Corporate Law & I-Banking: across different cities
I know that the answer to this question can only be rough and speculative, but I still want an answer:
I have heard that in terms of investment banking, outside of NY the importance of the work decreases, the nature of the work is different for most, and the pay decreases.
I have not heard the same about corporate law.
I plan on working in a big city, but quite possibly and preferably not New York (something more along the lines of Chicago, Boston, or San Francisco).
So here is my question: does pay fluctuate less in law than it does in IB (in terms of NY vs. other big cities)?
First of all, "Big Law" jobs are becoming more and more difficult to find. That industry in particular is getting whacked at the moment and it doesn't look like its going to improve much into the foreseeable future. Secondly, as far as I know, most large law firms do have standardized pay across different cities. The lawyer I used to work with was married to another attorney and she worked in a large law firm. Her comment about pay was something along the lines of, "If I am going to get paid the same no matter where I live, I may as well live in a city that is cheaper than NYC."
All that having been said, there are firms that pay more than 'street' in law just like there are in finance.
That was my understanding. And I understand that law is tough to break into, but I am looking at mostly top 14 law schools anyways (closer to 1 than to 14), which is definitely some help. But I know how cut-throat things are across the board, in both business and law.
Thanks for the quick response.
Top 14 isn't going to get you what it used to...just sayin
Happypantsmcgee, you spoke to how BigLaw jobs are becoming more difficult. What about IB jobs?
LOL, have you seen the number of kids on here that stay stuff like "I would cut my fingers off for a FO job!! I've talked to everyone I know and their friends and homeless people and my cat and no one can help me!! Please!! I need to find a job at an Investment Bank!!!" Shits tough, as its always been.
If you get a 3.5+ gpa in a top 10 undergrad or top 5 law, and you have social skills, and you prepare extensively, it's still fairly easy to break in to either industry
;)
That is pretty much my scenario in terms of a high GPA (above 4) at a well-known university and I can get into an elite law school.
In terms of IB, I go to a top Canadian school with an Econ major Commerce minor, so I don't know what my shot is at getting US jobs at good firms out of undergrad.
The social skills part is key.
And BigLaw firms generally have standardized pay. I know I've got a friend out here who makes $160k, and the guys he went to school with that are working in NYC make the same and have a lot more shit to deal with on a daily basis. He loves his job, though.
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