While I've brought of the prospect of getting a JD/MBA before, I've never really asked you all what you think about it specifically in the context of someone working in and hoping to stay in / move up in megafund REPE or REIB. To me, it seems like real estate lawyers / former real estate lawyers get a lot of love at RE PE firms, particularly amongst the higher ranks of people working at Megafunds.
Any real estate deal has so many god damn contracts, agreements, certifications, disputes, financing documents, etc, that it seems like someone who didn't have to consult a lawyer every five minutes to find out whether a complex deal structure is possible or not could really get a lot done! This is particularly true when you have complicated cross-border deal structures (w/ off-shore stuff happening and random SPV tax shelters/blockers and all that), when you're talking about a distressed asset deal, a development deal, or when you're working a deal that involves multiple parties. It also seems to me that having the RE law background would almost ensure that you end up focusing on deal making, structuring and negotiation - as opposed to more boring areas like underwriting.
I'm really trying to convince myself that it's not a waste of time to get a JD/MBA (probably 3 year program at Penn or NW), because I really think it'll be cool and interesting - even if i never practice law. While i'll forgo the extra year of income, my parents will cover the bills /expenses, so it's not like I'd be leaving with debt or anything like that.
What do you guys think?
I work at a PE shop that focuses on these types of transactions and I would say that a dual JD/MBA would make you an extremely integral part of the deal team. Part of my job entails reviewing leases, negotiating contracts, tax structuring, etc. and having a JD/MBA would have been extremely advantageous over the past few years. With that said, relevant deal experience teaches you these things without the opportunity cost of going to school for 3 years and an outside legal firm will almost always be involved in every transaction.
Make sure to tell your future employer that mommy and daddy subsidized you during your years of advanced education! JK, good luck.
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Oh boy, here we go again. I have responded to too many threads like this.
I am skeptical about the value a JD would add because:
*Most of the time I tell people not do it because of debt. This is not the case for you. BUT the cost of JD/MBA is probably more than $150K with out oppcost, there are much better things you could do with that cash. *That JD/MBA will cost you 3 yrs worth of time. That's a lot of time at this level of your career. *The skill set you will acquire will be relevant to one aspect of the business: RE law.
*If you get the JD, you might as well become an RE lawyer. And they make a lot of money at big firms. *You might want to pursue the JD for RE because you see a lot of older guys with JDs but there was a time when that transition was easier and practical. Nowadays, experience trumps everything...sometimes even an MBA. And the skill sets those guys are looking to recruit aren't the skill sets that you get from a JD. *I dated a RE lawyer who did a lot of land-use and partnership agreement structuring. RE lawyers are basically drones that re-use old doc templates and then bill you $200/HR, its a joke of a business but that demonstrates how complex an RE transaction can get. You see one, you've seen em all.
*Most of the RE law stuff you will need to know can be learned with exp.
The MBA on the other hand makes a lot more sense. So drop the JD, focus on MBA. Also, if you get a great GMAT but bad LSAT (which is very possible because the LSAT is relatively harder), that will limit what schools you can attend because you have to be admitted to both the law and business schools.
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