I know junior big law associates enjoy higher base with lower bonus (currently $205k+$15k bonus for first years, then +$10-15k lockstep/year), but at what point, if ever, do MDs, partners, etc. begin to pull away from their Big Law counterparts? Does it depend on the bank? Seniority?
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At that level compensation is too variable to say, not just between firms in both law and banking but also between individual bankers / lawyers and between years. Additionally it depends what you mean by "senior banker". A normal MD is going to make a lot less than a group head, for example. I would say on average that senior bankers make more than senior lawyers but that's about as definite of a statement that's possible probably.
That’s a helpful distinction. Let’s assume I’m talking about firms at the top end (V10 vs. EB/GS, etc). Also, in law I know the issue is whether one is willing to grind to equity partner level for ten 8-10 years, and that there’s significant associate attrition before then. What’s the comparable uncertainty in banking? Is making MD/Partner/group head a similar grind and/or crapshoot? And then at that level, does the comp variability you described typically skew way higher than the $1-5M that law partners tend to make?
What are you trying to get from this information? It seems like a relatively worthless exercise, as the variability is large at those levels and the probability of getting to those roles is low. If it’s just curiosity that’s fine, but I hope you aren’t using this to inform your career path, as you can make lots of money in either and both are a grind (and you won’t make it if you don’t love it).
Yes, in banking there is also high attrition. Yes, becoming MD is a grind, and getting higher than that (group head, etc) is a grind and a crapshoot. Just think about it, there are 1000’s of analyst roles, then as you hit MD (and a bit at VP) there are much fewer spots, and keep playing that forward (only one group head per group, etc). So you have a lot of competition for very few roles.
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