Banking vs. Big Law, Part XXVI
By BankersBall on Oct 3, 2007 in Big Law, Cube Life, Job Hunting
Time to debate an issue that hasn’t been discussed in about … oh, a full minute. Big Law vs investment banking?
I’m pretty sure that every banker would pick banking over law — more money and more glamour. Unfortunately, this WSJ piece doesn’t do a whole lot to shed light on the issue. Summarizing reader response, they write:
“Readers were split. Many said that banking is the way to go — the pay is much better and the work more fun, day to day. ‘It is far more meaningful to play the game rather than to just watch from the sidelines,’ wrote one. But several others made the case for a career in law, arguing that lawyers are less likely than bankers to lose their jobs in downturns. “
So now we need the lawyers to chime in. Let’s settle this once and for all.
On Oct 4, 2007, Anon said:
Anyone have suggestions for making the jump from big law to banking? Does passing the CFA exams make any difference?
On Oct 4, 2007, Anonymous said:
The main advantage of banking is more money faster. I-bankers earn more than law firm associates at the junior-to-mid levels where business development isn’t a big factor in comp (associate, VP, director). At the partner level, it evens out, with many biglaw partners earning more than the average managing director. The very top people on both sides are pretty much interchangeable. It is true that lawyers have more stable careers. Many of the top firms are lockstep and partners really have no business development expectations. Law firm rainmakers elsewhere keep a larger proportion of their books than their banking counterparts. On the other hand, it’s easier for a banker to rack up huge book.
On Oct 4, 2007, Lumbergh said:
The CFA makes little difference but it can’t hurt. Unlike law, banking is less dependent on what credentials you have and more dependent on whether the people that interviewed you like your personality, willingness to work like a dog and ability to kiss ass.
On Oct 4, 2007, passerby said:
A CFA is helpful for the buy-side and probably some groups in banking, but is a 2nd order consideration in hiring decisions at a bank.
On Oct 4, 2007, john said:
not sure where the 2nd poster is getting his facts. it’s a well-recognized fact that banking makes more money than law at any stage of the career. the big law partner makes at age 45 what the banking MD is making a decade earlier.
On Oct 16, 2008, arvin said:
Well I guess the massive layoffs and total destruction of the investment bank sector answers this question once and for all.