Biglaw vs. Investment banking.

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We'reAllGonnaMakeIt
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Biglaw vs. Investment banking.

Postby We'reAllGonnaMakeIt » Fri Aug 02, 2013 8:01 am

Which job to pursue when it comes to quality of life (number of hours working and salary).

Does any have an opinion about this topic?

Should I try to go straight into i-banking?

NanaP
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Re: Biglaw vs. Investment banking.

Postby NanaP » Fri Aug 02, 2013 8:12 am

We'reAllGonnaMakeIt wrote:Which job to pursue when it comes to quality of life (number of hours working and salary).

Does any have an opinion about this topic?

Should I try to go straight into i-banking?



Neither

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PDaddy
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Re: Biglaw vs. Investment banking.

Postby PDaddy » Fri Aug 02, 2013 8:29 am

IBankers make much more loot! A "top" big law attorney (i.e. a partner with a growing clientele) can make anywhere from $500K to $2M per year. A top IB (Managing Partner) can make as much as $20M or more. A department head can make as much as $70M.

It's much easier to get rich as an IB, for sure, and you can make six figures right out of UG.

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BruceWayne
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Re: Biglaw vs. Investment banking.

Postby BruceWayne » Fri Aug 02, 2013 8:37 am

I mean I hate to be negative, but neither of these careers are the one's to be striving for in the new economy. I mean if you're truly passionate about them then go for it. But if you just want money other careers are starting to be a safer bet for that. They won't necessarily do it as quickly, but you have a better chance of actually getting into those fields. Getting into biglaw, is, in a lot of ways, a ridiculous difficult goal. Ibanking is probably worse. There are so many hurdles that you have to jump and many of them are out of your control (i.e. your class rank and the markets you have ties to).

Humbert Humbert
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Re: Biglaw vs. Investment banking.

Postby Humbert Humbert » Fri Aug 02, 2013 8:42 am

Here we go again. Waiting for the torrent of replies claiming how easy it is to get rich as an investment banker. Speaking as the brother of one, it's not the gravy train it used to be. And it is insanely, insanely improbable to make the executive-level money that the poster above me is tossing around. TLS has a weird inferiority complex when it comes to I banking that leads to a lot of skewed perceptions about that industry.

dstars823
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Re: Biglaw vs. Investment banking.

Postby dstars823 » Fri Aug 02, 2013 8:49 am

the chances of getting ibanking out of just a normal institution is already pretty slim, a lot of the bulge bracket firms wont even interview at a lot of schools. You better be near the top of your class at a top institution to even get a shot, i mean you can always go work for smaller shops but youll get paid like 60k + bonus starting for working hours much worse than anything ive seen here listed for biglaw. I think the burnout rates are similar between ibanking and biglaw as well. As the poster said before its highly unlikely you make that MD position that makes the big bucks

JJ123
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Re: Biglaw vs. Investment banking.

Postby JJ123 » Fri Aug 02, 2013 11:20 am

Investment banking does pay a bit more at the bottom, and significantly more at the top. It also has worse work-life balance than even Biglaw (which is saying something). You have people working 100 hour weeks, which is very rare for any extended period of time in Biglaw.

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guano
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Re: Biglaw vs. Investment banking.

Postby guano » Fri Aug 02, 2013 11:41 am

JJ123 wrote:Investment banking does pay a bit more at the bottom, and significantly more at the top. It also has worse work-life balance than even Biglaw (which is saying something). You have people working 100 hour weeks, which is very rare for any extended period of time in Biglaw.

This is not true. Starting analysts make $60-$80k base, and bonuses can fluctuate wildly but aren't that much starting out (definitely not six figures)
First year associates make slightly above 6 figures. With bonuses most will make less than first year biglaw associates.
VP is where the pay really fluctuates wildly, but a quarter million a year is typical - about the same as a senior associate.

Sure, MDs can make ridiculous money, but their job is far more perilous than partner at a law firm. That ridiculous salary might only last one or two years, and might not be as high as you think (most do not get paid 8 figures).
But then, that's like saying you should go into acting because Brad Pitt makes $40m a movie.

Ruluo
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Re: Biglaw vs. Investment banking.

Postby Ruluo » Fri Aug 02, 2013 2:04 pm

guano wrote:
JJ123 wrote:Investment banking does pay a bit more at the bottom, and significantly more at the top. It also has worse work-life balance than even Biglaw (which is saying something). You have people working 100 hour weeks, which is very rare for any extended period of time in Biglaw.

This is not true. Starting analysts make $60-$80k base, and bonuses can fluctuate wildly but aren't that much starting out (definitely not six figures)
First year associates make slightly above 6 figures. With bonuses most will make less than first year biglaw associates.
VP is where the pay really fluctuates wildly, but a quarter million a year is typical - about the same as a senior associate.

Sure, MDs can make ridiculous money, but their job is far more perilous than partner at a law firm. That ridiculous salary might only last one or two years, and might not be as high as you think (most do not get paid 8 figures).
But then, that's like saying you should go into acting because Brad Pitt makes $40m a movie.


Uh, you're pretty close on the entry level (70k base + bonus ~40k), but associates definitely make more than big law associates (typically ~200k as first year associates). Most people don't stay in banking to be associates, but a lot do transfer into private equity, which has ~200k+ for first year associates also (so third year out of undergrad).

WhoisJohnGalt?
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Re: Biglaw vs. Investment banking.

Postby WhoisJohnGalt? » Fri Aug 02, 2013 2:17 pm

There is ZERO stability in banking. Average associates at bulge bracket firms pay is similar to big law associate salaries. The only exit is Corp Dev--PE does not hire mid tier bankers. Banking is the worst--from personal experience only one analyst is left in banking from my class of 40, and people who quote $20 M paychecks are dates by about 10 years. All senior comp is in deferred bonuses and you are literally on call 24/7.

We'reAllGonnaMakeIt
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Re: Biglaw vs. Investment banking.

Postby We'reAllGonnaMakeIt » Sat Aug 03, 2013 1:08 am

So if I go to Yale Law and get a biglaw job.

Is the highest starting salary 160,000 dollars?
There is no way I can be paid higher for my starting salary?

westphillybandr
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Re: Biglaw vs. Investment banking.

Postby westphillybandr » Sat Aug 03, 2013 1:11 am

We'reAllGonnaMakeIt wrote:So if I go to Yale Law and get a biglaw job.

Is the highest starting salary 160,000 dollars?
There is no way I can be paid higher for my starting salary?


You can get paid a lot more. WLRK pays more. Boies pays more. Get a Supreme Court clerkship and your bonus will pay more. etc. etc. Search a little and you'll find what you are looking for.

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longlivetheking
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Re: Biglaw vs. Investment banking.

Postby longlivetheking » Sat Aug 03, 2013 1:16 am

NanaP wrote:
We'reAllGonnaMakeIt wrote:Which job to pursue when it comes to quality of life (number of hours working and salary).

Does any have an opinion about this topic?

Should I try to go straight into i-banking?



Neither


TITCR

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longlivetheking
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Re: Biglaw vs. Investment banking.

Postby longlivetheking » Sat Aug 03, 2013 1:18 am

We'reAllGonnaMakeIt wrote:So if I go to Yale Law and get a biglaw job.

Is the highest starting salary 160,000 dollars?
There is no way I can be paid higher for my starting salary?


this kid is definitely in high school.

We'reAllGonnaMakeIt
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Re: Biglaw vs. Investment banking.

Postby We'reAllGonnaMakeIt » Sat Aug 03, 2013 1:37 am

westphillybandr wrote:
We'reAllGonnaMakeIt wrote:So if I go to Yale Law and get a biglaw job.

Is the highest starting salary 160,000 dollars?
There is no way I can be paid higher for my starting salary?


You can get paid a lot more. WLRK pays more. Boies pays more. Get a Supreme Court clerkship and your bonus will pay more. etc. etc. Search a little and you'll find what you are looking for.


What should I search or can you link me some threads?


longlivetheking wrote:
We'reAllGonnaMakeIt wrote:So if I go to Yale Law and get a biglaw job.

Is the highest starting salary 160,000 dollars?
There is no way I can be paid higher for my starting salary?


this kid is definitely in high school.


Silence insect.

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jbagelboy
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Re: Biglaw vs. Investment banking.

Postby jbagelboy » Sat Aug 03, 2013 1:41 am

Intellectual property/patent prosecution law salaries will range up to $200K. And those SCOTUS bonuses.. Yeah.

You're a fool to chase a big salary at your age. Its an elusive goal for 99.9%. Find the people you care about and keep them close and you'll find more happiness. Or get a computer science degree.

We'reAllGonnaMakeIt
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Re: Biglaw vs. Investment banking.

Postby We'reAllGonnaMakeIt » Sat Aug 03, 2013 2:12 am

jbagelboy wrote:Intellectual property/patent prosecution law salaries will range up to $200K. And those SCOTUS bonuses.. Yeah.

You're a fool to chase a big salary at your age. Its an elusive goal for 99.9%. Find the people you care about and keep them close and you'll find more happiness. Or get a computer science degree.


I'm at 0.01% - you're a fool for not knowing that.
Answer the question or kindly close your mouth.

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jbagelboy
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Re: Biglaw vs. Investment banking.

Postby jbagelboy » Sat Aug 03, 2013 2:20 am

We'reAllGonnaMakeIt wrote:
jbagelboy wrote:Intellectual property/patent prosecution law salaries will range up to $200K. And those SCOTUS bonuses.. Yeah.

You're a fool to chase a big salary at your age. Its an elusive goal for 99.9%. Find the people you care about and keep them close and you'll find more happiness. Or get a computer science degree.


I'm at 0.01% - you're a fool for not knowing that.
Answer the question or kindly close your mouth.


Insulting those trying to give you advice will not get you there. You are quite a rude little child. Why come ask the opinion of strangers and then try to dismiss them?

We'reAllGonnaMakeIt
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Re: Biglaw vs. Investment banking.

Postby We'reAllGonnaMakeIt » Sat Aug 03, 2013 5:51 am

jbagelboy wrote:
We'reAllGonnaMakeIt wrote:
jbagelboy wrote:Intellectual property/patent prosecution law salaries will range up to $200K. And those SCOTUS bonuses.. Yeah.

You're a fool to chase a big salary at your age. Its an elusive goal for 99.9%. Find the people you care about and keep them close and you'll find more happiness. Or get a computer science degree.


I'm at 0.01% - you're a fool for not knowing that.
Answer the question or kindly close your mouth.


Insulting those trying to give you advice will not get you there. You are quite a rude little child. Why come ask the opinion of strangers and then try to dismiss them?


Come at me with rude comments - calling me foolish - and I'ma come at you. I'ma pick the world up and drop on your head cuh.

Your advice is stupid - it avoids giving any imput on my i-banking vs. biglaw dilemma.

That's like me telling a child whose choosing between UCLA and Berkeley that there are more things in life to consider than college such as marmalade and pancakes. Then I will proceed the call the child foolish for dreaming of attending one of those colleges one day.

Then I will get offended when he insults me back.

#logic. Not even once.

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mvonh001
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Re: Biglaw vs. Investment banking.

Postby mvonh001 » Sat Aug 03, 2013 10:59 am

We'reAllGonnaMakeIt wrote:
jbagelboy wrote:
We'reAllGonnaMakeIt wrote:
jbagelboy wrote:Intellectual property/patent prosecution law salaries will range up to $200K. And those SCOTUS bonuses.. Yeah.

You're a fool to chase a big salary at your age. Its an elusive goal for 99.9%. Find the people you care about and keep them close and you'll find more happiness. Or get a computer science degree.


I'm at 0.01% - you're a fool for not knowing that.
Answer the question or kindly close your mouth.


Insulting those trying to give you advice will not get you there. You are quite a rude little child. Why come ask the opinion of strangers and then try to dismiss them?


Come at me with rude comments - calling me foolish - and I'ma come at you. I'ma pick the world up and drop on your head cuh.

Your advice is stupid - it avoids giving any imput on my i-banking vs. biglaw dilemma.

That's like me telling a child whose choosing between UCLA and Berkeley that there are more things in life to consider than college such as marmalade and pancakes. Then I will proceed the call the child foolish for dreaming of attending one of those colleges one day.

Then I will get offended when he insults me back.

#logic. Not even once.


Wow...

dstars823
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Re: Biglaw vs. Investment banking.

Postby dstars823 » Sat Aug 03, 2013 11:05 am

just curious are these 2 options actually available to you right now? im assuming youre still in college from your posts have you tried getting into the summer programs of one of these ibanks. Theyre pretty brutal make sure its actually something you want to do. 90-100 hour workweeks on a prorated analyst salary boils down to like 12$ an hour or something stupid like that.

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unc0mm0n1
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Re: Biglaw vs. Investment banking.

Postby unc0mm0n1 » Sat Aug 03, 2013 11:22 am

We'reAllGonnaMakeIt wrote:
jbagelboy wrote:
We'reAllGonnaMakeIt wrote:
jbagelboy wrote:Intellectual property/patent prosecution law salaries will range up to $200K. And those SCOTUS bonuses.. Yeah.

You're a fool to chase a big salary at your age. Its an elusive goal for 99.9%. Find the people you care about and keep them close and you'll find more happiness. Or get a computer science degree.


I'm at 0.01% - you're a fool for not knowing that.
Answer the question or kindly close your mouth.


Insulting those trying to give you advice will not get you there. You are quite a rude little child. Why come ask the opinion of strangers and then try to dismiss them?


Come at me with rude comments - calling me foolish - and I'ma come at you. I'ma pick the world up and drop on your head cuh.

Your advice is stupid - it avoids giving any imput on my i-banking vs. biglaw dilemma.

That's like me telling a child whose choosing between UCLA and Berkeley that there are more things in life to consider than college such as marmalade and pancakes. Then I will proceed the call the child foolish for dreaming of attending one of those colleges one day.

Then I will get offended when he insults me back.

#logic. Not even once.


This can't be real? Who's trollin us?

We'reAllGonnaMakeIt
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Re: Biglaw vs. Investment banking.

Postby We'reAllGonnaMakeIt » Sat Aug 03, 2013 11:40 am

dstars823 wrote:just curious are these 2 options actually available to you right now? im assuming youre still in college from your posts have you tried getting into the summer programs of one of these ibanks. Theyre pretty brutal make sure its actually something you want to do. 90-100 hour workweeks on a prorated analyst salary boils down to like 12$ an hour or something stupid like that.



Well for i-banking I don't go to a Tier 1 target school. But our undergrad business school is ranked in the top 5 or 10 I think but it's too late for me to apply there.

100 hours is really stressful. But how different is the money. Do any biglaw employees have starting salaries higher than 200k?

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guano
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Re: Biglaw vs. Investment banking.

Postby guano » Sat Aug 03, 2013 11:42 am

We'reAllGonnaMakeIt wrote:Well for i-banking I don't go to a Tier 1 target school. But our undergrad business school is ranked in the top 5 or 10 I think but it's too late for me to apply there.

No such thing

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rayiner
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Re: Biglaw vs. Investment banking.

Postby rayiner » Sat Aug 03, 2013 12:18 pm

guano wrote:
JJ123 wrote:Investment banking does pay a bit more at the bottom, and significantly more at the top. It also has worse work-life balance than even Biglaw (which is saying something). You have people working 100 hour weeks, which is very rare for any extended period of time in Biglaw.

This is not true. Starting analysts make $60-$80k base, and bonuses can fluctuate wildly but aren't that much starting out (definitely not six figures)
First year associates make slightly above 6 figures. With bonuses most will make less than first year biglaw associates.
VP is where the pay really fluctuates wildly, but a quarter million a year is typical - about the same as a senior associate.


At my brother's BB, second-year analysts are well over $100k with bonus, and first-year associates are at $200k with bonus.




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