Is Law School a good Idea? [Semi-Target with JPM PB Internship]
I am a Junior 2023 at a semi target private school in Dallas, TX with an internship this summer at JPM (Private Bank). I am considering Law school following my undergrad/ or after a couple of years of work in Asset Management. I do want to pursue a LLM in Securities law, but I know costs can be high. It is key to note that I am not seeking a career in Law, but just to accentuate my expertise for any potential lateral moves into structured finance, IB, PE from AWM.
My main questions are:
1. Is Law school really going to boost my career in banking? (AWM, or potential lateral moves)
2. My undergrad GPA isn't high enough to get into a T1 school (even with a high LSAT), so would this affect my route?
3. Is it likely that my bank will sponsor my law school tuition (when working full time)?
There’s a certain T30 Alum on here who I’m sure would be happy to set you straight on this with a more colorful answer, but I think the answer can be boiled down to: don’t do law school if you don’t want to be a lawyer (and further, if you want to be a lawyer, make sure you know what lawyers actually do day-to-day). Law school is extremely expensive in both explicit and opportunity costs and truthfully that deep of a knowledge of securities law will not be at all helpful in any finance role, nor will it make you a better investor.
What are your thoughts on tax law? I know someone who has managed to make a great career out of it
Work hard this summer and try to lateral into IBD. I would never pick law school unless your heart is set on becoming a lawyer (and if your heart is set on becoming a lawyer, then that's another conversation we should have, haha). Law school will not help you get a better job in finance/consulting and even in the small event that it does, it would be a much tougher and more expensive path.
If you want to be in banking, finance, consulting, etc and want an advanced degree, then wait a couple of years an do an MBA. Easier, cheaper, more fun, and better aligns you with the path you want to be on.
Thought the same as you out of school. Got a 171 LSAT on my third try, mind you 11 months of studying later. Then I thought, why the fuck am I doing this? $200k+ in debt, 3 years of no earnings and coursework that everyone says sucks, just to slave away checking off billable hours for $200k a year in big law if I’m lucky.
No thanks. Sure, some go banking but the first thing I always wondered at my old job when we hired someone with a JD was, “wonder why this guy isn’t a lawyer?”
It’s just not worth it. I’d find another way to get where you want in your career. There’s plenty of other paths.
From an earnings perspective, finance is more lucrative. From a work perspective, finance is more interesting. From a people perspective, finance as shitty people as it has are better.
If you have to ask this question, don’t go to law school, it is expensive and the opportunity cost is too high.
Virtually the only scenario I think it makes sense is a jd/mba at a top 10 institution and even then the degree will riddle you with debt in a way other paths don’t.
The only JDs within the private bank (or at least the vast majority) work within the Trust and Estates space and they do need a law degree for that - they aren't practicing lawyers but advise clients on the structures they can use for their assets. Each PB has a few of those folks on hand. JPM prob wouldn't cover your law degree, haven't heard of that. LLM is good for outside of the US, but if you're gonna take the time, go for the JD. That's my view as someone from the private bank.
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