Wall Street and Law Schools

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jmjones
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Joined: Sat Nov 07, 2009 12:51 pm

Wall Street and Law Schools

Postby jmjones » Tue Aug 31, 2010 1:14 pm

Hey folks

Most of you are doing OCI and getting offers from law firms but I was wondering how many Vault top 50 consulting/Investing firms come to t14 schools.
Also, please be specific with the schools.

2. Are top law schools feeders of Wall street, directly or indirectly? For instance, say an associate is working at Cravath or Watchell or some other top firm for a few years, what are the possibilities that s/he'll be desired by, Goldman sachs? Does this ever happen?
If so, how common is it?

Thanks

Anonymous User
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Re: Wall Street and Law Schools

Postby Anonymous User » Tue Aug 31, 2010 1:39 pm

?

shmoo597
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Re: Wall Street and Law Schools

Postby shmoo597 » Tue Aug 31, 2010 1:42 pm

Mckinsey came to NYU.

Exxon came to GULC.

Thats pretty much it as far as non-law firms go. As for lateraling in house to an ibank, I'm sure it happens.

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Re: Wall Street and Law Schools

Postby Anonymous User » Tue Aug 31, 2010 1:48 pm

If you want to go to GS specifically, try to work at Sullivan and Cromwell--they do most of GS' legal work. It's common knowledge that banks hire counsel from firms they work a lot with, and certain banks are known for having stronger connections with certain firms (e.g., Credit Suisse and Cravath). Look at each firm's practice area Financial Institutions/Banking on the website to get a sense of who they are doing the most business with if you know of a specific bank you want to work with. Although, I'll add the caveat that a lot of the huge banks (Citi and JPMorgan) have the multiple corporate firms doing different deals and loans for them, so if you go to a huge financial powerhouse (S&C, DPW, Cleary, Simpson), you'll most likely be working with different banks if you are doing a rotation through the financial institutions practice.

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Re: Wall Street and Law Schools

Postby Anonymous User » Tue Aug 31, 2010 1:57 pm

Consulting firms used to care about JDs in extreme moderation. Right now they don't much care at all.
McKinsey was always most interested and clearly the hit a few schools this year.

I know more than a few attorneys that jumped over from Goldman. I don't know any bankers that jumped over from law. I'm sure they exist, and my anecdotal evidence is useless, but it seems, from a common sense standpoint, that you're discussing the harder jump. Banks and consultants want people with a real pure business sense and plenty of experience. You don't get either of those in law. And the legal background is only useful in certain situations. In most cases only a superficial depth of knowledge is needed, too. Law firms, though, are the ones offering the services. They enjoy having people that are respected by bankers for having been one of their own and are able to speak bankerspeak, so they look to hire former bankers with JDs more regularly.



Wait, are you talking jumping as counsel, in which you'll need a few years of experience but is pretty damn common, or as a banker/consultant, which is much harder?
Let me just say, from experience, that law school with dreams of McKinsey and Goldman is pointless unless you pair it with an MBA. Go to Harvard, Stanford, Stern, etc., and it's insanely doable. Going to Harvard or Stanford without the MBA it's going to be much harder, and going other top 14 without the MBA and you're jumping through more hoops than you can imagine, to the point that if you are considering non-legal and can only get one degree you're foolish for not getting the MBA instead. Yeah, you'll differentiate yourself from the pack with a JD, but not in the way you want.




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