If you're talking Evercore/Lazard/Greenhill etc. then yes since they are very highly regarded. From smaller boutiques it will be tougher but still do-able, though you may lose a year going over.

In general it will be harder to lateral as an Associate than as Analyst since the bank actually wants to keep you for the long-term - once you get too high up it can be pretty hard to move from a boutique to BB.

 

lose a year? I was actually hoping to gain a year, since presumably, I'll have more deal experience than BB associates.

do you think it would be easier to lateral over then with 3 years corporate law experience or would the boutique still be a better bet? Basically, I'm looking to enter a BB at the VP level.

 
Best Response

If you can call it thinking, a BB will always view itself as superior to a boutique, even a boutique with an excellent reputation like Lazard. Why? That's just the way things are in finance, the biggest players always think of themselves as the best.

Coming from a top boutique you may not necessarily lose a year like you would from a MM firm, but it is possible. Deal experience is actually not even relevant - again, banks are very rigid in their recruiting processes.

Lateraling over from corporate law will not help you much - you'll probably just come in as a 1st or 2nd year Associate.

Bottom line is you probably can't enter a BB at the VP level unless you did banking before, went to do PE or worked in corporate and got to the VP/Principal level there, and then went back to banking.

 

Well, I got that far in PE, there's no way in hell I'd go back to banking!

I suppose if I made it that far at a boutique, I might as well stay since I'd be making as much if not more than my peers at BB banks.

 
HerSerendipity:
about law. 3 years of corporate law experience can put you at a senior associate level. I know from someone in my group. Not given a VP title since he lacks BB experience, but still paid way above associate level. Most likely will be promoted in the next few months to VP.

I've always wondered how these guys can survive in banking? They don't know anything about financial statements, modeling, etc...unless they take classes on the side.

I would still think it would be far easier to lateral from a boutique than from a top 10 law firm though. Thoughts on that?

 

Our ex-lawyer was basically the lawyers on the opposite side. As a result, he is extremely well-versed in all of the terminology, drafting memos, etc. The financial modeling and stuff has to be taught (kind of like those first year associates). But it's nothing that's supremely difficult to learn; you just need to practice.

I don't know what it's like lateraling from a boutique, but this is my own personal experience with some of the lawyers.

 

Read Genghis Khan's post in "Accelerated MBA: MBA right after undergraduate, good or bad for Ibanking?" on lawyers switching to investment banking. It's not a bed of roses for them. I've worked with a couple of lawyers (admittedly I am still new to banking) from BigLaw and I am just not impressed with those I've worked with. They can't see the big picture and can't understand the numbers.

 

Not sure, but can tell you I know of 2 people who made the jump from the tier of banks you mentioned to GS/MS/JPM after 1 year as Associates.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
 

Anecdotally I have seen this happen through friends, etc. I also tend to see job postings online for experienced Associates at BB's from time to time. Unfortunately I don't know what the process is like but if you're at an MBA business schools">M7 you'll probably know people at various banks who could keep an eye out for openings and refer you.

 

Definitely possible and done through either headhunters or your network. Once you start working you will have headhunters knocking on your door very often through linkedin, some opportunities will be worth pursuing and others won't. Lots are posted on the bank's careers page or indeed.com, etc. Just find a listing and reach out to someone in the group.

Experienced roles in banking are tough to fill for the bank because it is a small industry and the difference between a new analyst/associate and one with even 9 months experience is night and day so if you have experience there will definitely be opportunities.

 

Sapiente nobis architecto ipsam eveniet odit optio itaque. Voluptatem vitae et sit vel a consequatur voluptatem. Distinctio voluptas harum dolores. Placeat qui ipsum et odio id ea.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”