Networking Advice - Law Student w/ PE Background
I’d appreciate some advice and perspective. I’m getting a bit frustrated with the job hunt. I am currently a 2L law student at a top 3 law school. Before law school, I spent 3 years working in private equity doing MM buyout and then direct deals for a large family office. I chose to go law school based on advice from a decently wide range of mentors who felt the legal education provides more substance for the transactional world than an MBA. I wanted to pursue a joint degree, but wasn’t able to get admitted.
My 1L summer, I worked for a few weeks at a law firm and then spent 3 months in the summer/this fall at a ~$1.5bn growth equity fund in NYC. It was a good experience and the team liked me enough to let me get more reps after the summer. There are elements of the leadership/fundraising dynamic there that make it less attractive as a full-time opportunity, so I’m looking for something else in the growth investing or buyout world.
The whole process of networking for PE jobs in my situation has been frustrating. When I try to slowly build rapport with individuals and funds, they end up suggesting other funds I should focus on meeting if I’m interested in jobs. When I try to be more forward about the job hunt, I’m often ghosted or told that groups aren’t hiring and won’t do internships either. After hundreds of calls and emails, I’ve started to feel like I’m missing something important. Ive made really great grades at law school and have turned down opportunities to work at top firms and do federal clerkships in pursuit of getting back into the investing world, but it seems like I’m an awkward fit in terms of experience and background for everyone. I’ve tried to cultivate some warmer intros through some old bosses who encouraged me to go the law school route, but their networks are not nearly as deep as they originally held them out to be. Just trying to get some thoughts and perspectives on how to improve my approach.
Hey there, I totally get your frustration. The job hunt can be a real jungle sometimes, especially when you're trying to break into a field as competitive as private equity. But don't lose hope, you've got a unique background and that can be a real asset.
First off, it's great that you're reaching out and networking. That's key in this industry. But remember, networking is a two-way street. It's not just about what you can get from them (a job), but also what you can offer. With your background in law and experience in private equity, you bring a unique perspective to the table. Make sure that's coming across in your conversations.
Second, don't be afraid to be "that guy" in the inbox. Yes, you don't want to be pushy, but you also don't want to be forgotten. Follow up on those messages you've sent. If they don't respond, it's their loss.
Third, consider broadening your search. You mentioned that everyone in your network is mostly lawyers or not in finance. That's not necessarily a bad thing. Lawyers can have connections in the finance world, especially if they've worked on finance-related cases. And who knows, maybe one of those non-finance connections knows someone who knows someone. You get the idea.
Lastly, keep your chin up. Job hunting is tough and it can take time. But with your background and determination, I'm confident you'll land something great. Remember, every no brings you one step closer to a yes. Keep swinging!
Sources: https://www.wallstreetoasis.com/forum/investment-banking/breaking-into-private-equity-from-banking?customgpt=1, 30yr old law grad with no traction and feeling hopeless, Private Equity Lawyers, Need career advice.. PLEASE help
You are in a tough situation. Law school is simply not a direct conduit to a private equity role, and the hiring market is not exactly ripping right now. Because your story is so non-traditional, you're probably going to have to be extremely broad in your search and accept that your hit rate of firms that are actually willing to consider hiring you will be 5%. It's probably also worth looking into recruiting for investment banking associate roles, with an eye toward flipping to PE once you are a mid-level associate. Law school is still not a direct pipeline to banking, but at least there is a bit more structure and precedent.
In terms of your conversational approach - look, it's not easy but you have to strike the right balance between making it clear you want a job without seeming like a craven opportunist. The reality is, people are not stupid and they know you're looking for a job, so you don't really have to be too forward in terms of asking if they are hiring. The conversations should be framed as asking for advice about how to position yourself (and don't discount this, you'll actually get some decent advice sometimes!), and if the conversation seems to go well, at the end you can ask in a sort of soft way if they think there is any hiring on the horizon at their firm or others they are aware of.
As a final lesson, which you hopefully learned already anyway - be careful about who you take advice from. I may be wrong, but if I had to guess, my bet is that your mentors that suggested law school was a good idea don't work in private equity or a closely adjacent industry (like banking or VC). Advice from mentors that don't have firsthand visibility to the path you're trying to chart shouldn't be ignored, but it should be discounted and verified by talking to people that are doing what you hope to be doing.
may not be what you’re looking for, but you could totally spin your story really well for distressed opportunities. Eg. did growth equity and saw a company begin to die off and realized i want to create value from things others think are worthless and so i went to YLS/HLS because i knew the legal skillset would be helpful, now im here at firm X because of A. Obviously phrase it more eloquently but RX/distressed may be something worth looking into.
The way I see it your best bet would be to work 1, max 2 years at something like kirkland rx and then try pivoting again.
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