Moved from doing Private Equity law to business role in Private Equity AMA Forum

[Anonymous User]

I think the bottom-line is that there's no clear "path" to moving to the buy-side as an investment banking associate. The focus should be on (a) developing substantive skills, and (b) building a resume that has some sort of plausible narrative for why you should be hired when a dozen other post-MBA people won't be.

You're totally right that post-MBA associates don't have the same access to buyside recruiting

My first observation is I'm not sure what's so bad about hypothetically being in GS TMT and grinding out the Uber / Spotify / Pinterest IPOs with the occasional CBS-Viacom merger. Obviously I'm biased here but seems way more fun and interesting than investing

But let's assume the goal is buyside at any cost

In my seat, where I do a mix of coverage and M&A, I get regular inbounds for:

- Industry-specific MM PE
- Industry-specific VC
- Industry-specific multi-manager public equity (Citadel, Point72, etc.)
- "Traditional HF" L/S equity
- Merger arb (law school background a great spin here)

Obviously your RX dude doesn't get these looks. Probably he gets a call from an Angelo Gordon recruiter for distressed credit. Btw I got the same call through a industry hook

How does leaning in to my JD help me here?

Thank you for this. It's very helpful. Can you discuss your background and how you got to where you are now? Part of me is thinking Big4 PE/HF-type work straight out of law school might help build the resume to get into PE/HF/Banking a few years down the road.

[LBJ's Hair]

I think the bottom-line is that there's no clear "path" to moving to the buy-side as an investment banking associate. The focus should be on (a) developing substantive skills, and (b) building a resume that has some sort of plausible narrative for why you should be hired when a dozen other post-MBA people won't be.

You're totally right that post-MBA associates don't have the same access to buyside recruiting

My first observation is I'm not sure what's so bad about hypothetically being in GS TMT and grinding out the Uber / Spotify / Pinterest IPOs with the occasional CBS-Viacom merger. Obviously I'm biased here but seems way more fun and interesting than investing

But let's assume the goal is buyside at any cost

In my seat, where I do a mix of coverage and M&A, I get regular inbounds for:

- Industry-specific MM PE
- Industry-specific VC
- Industry-specific multi-manager public equity (Citadel, Point72, etc.)
- "Traditional HF" L/S equity
- Merger arb (law school background a great spin here)

Obviously your RX dude doesn't get these looks. Probably he gets a call from an Angelo Gordon recruiter for distressed credit. Btw I got the same call through a industry hook

How does leaning in to my JD help me here?

Yeah, the first IPO is fun. But it's really just a shitload of travel and event-planning. I hated it, but I also didn't like IBD, full stop. Maybe you'd like it for the client contact element. (If you're lead; if you're not lead it's just paperwork obviously.)

To your second point: Like...correct me if I'm mistaken, but those aren't interviews, they're just emails? I'm a half-decade removed from this and I still get inbounds from those recruiters because I'm on a list somewhere. I wouldn't take it as evidence of my marketability. If I actually sent in for that job at Apollo, they'd go "lol." The recruiter just wants to collect a bunch of resumes.

Not saying you wouldn't get those jobs, to be clear. Just that like, I'm not sure what getting the email is evidence of, other than your status as a front-office employee of well-known investment bank. I'd think your RX counterpart at Lazard or wherever got em too. (I do disagree with bolded - the RX analysts, at least, are just as desirable as coverage/M&A for vanilla PE and equity HF. Dunno about associates).

Maybe I'm mischaracterizing, though - if you feel like you have a solid shot at these gigs, that's great, and I'm wrong.

Just my memory of getting recruiter inbounds was that getting the email to apply was easy, getting the interview/job a whole different thing. Which is like, where I feel differentiating yourself is important?

[anonbanker]

Thank you for this. It's very helpful. Can you discuss your background and how you got to where you are now? Part of me is thinking Big4 PE/HF-type work straight out of law school might help build the resume to get into PE/HF/Banking a few years down the road.

Assuming you can get biglaw, don't do this. Big 4 transactions work is truly awful and there's zero pipeline to "high finance." You'll have a better shot from a V50

EDIT: To answer your question, I joined an investment bank directly from school

Yeah, the first IPO is fun. But it's really just a shitload of travel and event-planning. I hated it, but I also didn't like IBD, full stop. Maybe you'd like it for the client contact element. (If you're lead; if you're not lead it's just paperwork obviously.)

Opposite land

Any banker will tell you that you really want to be on the right. Same economics, 10% of the work

But look. Different strokes for different folks. You seem to be enchanted by investing. Other people truly like transactional work (especially of the front-page, sophisticated sort)

To your second point: Like...correct me if I'm mistaken, but those aren't interviews, they're just emails? I'm a half-decade removed from this and I still get inbounds from those recruiters because I'm on a list somewhere. I wouldn't take it as evidence of my marketability. If I actually sent in for that job at Apollo, they'd go "lol." The recruiter just wants to collect a bunch of resumes.

When I was in a super-short recruiting phase, I converted a whole bunch of interviews and second rounds. Oops

But that's beside the point. All I'm arguing against is your odd notion that leaning into RX helps with buyside exits. It opens some doors, it closes others. Let's say it gives you a better shot at distressed credit; well... it definitely rules you out of fintech VC or healthcare L/S

Why not spend the next 2 years of your life in a role where you find the 80 hrs/wk more interesting (whatever role that may be)

[LBJ's Hair]

When I was in a super-short recruiting phase, I converted a whole bunch of interviews and second rounds

no further questions your honor

[Anonymous User]

OP - are you still active on this? I have a similar opportunity and I'd love to get your inputs as someone who's been on both sides of the table!