Going to Law School ruined my career - what now?
Target undergrad and high GPA in finance/economics.
Applied straight to law school (uninformed career guidance)
Really really did not like law school, got bad grades.
I miss Finance. What now?
Thanks for any advice or just idk, listening.
I’ve been interviewed by many people who were formerly lawyers in ib (levfin specifically) and research. Just find those people on LinkedIn, find their emails, and reach out to tell your story. I’m sure a lot of them were in the same boat at some point.
Based on the most helpful WSO content, here's what you need to know:
Leverage Your Finance Background: Your target undergrad and high GPA in finance/economics are strong assets. Highlight these in your resume and networking efforts. Many professionals with JDs have successfully transitioned into finance, especially in roles like investment banking, private equity, or asset management.
Spin Your JD Positively: While law school may not have been your passion, it still provides a unique skill set. Emphasize how your legal training can add value in finance, such as understanding contracts, regulatory frameworks, or corporate governance. This can be particularly appealing in areas like compliance, M&A, or activist investing.
Target Niche Roles: Consider roles where your JD and finance background intersect. For example:
Networking is Key: Start reaching out to alumni or professionals in finance who also have JDs. They can provide guidance, mentorship, and potentially open doors. Use LinkedIn, alumni networks, and industry events to build connections.
Consider Additional Education or Certifications: If you feel your finance skills need refreshing, consider taking a few courses in financial modeling, valuation, or other relevant areas. Programs like the WSO Financial Modeling Course can help you rebuild confidence and demonstrate commitment to the field.
Be Honest About Your Journey: When interviewing, be upfront about your career path. Frame it as a learning experience and focus on how it has made you more determined and better equipped to succeed in finance.
Start Small if Needed: If breaking directly into high finance seems challenging, consider roles in financial data providers, boutique firms, or even consulting. These can serve as stepping stones to larger opportunities.
Remember, many professionals have successfully pivoted from law to finance. With the right strategy and persistence, you can too. Good luck!
Sources: Recent grad, super lost. Can anyone give advice/help me choose between an MBA, JD, or MA?, Why do lawyers do so well in finance?, Talk me out of law school (HYS law), Career switch from journalism to finance...how to go about?, Banking to Law?
Not a bad play to stay in a firing-averse profession (assuming ur in biglaw) with high cash comp in such a volatile environment. Also, depending on your age, you might not make meaningfully more money for a loooong time if switching careers. if you're on partner track at a good firm, you're in all likelihood going to have a higher EV than if you were in PE or IB based on fee compression and how IB wages have stagnated.
This seems to be a common misconception among bankers. BigLaw is not risk averse, and is especially layoff prone. Probably more so than banking. As soon as work dries up in particular practice group, juniors are often let go within a quarter or two. It’s a lot more common than bankers think.
Just by virtue of size alone, BigLaw employs probably 4-5x the number of lawyers as there are bankers. Probably 1 in 10 associates ever make it to partner. Layoffs or a pivot in-house are the expectation.
Associate profitability is directly measured by the number of hours they bill. Not every group across all 100+ BigLaw firms is consistently profitable. So if work dries up, the $250k associate base comes directly out of the partnership. The industry is designed to keep a low ratio of Partners to Associates.
Depends what firm you're at, but certainly not more so than banking. For one, the work at most firms is less cyclical. For two, there are vestiges of "partnership culture" (though that has gone away) that hasn't existed for a loooong time in finance. For three, there is the steady, barely increasing supply of t14 grads that need to be accredited unlike the vast pool of fresh labor for finance. Law firms don't move downmarket as much to pick up talent (unless you're kirkland) and thus there are also reputational/institutional relationship concerns that law firms must take into account with t14 and their students before doing layoffs.
I don't think you actually know that much about law firm economics. Top firms bill out 1st years at close to 1k/hr so they're making almost 10x base just on that associate alone. Unless there is a severe downturn, firing just isn't worth the operational/reputational headache.
Don't think you realise how good 1/10 odds are, this is far higher than associates in IB/PE.
Also as a sector it is certainly growing more than IB/PE, which have faced and will continue to face lower real wages.
The only downside to law is that it is a truly, truly grindy and alienating job, more so than IB & PE.
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