Tax Law to IBD Path Question
Hi all! For someone with a few years of background in tax law (JD+LLM+Big Law Tax), what groups in investment banks/hedge funds/PE do you see as places where someone could add the most value?
Historically, lots of tax attorneys end up on JPM’s Corporate Finance Advisory IBD team doing equity and debt structuring. Mainly because tax attorney at good firms work on structuring complex funds/financial products. But I was wondering if anyone knew of any other types of groups where the skills would be useful? Could be in S&T or IBD or buy side. Basically, if one started recruiting into finance from tax law, which areas would offer the most interesting/lucrative transition points?
Anyone have thoughts?
I think the big issue is that even in the group/industry/role where you could provide the most value, you wouldn't be providing much value (not you specifically, I mean the perception would be that).
But to directly answer your question, prob somewhere with more complex legal documentation (maybe special sits PE/credit funds?). I would check out TRGP Investment Partners, know someone with a JD/MBA who after banking went there and it seems to have something to do with litigation/their law degree so maybe worth taking a look, I didnt know such things existed. I think def not S&T, prob only niche IBD groups (shareholder advisory/shareholder defense kind of groups?) That's all I got
Any thoughts on whether those activist groups or special situations exists in boutique banks? Or only in the BB banks?
Yeah the EB and BB's I believe have them, dont think boutiques and MM and smaller banks do. It's more of an advisory thing, and if you're doing shareholder defense, it implies the company is public, so thats more in the BB/EB territory rather than a MM/boutique shop.
Separately, as I read your convo below, what is T&E and HLS? Just curious
Sorry for the law Lingo. Trust and estates. Harvard law school
Gotcha thanks, and yeah ah happy to help you think through any other thoughts, that's an interesting question. The less-traditional your background, I think the move is to always try and target more nichey groups, which you are... ok did a quick google search and some interesting ideas
https://www.mergersandinquisitions.com/law-school-to-investment-banking/
- So RX IB & Distressed PE or Special Sits since legal documentation is more nuanced and frequent enough that perhaps having someone in house is easier than paying the big law firm
https://www.wallstreetoasis.com/forums/big-law-to-investment-banking-th…
- This bullet tooth tony guy moved to a pretty standard MM IB group it seems, might have some interesting post history
https://www.wallstreetoasis.com/forums/big-law-to-investment-banking-th…
glkatz has a pretty interesting response about how the ppl at his big law firmed moved over (from clients directly - perhaps less applicable to your situation since they were on corporate M&A side)
Kind of feels like people who made the switch just network and go to general IB rather than try and use their nichey skill set / legal background to get a more legally focused role, I think finance is generally simple enough that having a particular skillset doesnt really help (that's why you can hire an art major out of an Ivy to be an analyst without worrying about their math skills, nor would you seek to hire math majors to do the IB role simply because theres a lot of math)
Correct regarding perception. Frankly with a tax background I’d go into T&E. Good hours and no fire drills. From there you can get into more general estate planning/wealth management positions.
Former M&A law here. Currently in job search, anything in financial services, real estate, or upwardly mobile management. Frankly it has been pulling teeth getting anywhere with strong undergrad/pre-law work experience. Have you been getting interviews/feedback?
I actually am not job searching right now, I was more interested in possible career paths for later on. For informational purposes. Are you working in law or currently in finance?
Was in law. Have done informational and formal interviews. My only advice is to appreciate how difficult and long a road it is to transition out. I have some modeling abilities and it has still been way more challenging than I could’ve imagined.
Maybe solar/wind project finance?
Why do you suggest project finance?
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