg
George Roberts
Jeff Sine
Greg Flemming
Bruce Wasserstein
Glenn Hutchins
Stephen Friedman
Ted Forstmann
Bill Price
Orlando Bravo
Stephen Ross
I can keep going but this is about the extent I can do off the top of my head
Jordon Kruse (Northwestern Law) -- Co-Head Oaktree SSG
Jerome Powell - Georgetown Law
Anyone in this thread make the transition from law to finance? I'm trying to break in.
I did but I also had a heavy finance background (three undergraduate business degrees, I am a CPA, three finance internships) so my experience and how I can help comes from a relatively specific and unique angle
Makes sense, seems like there's no real structure to it at this level. Did you specialize in something where legal knowledge is a value-add, and is it buyside or sellside?
How did you get 3 undergraduate business degrees?
Why didn’t you go the MBA route?
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