This isn't exactly banking, but it is a big, well-respected firm and the pay is decent. Anyways, I know generally what corporate lawyers do on deals, but are their hours just as bad? Anyone have any experience with these guys and their lifestyle?
Being a Corporate Lawyer
Corporate law can be a very demanding job as a junior associate and even at the partner level.
A junior associate may work 70 hours a week or more.
The pay at top firms for these junior associates is around 130k so comparable to an IB analyst.
Big paydays come later as a partner. Income partners can make north of 700k. You can increase income by bringing in revenue for the firm and getting a percentage of total billable hours generated. Equity partners can make several million a year.
There is also an up or out policy in most corporate law firms. The main distinction between law and finance seems to be the benefits of being on top of the hierarchy. It is not uncommon for a partner to be "in the trenches" and working 70+ hour weeks.
The fact that struck me the most odd is that partners in law firms work just as hard as they did when they were associates.
Maybe this is not at all law firms but I see partners just as active on our deals as the associates on their team. It's a bit weird to see a 60 year old grandpa-looking partner sitting in drafting sessions and deal negotiations at 4am.