dooood wrote:TLS_noobie wrote:OP here, and compliance/in-house is not what I meant. I merely wanted to know if there was any utility for a JD in IB (or finance in general) outside of law. I had to qualify myself with: "I would rather focus on the legal side of things, hence, going to law school" because I realized that many would jump on here and say "Don't go to law school if you want to get into IB." But, it seems that even with this qualification and my stated desire to become a lawyer over a career in finance, people still seem to think my primary reason to go to law school is to get into IB lol.
So, to be clear, in case I wasn't before: I created this post not to declare that I want to go into IB after law school...I created it to understand if there were any prospects outside of law in finance coming out with a JD, purely out of curiosity. I am going to law school to become a lawyer. I want to be a lawyer. dooood posted a response that was similar to what I was originally looking for, and thank you for that!dooood wrote:No no no no. Investment banking (as OP means it) ≠ in house at an IB. While plenty of people go from biglaw to in-house at IBs, this will all but kill any chance of becoming a banker. Once in-house you're essentially doing compliance and are generally looked down upon by bankers.
The route that OP is thinking of is to go from biglaw (after 2 years minimum) straight to an associate position at a bank. If you're lucky they'll start you as a second year associate, so that you're further along on the track to VP. Even if you leave biglaw as a partner though, you'll still probably start as a VP (maybe as Managing Director if you do middle market M&A).
OP, you're right to think that this is a hard jump to make, simply because lawyers lack the requisite valuation skills. As you get higher up the IB food chain, however, you get further removed from DCF/multiples and start focusing on client relationships, which is why biglaw refugees start as associates and not analysts. The best thing you can do to set yourself up for a move to IB would be to work at one of the firms in the "elite" section here: http://www.chambersandpartners.com/uk/Editorial/36781
You seem to know much of this already, but on the business side of banking/finance, there are no real positions that require a JD. You're right only to go to law school if you plan on being a lawyer; doing otherwise would be foolish. However, people on this site tend to underestimate the weight that a JD can carry in the business world. A degree from a T14 combined plus a few years spent at an elite corporate law firm can be a great entree into many areas of finance - even those that seem far removed from the work of a corporate lawyer (e.g. mutual fund manager). Browse the bios of middle market funds and you'll see many JDs (often combined with a tax LLM).
I know several people who ended up taking that route, but not one of them intended it to begin with. Getting an LLM in tax is a major bonus.