Career move: Law to Financial

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whitedukey

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I currently have a job offer at a prestigious corporate law firm that pays very well yet I HATE legal work. I always told myself that I would work for 3 or 4 years as a lawyer to gain some financial security and then I would switch to investment banking (what really interests me). However, I have over $120k in student loans and financial stability is a HUGE concern for me. I would just like to know what type of position (ie Associate or Analyst) I should expect given I have no prior work experience and also what type of salary should I expect in the Dallas market.

Here are my credentials:

I am 23 so my biggest downfall is that I have no work experience although I have started/managed and sold 2 successfull online companies during undergrad/grad work.

I finished my J.D. this may (graduating in the top 10%) and I will be finishing my M.B.A this Summer. I finished undergrad in 3 years (accounting with a 3.7 GPA). I also finished my JD and MBA in 3 years (usually takes 5 years). Both graduate schools were top 50 schools (nowhere near top 10, although I only want to work in Dallas...not NY). I have passed all the sections of my CPA (although I do not have the work experience to become certified). I have also taken the 2nd CFA test (hopefully I passed).

Based on this info, where should I set my expectations?

Also, I am not sure how job recruitment in the financial sector works...will it be difficult for me to find a decent job at the end of the summer?

Thanks alot in advance
 
While doing derivatives, if my calculations are wrong, I make myself do 25 push-ups...j/k
 
Not sure about other states but in TX you need 1 year under the supervision of a Liscensed CPA.
 
Based on what you've stated, I would take the law job.

1) you can always explore your options in the IB world while working at your law firm, and your law firm clients might be your best bet to make contacts in the IB world. I think it would be crazy, especially given your concerns of financial stability, to not start a job b/c you might want to look for another one. I don't know this for a fact, but bet the starting salaries for lawyers in Dallas (~$125k) are higher than they are for IBankers there.

2) you say you hate legal work, but how do you know that yet since you haven't even started your law firm job?

3) w/ an MBA, CFA, and CFP, you'll have a good story to tell in 3-5 years if you still then want to switch from law to banking.

However, if IB is really what you want, and you have an alternative offer on the table, you should take it. But otherwise I would grind it out for a few years.

just my $0.02

dadecothug, CFA, JD
 
I have worked for that law form for 2 full summers.

I know that starting out I would have to take alot less but I thought that after a few years of experience, you get paid alot more than a lawyer. The consesus in law is that you can make great money but you will never be rich.

Starting salary is 120k and then a meager 7k raise each year.

Additionally, I figured that if I were going to start from the bottom then I should do it now when I am young and dont have kids.

My Main question is how low will that starting job be? I know what to expect in a legal career. Based on my credentials, what do you guys think I can expect in the first 5 years of an IB job (In Dallas)?

Thanks
 
As some other guy said, stick to law.

whitedukey Wrote:
-------------------------------------------------------
> I have worked for that law form for 2 full
> summers.
>
> I know that starting out I would have to take alot
> less but I thought that after a few years of
> experience, you get paid alot more than a lawyer.
> The consesus in law is that you can make great
> money but you will never be rich.
>
> Starting salary is 120k and then a meager 7k raise
> each year.
>
> Additionally, I figured that if I were going to
> start from the bottom then I should do it now when
> I am young and dont have kids.
>
> My Main question is how low will that starting job
> be? I know what to expect in a legal career.
> Based on my credentials, what do you guys think I
> can expect in the first 5 years of an IB job (In
> Dallas)?
>
> Thanks
 
"The consesus in law is that you can make great money but you will never be rich."

probably true for the most part, but the partner we use told he us he needs at least 2 million p.a. to maintain his lifestyle
 
That is amazing...is this partner in corporate law?...New York form? I know alot of corporate lawyers and not one of them makes over 1M/yr (That includes several managing partners).

Now Plaintiff litigation...that is another story, yet that is inapplicable to me as I do not plan to litigate.

PS - No one has answered my question: What salary/incentives/job position should I expect to be offered if I choose an IB position?
 
he's an m&a attorney at a top NY law firm. rose quickly only looks to be in his early 40s. he's a junior partner and not a major bread winner so you can only imagine what the top dogs are making at his firm but the math adds up given how much they bill and the types of clients he represents.

from what i've heard analysts start at 60k now with a sign-on of 10k and year end bonuses that all in should but you around your current offer in law or more. if i were you i'd probably stick to law like the other posters and try to lateral into ib a few years later as an associate or vp. seen some people who've taken that route at some of the middle market ib's we've worked with.
 
I can't profess to know a lot about I-banking, but I don't think they'll hire you as more than an analyst with no experience. And there's a chance you may get stuck labeled as "overqualified" for an analyst position. Are there other perks for the law job, such as 60 hour weeks versus 80+ hour weeks?
 
you may be able to get a 1st year associate position at a BB in NYC. Keep in mind IB is quite concerned about pedigree. If your schools are not top 10, they will be tough (but not impossible) to convince. The pay would be 90k+ salary and 100-150 bonus (first year annualized - if you are top 25%) 2nd year bonus would be comparable (maybe 150-200) The hours are bad (maybe even worse than law) at 80-100 hours per week and lots of weekend work.

The CFA, CP, MBA, JD, BA alphabet soup stuff will not help - you have gone beyond the pale on that one. JD + MBA will be helpful. The tough part will be convincing someone you are passioante about IB, and convincing them to overlook your schools.
 
What about IB employment in Dallas? What are the financial expectations there? Is there any online resource to lok up that?

Thanks again
 
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